Eskom power cuts rand - junk status warning; Zim dark days; retail sales; Mediclinic boost; Brexit tensions
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Loadshedding was the big story of the day on Wednesday, with the rand weakening as Eskom, the state-owned South African utility that provides about 95% of the nation’s power, said it would cut 2,000 megawatts of electricity from the national grid because of a shortage of generation capacity, reports Bloomberg.
Power cuts could push SA to junk status, Bloomberg warns. Power shortages have been a major constraint on output in Africa’s most industrialised economy and could cost the country its last investment-grade credit rating from Moody’s Investors Service, which is due to deliver its next assessment on November 1.
Eskom troubles will have a knock on effect to Zimbabwe, where some Harare residents have been without power for three days. Bloomberg reports that the power blackouts announced by South Africa’s Eskom will exacerbate power shortages in neighbouring Zimbabwe.
South African retail sales rose 1.1% year-on-year in August following a 2% increase in July, Statistics South Africa said on Wednesday.
Mediclinic was among the best performers on the Johannesburg stock exchange on Wednesday after it said it expects higher first-half core earnings.
Power cuts could push SA to junk status, Bloomberg warns. Power shortages have been a major constraint on output in Africa’s most industrialised economy and could cost the country its last investment-grade credit rating from Moody’s Investors Service, which is due to deliver its next assessment on November 1.
Eskom troubles will have a knock on effect to Zimbabwe, where some Harare residents have been without power for three days. Bloomberg reports that the power blackouts announced by South Africa’s Eskom will exacerbate power shortages in neighbouring Zimbabwe.
South African retail sales rose 1.1% year-on-year in August following a 2% increase in July, Statistics South Africa said on Wednesday.
Mediclinic was among the best performers on the Johannesburg stock exchange on Wednesday after it said it expects higher first-half core earnings.
