27 August 2024 Morning Biz News: Trustco Exits Banking, Harmony Gold Profits Surge, and More

1. Trustco Group Holdings Exits Commercial Banking Trustco Group Holdings Limited has officially exited the commercial banking sector by surrendering Trustco Bank Namibia’s banking license to the Bank of Namibia. Chairman Quinton van Rooyen revealed that this decision was due to the group’s strategy to withdraw from deposit-taking institutions, which made up less than 1% of its total investments. The Brief reports this move marks Trustco’s strategic shift away from banking.
2. Harmony Gold Reports Doubling Profit South Africa’s largest gold producer, Harmony Gold, expects its profit for the year ending June 30 to have doubled. According to CNBCAfrica, the Johannesburg-based miner reported preliminary headline earnings per share of $0.98, a significant increase from $0.45 the previous year. This impressive growth is attributed to a rise in gold output, improved grades, and a favorable price rally.
3. Nigeria’s Economy Shows Robust Growth Nigeria’s economy expanded by 3.19% in the second quarter of 2024, driven by higher crude oil production and strong performance in the services sector. Reuters notes that this growth surpasses the 2.51% recorded in the same quarter last year and the 2.98% growth in the first quarter of 2024, highlighting a robust economic recovery.
4. Asian Markets and Yen Gain on Fed Rate Cut Hopes Most Asian equities and the yen saw gains on Monday following comments from US Federal Reserve Chair Jerome Powell, who suggested that it might be time to start cutting interest rates. ENCA reports that Powell’s remarks boosted investor sentiment and helped alleviate earlier market turmoil.

Financial Indicators

• Namibian Dollar: 17.72 to the US$, 19.78 to the Euro, 23.37 to the Pound
• Gold: $2,518.55 per fine ounce
• Brent Crude: $79.02 per barrel
• Bitcoin: $1,117,197.32