South African Markets - Factors to watch on March 11
JOHANNESBURG, March 11 |
JOHANNESBURG, March 11 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Thursday.
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EVENTS
PRETORIA - Stats S.A. releases January manufacturing production data. 1100 GMT
GLOBAL MARKETS
Asian stocks fell on Thursday as investors fretted over tighter monetary policy in China on the back of strong loan growth and quickening inflation, while the yen struggled amid signs that Japan's economy may need more support.
The MSCI index of Asian shares outside Japan .MIAPJ0000PUS shed 0.6 percent, retreating from a seven-week high touched before the Chinese data which showed the economy grew at a brisk pace, while inflation hit a 16-month high. [ID:nSGE62A04T]
SOUTH AFRICAN MARKETS
South Africa's rand inched down against the dollar on Wednesday, while stocks edged higher on the back of stronger metal prices.
Johannesburg's blue chip Top-40 .JTOPI rose 0.63 percent at 25,189.96 points and the broader All-share index .JALSH added 0.68 percent to 28,087.67 points. [ID:nLDE629269]
SOUTH AFRICA MINING
South Africa's mines minister said on Wednesday that China had shown strong interest in investing in the African country's mining sector, and reassured investors there were no plans to nationalise mines.
China, Africa's biggest emerging market partner, has been investing in the continent's mining and energy sectors, and the minister said South Africa was a willing but cautious partner.[ID:nLDE62929X]
SOUTH AFRICAN POLITICS
The hardline youth wing of South Africa's ruling ANC said on Wednesday it was losing confidence in Finance Minister Pravin Gordhan for not following party policy and ignoring the plight of the young.
The African National Congress Youth League, which is pushing for mines in the world's biggest platinum producer to be nationalised, said Gordhan had ignored the development of the country's poor and unemployed youth. [ID:nLDE62929R]
SOUTH AFRICAN PRESIDENT
South African President Jacob Zuma submitted a list on Wednesday showing he has no business interests, following widespread criticism that he had failed to declare assets for nearly a year after taking office.
Opposition parties want Zuma investigated, saying he has breached ethics laws that require senior government officials to disclose assets within 60 days of assuming office. [ID:nLDE6291GQ]
BASIL READ (BSRJ.J)
Construction group Basil Read is report its full-year results today and sees headline earnings per share between 15-30 percent higher.
INVESTEC (INPJ.J)
South Africa-based investment bank Investec (INVP.L) will replace insurance-focused takeover vehicle Resolution (RSL.L) in the FTSE 100 .FTSE index, FTSE Group confirmed on Wednesday, following the latest index review. [ID:nLDE6291IK]
MTN (MTNJ.J)
MTN, Africa's largest mobile phone operator, is to publish its annual results today.
SANLAM (SLMJ.J)
Sanlam, South Africa's second biggest insurer, is to publish its full-year results on Thursday and expects headline earnings per share to increase by between 60-70 percent.
GOLD XAU=
Gold regained some strength on Thursday after falling to its lowest in nearly two weeks the previous day, though poor technicals and failure to sustain recent gains may spur selling, traders said.
Spot gold XAU= was at $1,108.90 an ounce by 0305 GMT, up $1.05 from New York's notional close on Wednesday, when it fell to as low as $1,102.85 an ounce, its lowest level since Feb. 25, as safe-haven buying on Greek sovereign debt worries tapered off. [GOL/]
WALL STREET
Bank and technology shares lifted Wall Street on Wednesday on hopes a revival in business demand will boost corporate profits.
The Dow Jones industrial average .DJI edged up 2.95 points, or 0.03 percent, to end at 10,567.33. The Standard & Poor's 500 Index .SPX rose 5.16 points, or 0.45 percent, to 1,145.61. The Nasdaq Composite Index .IXIC gained 18.27 points, or 0.78 percent, to 2,358.95. [.N]
EMERGING MARKETS
For the top emerging markets news, double click on [nTOPEMRG]
RWANDA
Rwandan foreign minister Louise Mushikiwabo said on Wednesday the thawing of her country's relations with France may have paved the way for last week's arrest of a leading Rwandan genocide suspect in Paris.
French judges had sped up their investigation into Agathe Habyarimana since the diplomatic rapprochement in November, Mushikiwabo said on a visit to celebrate Rwanda joining the Commonwealth. [ID:nLDE6292MH]
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Some of the main stories out of the South African press:
BUSINESS DAY
- State tender prices row threatens "buy South Africa" bid
- State will not grant winelands mining approval
BUSINESS REPORT
- Metropolitan METJ.J struggles to find traction and partner in Kenya
- Tackle structural issues, Strauss-Kahn urges South Africa
THE STAR
- Zuma declares interests - eight months late
(Reporting by Gugulakhe Lourie)
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