(Adds Pick n Pay, finance minister news conference, CPI) The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Wednesday.
- South Africa’s Pick n Pay PIKJ.J posted an 18 percent rise in full-year profit on Wednesday, as the grocer cut costs while consumers struggle in its home market.
- Statistics South Africa releases consumer price index data for March.
- Finance Minister Malusi Gigaba hosts a news conference ahead of an confidence-building roadshow abroad
South African stocks slid on Tuesday, dragged down by resources companies, while the rand firmed slightly amid lingering political uncertainty.
Sterling stole centre stage in Asia on Wednesday amid speculation Britain’s surprise decision to call a snap election could ultimately deliver a more market-friendly outcome in its divorce from the European Union.
The S&P 500 fell for the fourth time in five sessions on Tuesday, weighed down by a drop in Goldman Sachs and Johnson & Johnson following their quarterly results, while geopolitical tensions added to investor caution.
Gold slipped on Wednesday as the dollar recovered a bit from a three-week low hit in the previous session, but geopolitical concerns about North Korea and nervousness ahead of the French presidential election lent support to the safe-haven asset.
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Some of the main stories out in the South African press:
- Call for probe into cellphone market
- Banks to face more forex charges
- Sibanye wants to raise $2 billion
Compiled by Tiisetso Motsoeneng