The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Monday.
South Africa’s rand firmed to a near 19-month high on Friday over dovish comments by the U.S. Federal Reserve, which gave impetus to emerging market currencies against the retreating greenback.
Stocks fell, with Net1’s Johannesburg-listed shares taking a hit over a court ruling that affected its operations.
Asian stocks were mixed on Monday in thin trade, following Wall Street’s declines and the G20’s decision to drop a pledge to avoid trade protectionism, while the Federal Reserve’s less hawkish-than-expected comments continued to drag the dollar lower.
U.S. stocks dipped on Friday as bank shares fell alongside Treasury yields while Adobe helped buoy the S&P tech sector and the Nasdaq Composite.
Gold prices hit a two-week high on Monday as the dollar held near five-week lows reached in the previous session, finding support from the U.S. Federal Reserve’s conservative guidance on the path of rate hikes this year.
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Some of the main stories out in the South African press:
- Fears over Zuma’s role on Sassa panel
- Mogoeng’s office reviews security
- Contractors hobble Medupi
- 6 bln rand French loan for grid upgrades (Compiled by Olivia Kumwenda-Mtambo)