Construction picking up but tax...

THE construction confidence index rose to its highest level since the end of 2009 in the second quarter of 2012‚ suggesting the recovery is gaining momentum. Construction activity in particular picked up noticeably‚ according to the latest survey by FNB and the Bureau for Economic Research.

South Africa’s bulk export volumes soared by 23.9% year on year in May‚ data from the Transnet National Ports Authority showed.

Shares in Accentuate climbed by nearly 10% after the construction materials supplier said it had formed a joint venture with India’s Ion Exchange to manage water resources in South Africa.

Employment in South Africa’s formal sector edged up by 0.1%, or about 5000 jobs, to 8.384-million in the first quarter of 2012 compared with the previous quarter, Statistics South Africa said.

South Africa’s R16.4-billion commitment to an International Monetary Fund “firewall” fund is not a gift but a sound, interest-earning financial investment that will be repaid, the presidency said.

Consumer inflation in South Africa slowed to within the central bank’s 3% to 6% target range in May, raising expectations that the bank may have room to cut interest rates this year.

South Africa attracted foreign portfolio capital inflows at a faster pace in the first quarter of 2012. The net inflow capital on the financial account amounted to R50.5-billion compared with an inflow of R19.9-billion in the fourth quarter of 2011‚ the SA Reserve Bank’s Quarterly Bulletin showed.

The number of civil judgments recorded for debt fell by 20.5% year on year in April 2012 to 29935 after a 25.3% fall in 2011‚ data from Statistics SA has showed.

Consumer goods group AVI has advised that headline earnings per share for the year to June 30 are expected to increase by between 24% and 31% over the year before.

Food group AH-Vest advised on Friday that the company would report an improvement of between 245% and 265% on the previous year’s headline earnings per share for the year ending March 31.

Truworths shares gained more than 1% as the company launched a R250-million rand share buyback programme.

Shares of Ellies jumped by nearly 8% to an all-time high after the company said full-year earnings were likely to rise by up to 78%.