Markets

Tiger Brands plunges as costs, listeriosis recall hurt profit

Tiger Brands tumbled after Africa’s largest listed packaged-food maker said full-year profit fell as much as 37% after one of its plants was blamed for South Africa’s listeriosis outbreak. The shares dropped as much as 9.8%, the most since March 5, the day after the South African government identified a Tiger Brands factory as the source of the outbreak that has killed more than 200 people. The company recalled products

Bitcoin sinks below $6 000 as almost everything crypto tumbles

Bitcoin dropped below $6 000 and dozens of smaller digital tokens tumbled as this month’s selloff in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2% to $5 887 as of 10:44 a.m. in Hong Kong, the lowest level since June, according to Bloomberg composite pricing. Ether sank 12%, while all but one of the 100 biggest cryptocurrencies tracked by Coinmarketcap.com recorded declines

Rand plunges to 2-year low as Turkish crisis hits emerging markets

The rand plunged to a two-year low against the dollar in early trade on Monday as massive falls in the Turkish lira spread to other emerging market currencies. The rand had earlier in the session plunged more than 10% to hit a session low of 15.70 per dollar, its weakest since June 2016. Read: Turkey contagion infects rand with steepest plunge since 2008 As of 0821 GMT, the turbulent unit

Lira extends slide as Turkey heads toward a financial crisis

Turkey’s lira extended its precipitous slide Monday, with the selloff spreading to other emerging-market currencies, after the nation’s president showed no signs of backing down in a standoff with the US The lira weakened past 7.23 per dollar amid thin volume before paring losses after the nation’s Banking Regulation and Supervision Agency stepped in to limit swap transactions on the battered currency. Treasury and Finance Minister Berat Albayrak said the

Turkey contagion infects rand with steepest plunge since 2008

The rand dropped the most in almost a decade and Mexico’s peso declined Monday as Turkey’s ongoing economic crisis sent investors fleeing from emerging-market assets. The currencies plunged as Turkey’s lira extended its precipitous slide after President Recep Tayyip Erdogan showed no signs of backing down in a standoff with the US administration. As investors worry about the country sliding toward a full-blown financial crisis, traders are taking the opportunity

Rand pushes past 14 to dollar as Turkey woes weigh on currency

South Africa’s rand weakened beyond 14 against the US dollar for the first time since a credit downgrade in November as Turkey’s economic crisis sent investors fleeing from emerging-market assets. The rand extended its drop after US President Donald Trump announced higher tariffs on Turkish steel and aluminum imports. The move came on the heels of an address by Turkish President Recep Tayyip Erdogan that failed to reassure global markets.

Bitcoin tumbles below $6 500 on delayed SEC decision

Cryptocurrencies slumped Wednesday, with Bitcoin tumbling below $6 500 for the first time since July, after the US Securities and Exchange Commission postponed a decision on whether to allow the listing of an exchange-traded fund backed by the largest digital currency. Bitcoin retreated as much as 6.1% to $6 457 at 12:43 p.m. in Hong Kong, the lowest since July 16, according to consolidated Bloomberg pricing. Rival tokens also fell,

Sibanye-Stillwater forecasts first-half profit

South African precious metals producer Sibanye-Stillwater said on Friday it expected to swing to a half-year profit from a steep loss last year, boosted by its platinum business and the inclusion of its US operations. The company flagged headline earnings per share for the six months to June 30, 2018 of 4 cents compared with a loss of 135 cents per share during the same period last year. Headline earnings

Rand extends losses amid global trade tensions

The rand extended losses against the dollar early on Friday, with markets gripped by worries over escalating trade tensions between the United States and China. At 0623 GMT, the rand traded at 13.50 per dollar, 0.37% weaker than its overnight close. The currency on Thursday weakened by more than 1% China vowed on Thursday to retaliate if the United States acted on a threat to raise tariffs on China’s exports,

US stocks rise as Apple hits $1 trillion mark

The S&P 500 and Nasdaq rose in afternoon trading on Thursday, driven by Apple shares as the iPhone maker became the first publicly traded US company worth a trillion dollars. Apple Inc extended its post-earnings rally, advancing 3.2% and crossing the trillion-dollar market value threshold. “They get the blue ribbon,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “If you look at a trillion dollars,