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Five things making headlines in South Africa today

Zuma officially recalled, Hawks make arrests at Gupta compound, Gold Fields FY results, retail trade sales and Competition Tribunal dismisses Massmart.

Here’s what caught our attention on Wednesday

  • President Zuma recalled

On Tuesday the ANC held a presser, where it confirmed that President Jacob Zuma has been recalled. ANC Secretary-General Ace Magashule told reporters that no deadline has been given to Zuma. Reuters reported that the party expects Zuma to respond to its decision on Wednesday, but this is yet to be confirmed.

  • Hawks raid Gupta compound

The Hawks undertook an early morning raid at the Gupta’s compound in Saxonwold on Wednesday. Reports say that this was in connection with the Estina Dairy project and state capture investigations. The SABC reported that two arrests have been made.

  • Gold Fields FY results released

Unaudited results for the year ended December 31 for mining company Gold Fields showed a drop in normalised earnings for continuing operations to US $141 million, from US $190 million in December 2016.

Gold Fields also stated that the final dividend payout of 50 SA cents will be payable on March 12, hence a total dividend of 90 cents per share for year ended 2017.

Gold Fields CEO Nick Holland said 2017 was set to be a “tough year”. Holland will be speaking to Ryk van Niekerk on the Moneyweb@Midday show on Wednesday.

  • Retail trade sales

The December retail trade sales figures have risen 5.3% Stats SA reported today. In November 2017, retail sales increased 8.2% year-on-year after a 3.5% rise in October 2017, which was well above the 3.1% market expectation.

  • Competition Tribunal dismisses Massmart complaint

Retailer Massmart lodged a complaint with the Competition Tribunal accusing other grocery retailers in the industry of uncompetitive behaviour. The tribunal on Tuesday dismissed Massmart’s claims, saying it hadn’t proved a strong enough case. Reuters reported that this comes as a blow to Massmart’s ambitions to expand into the market.  Massmart came back saying it is “disappointed” that its complaint had not been assessed by the tribunal. 


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