Latest news with #JohannesburgStockExchangeJSE
IOL News
15 hours ago
- Business
- IOL News
Investor sentiment brightens for South African platinum miners as prices rebound
Johannesburg Stock Exchange JSE A higher net of 50% of managers surveyed said they see the South African equity market as undervalued while a slightly higher net of 60% see more 'Buy' than 'Sell' opportunities, noted the report. Image: Gianluigi Guercia / AFP Tawanda Karombo Investor sentiment towards South African platinum miners has shown a marked improvement recently, buoyed by a significant rise in platinum prices, signaling a potential shift in the market landscape. After enduring a protracted period of depressed investor interest driven by low prices and concerns about the market's stability—largely influenced by the increasing popularity of electric vehicles—platinum group metals are experiencing a notable resurgence. Mining analyst Keenen Du Toit this week said that the platinum prices this month 'jumped to $1 300 per ounce – the highest since 2014' although 'still significantly lagging the big move up' in gold. 'Historically the PGM basket price has traded closely to gold, and even above in many cases,' said Du Toit. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Now, South African fund managers surveyed by Bank of America (BofA) Securities said on Tuesday that investors have become overweight on platinum. This represents one of the biggest shifts as the fund managers positioning on platinum shifted from underweight to overweight. 'Biggest gain in platinum sector positioning,' said BofA in its June 2025 South Africa fund manager survey. This high positioning for platinum was 'relative to history in software, gold, retail and food producers and bonds.' This is despite the World Platinum Investment Council recently saying full-year output will still be 6% lower than last year 'since South African producers will not benefit from the large drawdown of work-in-process inventory that occurred' last year. Besides the inclination towards platinum, South African fund managers have exhibited 'low positioning' in healthcare, offshore, telecom and cash. The biggest falls were recorded for heavy industrials and cash. The latest survey marked the return of rand hedges, with a net 30% of managers overweight on equities after moving overweight to bonds and underweight on cash. 'They want to invest cash. Preferred sectors are banks, apparel retail, software (while they) disliked healthcare, real estate, food producers,' noted the BofA report. 'Resources (platinum, chemicals, miners) gained over local defensives like food producers, healthcare, life insurance).' A higher net of 50% of managers surveyed said they see the South African equity market as undervalued while a slightly higher net of 60% see more 'Buy' than 'Sell' opportunities, noted the report. In terms of government reforms, 15% of surveyed fund managers see 'reforms accelerating' against a peak reading of 56% for September 2024. Many fund managers cited 'weak earnings' as a major concern while they also see 'weak consumer on the radar' despite policy shifts to the left easing. Fund managers moved overweight on South African bonds, with fewer wanting to buy government bonds again this month. Surveyed respondents were in consensus that the South African repurchase rate (repo rate) will bottom in the third quarter, while they expected the country's 10-year yields to trade at 8.97% if the 3% inflation target is maintained. 'Economic optimism slightly more positive. +12M yield curve forecast falls 25 basis points. South Africa, we need reform and growth, to put South African citizens first, and a weaker dollar (outside a global recession),' BofA said. Alongside this, South Africa's fiscal dominance concerns were elevated compared to historically, despite showing improvement recently with weaker dollar and rising precious metal prices. Managers now expect a firmer rand, lower bond yields and a lower repo rate of nearly two 25 basis points cuts from today. BUSINESS REPORT
IOL News
2 days ago
- Business
- IOL News
JSE Top 40 companies lag in gender pay gap disclosures
Johannesburg Stock Exchange JSE Only 13 of the JSE Top 40 companies disclose any measurable gender pay gap data, a new briefing by Just Share reveals. Image: Gianluigi Guercia / AFP Only 13 of the JSE Top 40 companies disclose any measurable gender pay gap data, a new briefing by Just Share reveals. Companies that disclosed gender pay were: Anglo American (UK only); Anglo American Platinum; British American Tobacco; Clicks; Discovery; Gold Fields; Impala Holdings; Investec plc, Investec ltd, MTN, Nepi Rockcastle and Vodacom. Despite making up 46% of South Africa's economically active population, women earn on average 30% less than men, and South Africa's largest listed companies appear to be doing little to change that. Just Share said even among these, transparency is inconsistent and often limited to international operations where disclosure is mandatory. Fourteen companies offer only vague commitments to 'fair pay', while 13 fail to mention gender pay at all. International compliance While the JSE's Sustainability Disclosure Guidance acknowledges the importance of this issue, recommending that companies report the "ratio of the total annual remuneration of women to men, and by race group, for each employee category, by significant location of operations", disclosure is currently not enforced. This guidance aligns with international reporting standards and reflects growing investor expectations around transparency and accountability. By contrast, several international jurisdictions, including Australia and the UK in which several JSE-listed companies operate, have established legislative frameworks to enhance gender pay transparency. In the United Kingdom, the Equality Act 2010 (Gender Pay Gap Information Regulations 2017) mandates that employers with 250 or more employees must annually publish their mean and median gender pay gaps. Employers are also required to report gender distributions across pay quartiles and disclose disparities in bonus payments. Similarly, Australia's Workplace Gender Equality Amendment (Closing the Gender Pay Gap) Act 2023 requires employers to report both average and median remuneration differences between men and women. Additionally, organisations must outline the specific measures they have implemented to address and reduce these disparities. However, for JSE Top 40 companies with a presence in the EU, the forthcoming EU Pay Transparency Directive will introduce comprehensive requirements including gender pay gap analysis and disclosures, mandatory audits, and employee access to pay data. Member states must transpose this directive into national legislation by June 2026. Pay equity as a critical lever "Pay equity is a critical lever for addressing the deep-rooted inequalities that continue to shape South Africa's labour market and broader society. While there has been notable progress in women's economic and political participation, formal employment, and educational attainment, the gender pay gap remains a persistent and systemic issue," Just Share said. Just Share said not only is the gender pay gap a significant barrier to achieving gender equity, but evidence shows that it persists despite growing recognition that a comprehensive approach to pay equity can enhance employee engagement and strengthen overall human capital management. Fair and transparent pay practices also signal an inclusive workplace culture, help close diversity gaps, and enhance long-term organisational competitiveness. To meaningfully address the gender pay gap, Just Share said organisations must begin by measuring and disclosing it. Transparency is the first step toward accountability and reform. However, public disclosure of gender pay data in South Africa is voluntary. The Companies Amendment Act of 2024 mandates the disclosure of vertical wage gaps, the pay gap between a company's highest- and lowest-paid employees, but not gender-based wage disparities. "This leaves a glaring accountability gap, particularly as several JSE-listed companies already comply with mandatory gender pay reporting in jurisdictions like the UK and Australia, yet choose not to do so in South Africa. This omission contributes to the inconsistent and non-comparable nature of pay equity data across companies," it said. Just Share recommends: Employers have a responsibility to proactively identify and address gender -based pay disparities within their organisations. Conducting regular internal gender pay gap analyses should not be viewed as a strategic imperative that supports inclusive, sustainable business growth. The Companies Amendment Act should be further revised under the duty to prepare a remuneration report to require the disclosure of gender pay gaps, aligning with global best practices. Institutional investors should publicly endorse best-practice on pay transparency, and include gender pay gap disclosure as a priority engagement topic with investee companies. BUSINESS REPORT Visit:
