The seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose by 2.2 points to reach 47.2 index points in April. This was the first increase after three months of declines in the headline PMI. However, the PMI remains below the neutral 50-point mark and is more or less in line with the average recorded in the first quarter of 2019. This means that factory conditions stabilised at a fairly depressed level at the start of the second quarter.

Absa’s Group Chief Executive Officer, Maria Ramos will retire at the end of February 2019. Maria has been Group Chief Executive since 2009.

We have agreed to acquire Societe Generale derivatives clearing, custody and trustee services business in South Africa, subject to regulatory approvals.