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Five things making headlines in South Africa today

Moody’s rating decision expected, Q3 consumer confidence, Finbond results, Tiger Brands reopens facility, rand update.

Here’s what caught our attention on Friday:

1. Moody’s rating decision

Ratings agency Moody’s is expected to announce its decision on South Africa’s credit outlook on Friday. Moody’s is said to be the last of the top rating agencies to have South Africa’s long-term foreign currency debt in investment grade. 

2. Q3 consumer confidence

South Africa’s consumer confidence for the third quarter is expected to be released on Friday. In the second quarter of 2018, consumer confidence decreased to 22 index points from 26 index points in the first quarter.

Update to follow.

3. Finbond results

Micro-lender, Finbond is expected to release its financial results for the six months ended August 31, 2018 on Friday. In the previous period (year ended February 28, 2018), the company delivered an 81.2% increase in headline earnings and a 57.3% increase in operating profit from continuing operations.

Update to follow.

4. Tiger Brands reopens Germiston facility

After almost seven months of closure, the Ekhuruleni Department of Health gave Tiger Brands the green light to re-open its Germiston processing facility. Tiger Brands took a hit when traces of the listeria virus was found in its facilities. It was asked to suspend production, while retailers were asked to remove cold meat products off the shelves. The company shed more than a third of its market value since it was implicated in the listeria outbreak.

Read: Tiger Brands reopens processing facility

5. Rand update

The rand is cheering to the expected Moody’s rating review on Friday and from Thursday’s positive manufacturing production data. At 9:49, the rand was at R14.47 to the dollar.

Read: Rand firmer ahead of Moody’s rating decision

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