| Good News for South Africa: Rand Strengthened against the US Dollar | |
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Key Update: The US Fed Loses ‘Patience’ as South Africa Rejoices (Part 3 of 3) (Continued from Part 2) More good news for South Africa
South Africa is trending. Yes! It did cruise into the ICC Cricket World Cup semi-finals by its nine wicket win against Sri Lanka in Sydney. However, that isn’t what made investors happy in the country. Statistics South Africa reported inflation and retail sales figures for the country on March 18.
Consumer prices in South Africa dropped sharply in February. This was reflected in the dip in the inflation rate. The South African rand finally found some respite from the upward trending US dollar (UUP). The rand gained about 2.31% against the US dollar on March 18. The exchange rate had been 12.35 rands against one US dollar. The exchange rate was boosted up to 12.07 rands against one US dollar.
The iShares MSCI South Africa (EZA) is invested in South African equity. It gained 4.19% on March 18. South African firms like Gold Fields Ltd. (GFI), AngloGold Ashanti Ltd. (AU), and Harmony Gold Mining Company Ltd. (HMY) gained 8.90%, 8.01%, 6.36%, respectively.
Inflation is down in South Africa
According to Statistics South Africa, the headline inflation rate for February stood at 3.9%. This was within the South African Reserve Bank’s target range of 3%–5%. Inflation figures came in line with expectations. They saw a drop of 50 basis points, or bps, from January’s 4.4%. Core inflation excludes volatile food and energy prices. The country’s core inflation stood at 5.8% for February.
In South Africa, retail sales grew by 1.7%. This was below median market expectations of a 2.5% growth over the previous year’s figures. Although the figures didn’t come within the expectations, they offered encouragement. In South Africa, economic growth is expected to slow in the first quarter.
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PRODUCER |
CODE : AU |
ISIN : US0351282068 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
AngloGold is a gold producing company based in . AngloGold produces gold, copper, silver and zinc in Argentina, in Australia, in Brazil, in Canada, in Ghana, in Guinea, in Mali, in Namibia, in South Africa and in Tanzania, develops gold and iron in Australia, in Brazil, in Colombia, in Congo Dem. Rep. of and in South Africa, and holds various exploration projects in Philippines. Its main assets in production are CRIXÁS, MINERAÇÃO, SAO BENTO, ANGLOGOLD ASHANTI MINERAÇAO and CRIXAS MINE in Brazil, SUNRISE DAM GOLD MINE in Australia, NAVACHAB MINE and NAVACHAB in Namibia, YATELA, MORILA and SADIOLA in Mali, CERRO VANGUARDIA in Argentina, MPONENG (WESTERN DEEP NO. 1 SHAFT), TAUTONA (WESTERN DEEP NO.3 SHAFT), BAMBANANI, TAU LEKOA, MPONENG, SAVUKA, TAU TONA, GREAT NOLIGWA, KOPANANG and CRIPPLE CREEK & VICTOR (CRESSON MINE) in South Africa, SIGUIRI in Guinea, TEBEREBIE, IDUAPRIEM, OBUASI and KUBI in Ghana, GEITA in Tanzania and TROUT LAKE MINE and CALLINAN MINE in Canada, its main assets in development are MOAB KHOTSONG in South Africa, MINAS-RIO in Brazil, LA COLOSA and GRAMALOTE in Colombia, KIBALI (KILO-MOTO) in Congo Dem. Rep. of and TROPICANA in Australia and its main exploration properties are HUALATAN and ER in Peru, MKURUMU in Tanzania, 777 PROJECT and RIVARD in Canada, LOUBOUGOULA, GOODPASTER and ALAMOUTALA (SADIOLA II) in Mali, BAMBADJI in Senegal, MORRO VELHO in Brazil and SIANA in Philippines. AngloGold is listed in Australia, in Germany and in United States of America. Its market capitalisation is US$ 9.3 billions as of today (€ 8.7 billions). Its stock quote reached its lowest recent point on November 23, 2018 at US$ 10.00, and its highest recent level on April 25, 2024 at US$ 22.78. AngloGold has 409 109 984 shares outstanding. |