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South African Markets - Factors to watch on February 13
The following company announcements, scheduled economic
indicators, debt and currency market moves and political events
may affect South African markets on Tuesday.
South Africa's ruling ANC decided at a meeting overnight to
"recall", or remove President Jacob Zuma as head of state.
- Statistics South Africa release Q4 2017 unemployment
numbers at 0930 GMT.
- Treasury's weekly bond auction.
- South African miner Harmony Gold's half-year
profit rose 49 percent, boosted by improved performance at its
South African operations, the firm said on Tuesday.
- South Africa's Kumba Iron Ore Ltd reported a 12
percent rise in annual profit on Tuesday, underpinned by higher
costs for the steel-making ingredient.
- South African miner Exxaro Resources said on
Tuesday it would pay a special dividend of 4.5 billion rand
($377 million) from its income reserves after the firm sold
stake in U.S. titanium products company Tronox.
SOUTH AFRICAN MARKETS
South Africa's rand firmed on Monday after local media
reported that President Jacob Zuma had agreed to step down,
before surrendering those gains after the presidential spokesman
dismissed the reports as "fake news".
On the equities market, stocks started the new week on a
more stable footing following a sell-off last week that saw
major indexes hit levels last attained in October 2017.
Asian stocks pulled further away from two-month lows on
Tuesday, lifted by Wall Street's extended rebound from last
week's steep fall, but investors remained cautious ahead of U.S.
inflation data later in the week.
Wall Street's three major indexes rebounded on Monday with
broad-based gains as investors regained some confidence after
U.S. equities' biggest weekly drop in two years, but strategists
stopped short of calling an end to the market pullback.
Gold prices held firm on Tuesday, buoyed by a weaker dollar,
while investors waited for U.S. inflation data for clues on the
pace of interest rate hikes.
For the top emerging markets news, double click on
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Some of the main stories out in the South African press:
- South Africa waits as ANC dithers on Zuma
- VRP deal deadline missed by three
- Market is waiting for Zuma to go
(Compiled by Olivia Kumwenda-Mtambo)
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