Business Headlines: Momentum, Absa to fund share programme for black staff, Rand & Gold is Red

Momentum, Absa to fund share programme for black staff

Momentum and Absa have agreed to a deal that will see 3% of the insurer’s shares offered to black employees. Preference shares will be issued through a special purpose vehicle to Momentum and Absa for R700 million and R350 million respectively. At least 55% of the programme’s proceeds will go to black women employees, Bloomberg reports.

Rand weaker despite rescue plan

The rand weakened from below R16.50/$ to R16.70 after president Cyril Ramaphosa announced government’s Economic Reconstruction and Recovery Plan, which Treasury reckons should help to raise growth to around 3% on average over the next 10 years. But there were doubts about the specifics, with no indication about how plans to create jobs and fix SOEs will be funded. The rand was last trading at R16.64.

Gold losing ground

Gold is heading for its first weekly decline in three weeks, and is now down 2% over the past month. The market is weighing the possibility of a second US fiscal stimulus package after the presidential election It was last trading at $1,903/oz.

Cartrack on a tear

The vehicle tracking company Cartrack’s share price has now gained 20% since it it reported a 21% increase in its interim headline profit earlier this week. Its half-year dividend per share jumped 335% to 87c.

Business Insider SA

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