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Five things making headlines in South Africa today

Gold and mining falls in May, manufacturing production expands in May, Nigeria agrees to Africa free-trade agreement, RBPlat appoints new CFO, Q2 consumer confidence falls.

Here’s what caught our attention on Thursday:

1. Gold and mining production

South Africa’s gold production has been on a falling streak over the past few months.  Production dropped 16.2% from a year earlier and from a revised 5.8% in April. Bloomberg is reporting that this is the eighth consecutive month that gold production has declined and that the drop is the lowest recorded since February 2017. Total mining output shrank for the third month in a row to 2.6% year-on-year. 

Read: Gold output falls the most since February 2017 in May

2. Nigeria agrees to sign Africa trade agreement

Nigerian President, Muhammadu Buhari has agreed to sign the African free-trade agreement, after some consultation, and convincing from President Cyril Ramaphosa. Ramaphosa was on a business conference in Abuja and he told reporters that he sees benefits in a continental free-trade deal and that he is seeking collaboration between the two countries. Reuters is reporting that Buhari will soon be signing up to the $3 trillion African free-trade agreement. The continental free-trade zone encompasses 1.2 billion people and was initially joined by 44 countries in March.

3. Royal Bafokeng Platinum appoints CFO, exec

Royal Bafokeng Platinum (RBPlat) announced via Sens that it has appointed Hanrè Roussow as the company’s chief financial officer and executive director with effect from October 1, 2018. Rossouw is taking over the position from Martin Prinsloo, who resigned in April.

4. Q2 consumer confidence

South Africa’s consumer confidence slowed to 15 index points in the second quarter of 2018, data from Trading Economics showed on Thursday. In the first quarter consumer confidence was at 26 index points, an all-time high.

5. Manufacturing production data

South Africa’s manufacturing production for May expanded by 2.3% year-on-year, following a revised 1% expansion in April. Factory production on a month-on-month basis expanded 1.5% in May. 

 

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