3 Jul The Rand, SAA Bailout & Nike

Market update: overall the JSE closed ½% higher on Friday which means for the month we are “only” 2.5% down. The Rand had a complete blowout on Friday afternoon: was it that a date has been set for the vote of no confidence or that Reuters reported that Gigaba said SA may have to get help from IMF (does he even know what that means?). Or maybe it was the announcement that SAA will receive a R2.3bn bailout? Private sector credit extension on the increase… how is it possible that banks are lending more money to consumers in this environment? Naspers raised R1bn via a bond issue through its international arm, Myriad International – nice shopping purse. Nike reported a decent set of results last week, just after Bloomberg ran a story saying that “Not even Tiger Woods could make Golf profitable for Nike".
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