Business & Tech News
Copper Prices Slide on China Slump:
Copper futures fell to around $4.11 per pound in early trade today, sliding for the fifth straight session amid persistent demand concerns in a slowing Chinese economic sector. Data showed that retail sales in China slowed more than expected in November, while industrial production grew more than anticipated. New house prices in China have also declined for the 17th consecutive month in November amid an ongoing property market slump. Meanwhile, the latest policy stimulus package from Beijing, including pledges of a more proactive fiscal stimulus and looser monetary policy, has failed to be the catalyst for investors hoped, due to the lack of details on the size of potential stimulus. China is the world’s largest consumer of copper, accounting for 57% of global consumption in 2023.
Bitcoin Hits New High:
Bitcoin has confounded critics and has again surged to a new high in trade this morning and is currently trading at $106,570. The world’s top crypto currency has surged by over 10% in the past week, by 17,54% in the last month and is up 150,7% for the year. Ether is also tracking upwards at $4011 per coin, and while not at its record level of $4630 it hit in November 2021, it is still at the upper level ever seen and the highest price it has been in three years. The growth is being assisted by several large corporations, starting to add Bitcoin to their asset list. American Software company, MicroStrategy, has seen their crypto playbook catapulted its stock upwards by 501% this year. Though its core business is software, buying up vast quantities of bitcoin has become its major investment strategy and other corporates are taking note.
Boxer Losing Steam or Just Steady?
Newly listed Pick-n-Pay Subsidiary, Boxer, has seen its share price drop by over 3% since it hit its high of R67 per share on 29 November shortly after its listing the day before. Comparatively Holding Company Pick-n-Pay has seen its share price grow by almost 3% over the same period, driven by investor belief in their turn-around strategy and the nettt R6 billion cash injection it received from subsidiary Boxer’s listing.
This enabled the retailer to settle a massive debt position and still have cash to invest in operations. While it is still early days, trade in Boxer shares has seen daily trade volumes of 2,8 million and indicating keen interest being displayed in the share by investors. A key measurement will be the festive season shopping numbers that will indicate the direction of the retail group having recently opened a new Boxer super store in Gauteng, replacing a previous Pick-n-Pay Hyper.
Market News
Markets:
Indices in the US, closed mostly in positive territory yesterday with the NASDAQ closing at a new high and up by 1,45%, the S&P 500 was up by 0,38% and the Dow Jones closing down by -0,28%. Asian markets this morning have seen Nikkei close down by -0,08% and is at 39426 currently, while the Hang Seng is down by -0,88% and is at 19795 currently.
Currencies:
The US Dollar is currently trading softer this morning and is at 1.050 against the Euro, at 1,267 against the Pound, and at 154,06 against the Yen. The Rand is trading lower, with the currency currently trading at R17.85 to the US dollar currently.
Commodities:
- Gold has remained below the 2700 level, with the price currently at $2,651.75 per ounce
- Platinum prices have gained some ground this morning and currently trading at $934.60 and with Palladium prices again under pressure and at $929.50 currently
- Brent crude is currently trading flat and at $73.87 with WTI trading at $70.63 currently.
- Cocoa has gained over 12% in price this last week and is currently selling at $11,697.17 per ton.
- Coffee prices are currently at $3.28 per pound currently.
Crypto Currencies:
- Bitcoin has remained over the $100,000 mark, gaining 0,73% this morning, and is currently trading at $106,608
- Ether is up by 0,52% today and trading at $4012.12 currently
(All prices quoted at approximately 07H00 – Central African Time)
Other News in Africa Today
ECOWAS Issues Exit Deadline:
The Economic Community of West African States (ECOWAS), has set an exit timeline for three nations affected by coups, following nearly a year of mediation efforts aimed at preventing a significant fracture within the bloc. The executive of ECOWAS held its 93 ordinary session in Abuja, Nigeria where they announced a set transitional period for the three countries that had exited the organisation, that will run from January 29, 2025, to July 29, 2025, while stating that they would keep the door open for them to return. Omar Touray, the president of the ECOWAS Commission, said during the opening of the summit’s that the decision was “disheartening.” In January, Burkina Faso, Mali, and Niger declared their intention to withdraw from ECOWAS, citing the bloc’s sanctions and its failure to address their ongoing security challenges. The one-year notice period for their exit is expected to conclude as planned.
BBC Service Suspended:
The military run Junta government in Niger, has issued a suspension order for the BBC radio service for three months. The ruling military accused the BBC of spreading fake news that could “destabilise social peace and demoralise troops fighting jihadists”. Niger’s Minister of Communication Raliou Sidi Mohamed announced that the decision would take effect immediately. BBC programmes, including in Hausa, the most spoken language in Niger, and French, are broadcast in the country through local radio partners. The broadcasts reaching 2.4 million people in the country this year – about 17% of the adult population. Although BBC radio programmes have been suspended, the website is not blocked and the radio can still be accessed on shortwave.
