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Here’s what caught our attention on Wednesday:
1. Absa PMI
The Absa Purchasing Managers’ Index (PMI) rose further in December, supported by an improvement in business activity and higher new orders. The index rose to 50.7 in December from 49.5 in November, above the 50 mark that separates contraction from expansion.
2. SAA gets another loan
South African Airways has secured yet another loan worth R3.5 billion to keep the airline afloat until the end of the financial year in March. According to Creamer Media, the loan was secured from local lenders and forms part of the stifling airline’s R21.7 billion funding requirement.
3. Looking back at the best and worst ETFs of 2018
Last year provided little excitement in terms of returns for local investors. Out of the 79 JSE-listed exchange traded products, 41 showed negative returns for the 12 months. Positive performers mostly hailed from the bonds, cash, foreign markets or commodities. However, exchange-traded funds and exchange traded notes tracking commodities played against the odds.
Read: The top-performing exchange-traded products of 2018
4. Woolies under fire for alleged plagiarism
Woolworths has come under fire for allegedly copying the design of a baby-carrier, which was originally manufactured and sold by small business, Ubuntu Baba. The founder of the SME, Shannon McLaughlin, has taken to social media to declare that Woolworths behaved ‘unethically’ by stealing the design of the carrier. Business Day is reporting that Woolworths representatives will be meeting with McLaughlin on Wednesday to discuss the matter.
5. Rand update
Events unfolding in the US seem to be positively impacting the local currency. Optimism over the US and China reaching trade deal boosted sentiment for riskier assets. On Wednesday, the rand was at R13.94 to the dollar at 10:44.
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