Flash Briefing: Tongaat suspended on JSE, LSE - Deloitte in crosshairs; gold excites; Trump ignites
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In today's Biznews Flash Briefing:
Trading in Tongaat Hulett's securities on the Johannesburg Stock Exchange and London Stock Exchange has been been suspended.
Questions are again being asked about the integrity of accountants at Deloitte, which were auditors to Tongaat and Steinhoff - another South African multinational involved in financial irregularities.
The Independent Regulatory Board for Auditors is reviewing the work Deloitte did for Tongaat. Deloitte is also reviewing its work done for the company and, unsurprisingly, has said there is still no evidence of wrongdoing.
In global news, President Donald Trump has his eye on cracking down on French wine imports to the US.
Amid global volatility gold is seen as a safe haven asset. Bullion could touch $1,400 an ounce this year as investors hedge risk, according to Rhona O’Connell, head of market analysis for EMEA and Asia regions at INTL FCStone.
On the Johannesburg stock exchange, the big movers up were Vivo, Dischem and Woollies - all gaining between about 5 and 6.5%; while Harmony and Anglogold were the big losers, shedding just under 5% of their value.
Late on Monday, the rand was trading around R14.82 to the greenback, R16.77 to the Euro and R18.80 to the British pound.
Trading in Tongaat Hulett's securities on the Johannesburg Stock Exchange and London Stock Exchange has been been suspended.
Questions are again being asked about the integrity of accountants at Deloitte, which were auditors to Tongaat and Steinhoff - another South African multinational involved in financial irregularities.
The Independent Regulatory Board for Auditors is reviewing the work Deloitte did for Tongaat. Deloitte is also reviewing its work done for the company and, unsurprisingly, has said there is still no evidence of wrongdoing.
In global news, President Donald Trump has his eye on cracking down on French wine imports to the US.
Amid global volatility gold is seen as a safe haven asset. Bullion could touch $1,400 an ounce this year as investors hedge risk, according to Rhona O’Connell, head of market analysis for EMEA and Asia regions at INTL FCStone.
On the Johannesburg stock exchange, the big movers up were Vivo, Dischem and Woollies - all gaining between about 5 and 6.5%; while Harmony and Anglogold were the big losers, shedding just under 5% of their value.
Late on Monday, the rand was trading around R14.82 to the greenback, R16.77 to the Euro and R18.80 to the British pound.
