Absa PMI rises above 50-mark in February

South Africa’s seasonally adjusted Absa Purchasing Managers’ Index rose in February to its best reading in nearly a year as companies anticipated activity would be boosted by the improved outlook for the local economy, a survey showed on Thursday. The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in Africa’s most industrialised economy, rose to 50.8 in February from 49.9 in January.