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South Africa factory activity expands at faster pace in November - Absa PMI

12/01/2021 | 04:23am EDT
A worker inspects cars at Nissan's manufacturing plant in Rosslyn

JOHANNESBURG (Reuters) - South African manufacturing activity expanded at a faster pace in November as business activity and new sales orders grew, a survey showed on Wednesday.

The seasonally-adjusted Absa Purchasing Managers' Index (PMI) rose to 57.2 points in November from a revised 53.6 points in October, remaining above the 50-point mark that separates expansion from contraction.

"Business activity and new sales orders, the two sub-indices that were most severely impacted by the steel sector strike in October, were also the ones that improved the most in November," Absa said in a statement accompanying the survey's findings.

"It is heartening that factory activity and the demand for manufactured goods seemed to be resilient against the impact of further bouts of load-shedding (power cuts) in November."

But the index measuring expected business conditions declined, Absa said, as the emergence of a new COVID-19 variant and subsequent global travel bans as well as an interest rate hike by the central bank weighed on sentiment.

(Reporting by Olivia Kumwenda-Mtambo; Editing by Emma Rumney)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ABSA GROUP LIMITED -1.38% 167.34 End-of-day quote.9.70%
DOW JONES AFRICA TITANS 50 INDEX 2.73% 512.8 Real-time Quote.-6.74%
DOW JONES SOUTH AFRICA(ZAR) 1.90% 1954.77 Real-time Quote.-1.99%
S&P AFRICA 40 INDEX 0.97% 164.82 Real-time Quote.-8.17%
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