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From oil and liquid natural gas to iron ore and copper, rice and soybeans, the world’s most important commodities have surged from lows in 2020 to eight- or nine-year highs, though in the case of oil it’s an eight-month high after the price collapsed to $18 a barrel in April last year.
This is having a significant impact on the earnings of South Africa’s resource stocks, triggering share price hikes across the sector and leading the JSE’s Resource 10 index to a 12-year high in January.
The likes of Sappi, Kumba, Sasol and Implats have seen their share prices appreciate by between 20% and 86% over the past 90 days. Even ArcelorMittal is feeling the love, gaining 670% over the past 90 days.
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Portfolio managers say despite the attractive valuations and fantastic dividend yields the listed property sector offers, they remain cautious about its prospects.
They foresee a lot of pain in the coming months as consumer spending at malls depends on the pace of recovery of the local economy, which remains uncertain given the delays in the Covid-19 vaccination programme and predictions of a third wave.
Analysts forecast that rentals and property valuations will fall further in 2021, forcing more landlords to raise capital.
The bruising is not over for South Africa s landlords. In fact, analysts expect more severe pain is still on the way for the listed property sector as more retail tenants are buckling under pressure and some office leases would be up for renewal.
He succeeds Nick Holland, who is retiring after 13 years.
At Gold Fields, he’ll be confronted with advancing the development of a new mine in Chile, while continuing the turnaround at the troublesome South Deep operation in South Africa.
Gold Fields named former Anglo American Platinum boss Chris Griffith as its new chief executive officer as the company seeks a solution for its last gold mine in South Africa.
The new chief will start on April 1, succeeding Nick Holland, who is retiring after 13 years at the helm. Gold Fields extended gains on the news, rising as much as 6.2% in Johannesburg trading.
Gold Fields Hires CEO Who May Fix Troubled Giant Mine
By
January 21, 2021
Chris Griffith, chief executive officer of Anglo American Platinum Ltd., speaks during a Bloomberg Television interview in London, U.K., on Monday, May 13, 2019. The World s biggest platinum producer is very bullish on both platinum and palladium, Griffith said during the interview.
(Bloomberg)
Gold Fields Ltd. named former Anglo American Platinum Ltd. boss Chris Griffith as its new chief executive officer as the company seeks a solution for its last gold mine in South Africa.
The new chief will start on April 1, succeeding Nick Holland, who is retiring after 13 years at the helm. Gold Fields extended gains on the news, rising as much as 6.2% in Johannesburg trading.