Shein has finally made it onto the stock market, and the shares fell as much as 10% on day one
Four years, three cities and a valuation a quarter of what it once was: Shein listed in Hong Kong on Tuesday and the market was unimpressed.
Markets
The JSE, the rand, shares, commodities and the moves driving South African markets.
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Anyone betting on South African gold just had their best month in nearly 20 years
The sector's return index rose about 38% in August, turning a year that had been down 20% into a year that is up, with eight of the market's ten best shares coming from mining.
Bitcoin broke above $80,000 after surging 23% in its biggest week in nearly 3 years
A US Treasury plan to buy back its own long-dated bonds weakened the dollar, and $7.2 billion of bearish crypto positions were liquidated in the week that followed.
Alibaba raised $10 billion for its AI push in Hong Kong’s biggest share sale in five years
Hong Kong's largest follow-on share sale sent Alibaba's stock down 8.5% in a day, and its chairman, its chief executive and Jack Ma all bought in afterwards.
Shein is finally hitting the stock market after losing 70% of its value in four years
Shein opened its Hong Kong offer on Monday at a valuation near $27 billion, after import charges in the United States and the European Union turned a $395 million quarterly profit into a $99 million loss.
Copper has just become the biggest money-maker at R4 trillion mining giant BHP
The copper business made a record US$18 billion last year and BHP's Johannesburg listing has passed R4 trillion on the strength of it, with analysts almost entirely unconvinced.
Bitcoin surged 22% in its biggest week in over two years. Here’s what was behind the run.
The Treasury said it would double its buybacks of long-dated debt, yields fell, and the largest cryptocurrency added 22% over five days.
The rand just hit its strongest level in six months, briefly breaking below R16 to the dollar
Washington said it would double its buybacks of long-dated debt, the dollar softened, and the rand traded below R16 for the first time in six months before easing back.
Ninety One's clients now own more than 5% of Johann Rupert's Remgro
It is the second crossing notice in three weeks, and a fair measure of what the Sanlam deal did to the asset manager's size.
Anthropic could be valued using a $200 billion revenue figure it thinks it will achieve in 2028
Bankers valuing the AI company's listing have skipped this year's sales and gone to a forecast two years out, Reuters reports.
The Reserve Bank has a date for moving the rest of the world off Jibar
London's clearing house will convert every outstanding Jibar-linked contract to the new benchmark, Zaronia, on 21 November, six weeks before Jibar is published for the last time.
The rand just hit a five-month high, and South Africa barely earned it
A soft US inflation reading knocked the dollar and pushed the rand to its strongest since March, pulling R23.1 billion of foreign money into local bonds in a week.