Flash Briefing: CIO claims Ayo "manufactured" financials; Gold, Plat shares surge; Strong Pick n Pay results; Tuna Bond scandal.

The former Chief Investment Officer of JSE-listed Ayo Technology Solutions yesterday told the commission of inquiry into the PIC that the company manufactured financial statements to secure a R4.3bn investment from South Africa’s State pensioners. The $2bn Tuna Bond scandal which involves state officials and Credit Suisse bankers, took an interesting turn yesterday when the Kempton Park magistrate’s court ruled against former Mozambiquan finance minister Manual Chang’s attempt to resist extradition. Leading South African retailing group Pick n Pay yesterday gave notice that it will be delivering good news when publishing financial results for the year to end February. On the JSE yesterday, precious metals stocks rose strongly with Royal Bafokeng Platinum jumping 9%; Harmony 7.5%; Sibanye 5.5%, Anglo Platinum up 5%; Goldfields 4% and Anglogold 3.5%.