Bozell Outlines Shared Values with Pretoria while JSE Rallies Nearly 4%, New Billionaire Emerges and RMH Takeover Moves Forward
What appears to be a renewed diplomatic push between Pretoria and Washington took centre stage on Wednesday, as newly appointed United States ambassador to South Africa, Leo Brent Bozell III, formally assumed his post and set out his intentions to deepen relations between the two countries. His remarks came alongside a day of significant developments in South Africa’s corporate and financial landscape, including a sharp rebound on the Johannesburg Stock Exchange (JSE), the emergence of a new dollar billionaire, and a major pending takeover in the property sector.
Bozell formally presented his Letters of Credence and Recall to President Cyril Ramaphosa at the Sefako M. Makgatho Presidential Guesthouse, marking the official start of his tenure as Washington’s envoy to Pretoria. The ceremony is a standard diplomatic process confirming the ambassador’s authority to represent the United States in South Africa.
In his address, Bozell said he had already developed a strong affinity for the country within two months of arrival, noting that he had been told prior to his posting that he would “fall in love” with South Africa. He said this had proven to be the case.
The ambassador emphasised that the United States and South Africa share common values and interests, adding that his tenure would focus on strengthening cooperation between the two nations. He referenced South Africa’s constitutional framework in his remarks, noting its significance in shaping the country’s democratic institutions.
Bozell said his objective would be to build on existing areas of cooperation, including trade and diplomatic engagement, and to expand the scope of the bilateral relationship. He added that his approach would centre on mutual respect and practical collaboration, to advance ties beyond their current level.
His comments come at a time when diplomatic engagement between the two countries remains closely watched, particularly in the context of trade relations and geopolitical positioning.
At the same time, markets surged, with the JSE recording broad-based gains across sectors. In corporate developments, cookware magnate Paul van Zuydam formally entered the ranks of South Africa’s dollar billionaires, while the co-founders of WeBuyCars moved closer to taking control of RMB Holdings in a transaction that could see the company be delisted.
Markets rebound sharply with broad-based gains
The Johannesburg Stock Exchange closed sharply higher, recovering strongly from the previous session’s losses as buying activity lifted all major indices.
The All Share Index (ALSI) gained 3.96% to close at 119,524 points, up from 114,968 previously. The market opened at 117,290 and traded in a wide intraday range, reaching a high of 122,283, reflecting strong upward momentum throughout the session.
All major sectors ended in positive territory. Industrials rose 4.66%, while the Industrial 25 added 3.29% to 130,128. Financials outperformed, climbing 4.37% to 26,004, and the Resource 10 index advanced 4.68% to 138,018.
The Top 40 Tradeable index gained 4.16% to 111,665. Mid-cap and small-cap stocks also posted solid increases, rising 2.66% to 114,158 and 3.23% to 108,361, respectively. The SA Property index led gains, advancing 5.08% to 488.
Sectoral performance reflected strong demand across cyclical and consumer-facing counters. Retailers were the top-performing sector, rising 6.70%, followed by precious metals and mining, which gained 6.05%. Consumer discretionary stocks increased 5.89%, while electronic and electrical equipment climbed 5.87%. Real estate investment trusts rose 5.75%.
Among individual shares, Impala Platinum surged 13.04% to 260.94, leading the gainers. Valterra rose 9.66%, while Pepkor advanced 9.05%. Property counters Attacq and Growthpoint gained 8.59% and 8.16%, respectively, while Northam Platinum climbed 7.93%. Redefine Properties added 7.15%. In the banking sector, Absa rose 6.96%. Retailers Mr Price and TFG gained 6.82% and 6.72% respectively.
On the downside, Thungela Resources fell 12.53%, while Sasol declined 12.28%. Sun International dropped 3.14%, with British American Tobacco losing 2.78%.
Rand firms as commodities trade mixed
In commodities, gold was largely unchanged at $4,708.93 per ounce, up 0.02%. Silver rose 1.36%, while platinum climbed above $2,000 an ounce, and palladium climbed above $1,500 per ounce.
At the same time, the Strait of Hormuz remained largely obstructed, with Iranian media reporting a halt in oil tanker traffic through the vital shipping route. The disruption comes amid ongoing disagreements between Tehran and the United States and Israel over whether the ceasefire applies to Lebanon.
Global markets were mixed. Japan’s Nikkei closed at 56,308. In the United States, the Nasdaq stood at 22,018 and the S&P 500 at 6,764, while the Dow Jones Industrial Average reached 47,749. European indices remained firm, with the DAX at 24,081 and the CAC 40 at 8,264. .
Cryptocurrency markets showed gains, with Bitcoin rising 1.91% to $71,236 and Ethereum advancing 4.12%.
New billionaire joins South Africa’s richest ranks
Van Zuydam, with an estimated net worth of $1.7 billion (R28 billion), joins seven other South Africans on the list. Johann Rupert remains the country’s richest individual with $16.1 billion, followed by Nicky Oppenheimer at $10.6 billion.
Patrice Motsepe moved into third position with $4.3 billion, ahead of Michiel le Roux at $3.8 billion and Koos Bekker at $3.6 billion. Jannie Mouton and Christo Wiese follow with $2.7 billion and $1.9 billion, respectively.
Collectively, South Africa’s billionaires increased their wealth by at least $7.7 billion over the past year, bringing the total to $44.7 billion.
Van Zuydam’s wealth stems from Le Creuset, the French cookware brand he acquired in the 1980s and expanded into a global business generating more than $850 million (R14 billion) in annual revenue.
WeBuyCars founders move to take RMH private
AttBid, which is majority-owned by the brothers and partly held by Atterbury Property Fund, has built a 42.59% stake in RMH and launched a mandatory offer to acquire the remaining shares.
The transaction, valued at R654.58 million, is expected to conclude by 1 June, with 26 May set as the final day to trade in RMH shares to participate in the offer.
AttBid intends to delist RMH and take it private following the acquisition. If at least 90% of shareholders accept the offer, the remaining shares will be acquired compulsorily. If not, the delisting will proceed in line with JSE requirements.
RMH has been restructuring since 2019, unbundling assets including its stake in FirstRand and focusing on property investments through Atterbury. The difficulty in finding buyers for these assets has positioned AttBid as the likely acquirer.
Speculation that the Van der Walt brothers sold shares in WeBuyCars to fund the deal has been denied, with the company stating that the share sale and the acquisition are unrelated.
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