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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.

POLITICS

South Africa's ruling ANC decided at a meeting overnight to "recall", or remove President Jacob Zuma as head of state.

ECONOMIC EVENTS

- Statistics South Africa release Q4 2017 unemployment numbers at 0930 GMT.

- Treasury's weekly bond auction.

COMPANIES

- 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.

GLOBAL MARKETS

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

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

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.

EMERGING MARKETS

For the top emerging markets news, double click on

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Some of the main stories out in the South African press:

BUSINESS DAY

- South Africa waits as ANC dithers on Zuma

BUSINESS REPORT

- VRP deal deadline missed by three

- Market is waiting for Zuma to go (Compiled by Olivia Kumwenda-Mtambo)

2018-02-13 07:42:31

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