CASINO SOUTH AFRICA Casino Stocks Post Euphoric Gains as South Africa Eases Lockdown 3 weeks ago Iwo Bulski Post Views: 92 Shares in South African gambling and leisure companies shot up on Thursday after the government surprised traders by announcing plans to ease Covid-19 lockdown restrictions on the sector earlier than investors expected. Tsogo Sun Gaming Ltd. was 30% higher as of 3:06 p.m. in Johannesburg, with Sun International Ltd. up 23%, City Lodge Hotels Ltd. advancing 21% and Tsogo Sun Hotels Ltd. climbing 18%. President Cyril Ramaphosa said Wednesday night that gambling establishments, hotels, restaurants, beauty salons and theaters will be allowed to reopen, as long as they stick to strict health protocols. He didn’t specify a date. “The leisure sector is indeed getting a benefit from the easing of the lockdown, because in the general recovery since the March lows, it has been seen as unlikely to open quickly, and lagged behind,” – said Stephen Meintjes, head of research at Momentum Securities in Johannesburg. A local index of travel and leisure companies had sunk 55% percent this year before Ramaphosa spoke, making it the worst-performing industry segment. The country entered a lockdown on March 27, which the government is gradually relaxing, even as the pace of new infections continues to rise. “Some investors were expecting this sector to experience a lockdown right till the end,” said Casparus Treurnicht, a fund manager at Gryphon Asset Management in Cape Town. South Africa has 80,412 confirmed coronavirus infections and 1,674 fatalities, with the number of cases currently doubling about every 12 days. There have been more than 2,100 new cases daily for the past 14 days, a proliferation that in part reflects increased testing. Thursday’s stock gains indicate “improved sentiment toward business that are opening up again,” said Michele Santangelo, a money manager at Independent Securities in Johannesburg. “Importantly, there are the first signs that many of these businesses that have been decimated under the lockdown are coming out of the worst.” Source: bloomberg.com Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: casino, South Africa, stock exchange Continue Reading Previous Tsogo Sun hopeful online gambling will soon prop business upNext Namibia: MP Proposes Minimum Gambling Age More Stories CASINO EGYPT Amid Covid-19 Crisis Egypt Open its Airspace- Crucial for Casino Operators 1 hour ago Adeleye Awakan CASINO HOT NEWS ZAMBIA Zambia’s President, Lungu, allows the reopening of Casinos 2 hours ago Peter Situma CASINO TSC John Huxley Africa wants to safely open a casinos 2 days ago Szarlot CASINO SOUTH AFRICA Sun Internationals begins to reopen some of casinos 2 days ago Samuel BETTING SOUTH AFRICA Formula One Interested in a return to Africa 4 days ago Peter Situma BETTING SOUTH AFRICA Everything You Need To Know About Horse Racing And Betting In South Africa 4 days ago Peris Wambu Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment. This site uses Akismet to reduce spam. Learn how your comment data is processed.