South African Markets - Factors to watch on May 31

JOHANNESBURG May 31 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Monday.

- - - -

GLOBAL MARKETS

The euro steadied on Monday but remained under pressure after Fitch downgraded Spain's credit rating and France said keeping its top credit rating may be a stretch without tough budget cuts.

Asian stocks were little changed but looked set to post their worst month since October 2008 as Europe's sovereign debt woes made investors reluctant to hold riskier assets such as stocks and commodities. [ID:nSGE64U03A]

SOUTH AFRICAN MARKETS

South Africa's rand weakened against the dollar on Friday largely tracing a weaker euro while domestic stocks edged lower as jittery investors locked in profits following a two-day surge.

Johannesburg's Top-40 index .JTOPI fell 1.15 percent to 24,218.98 The broader All-Share index .JALSH shed 0.9 percent to 27,202.72. [ID:nLDE64R1S0]

MTN (MTNJ.J)

Egyptian telecommunications firm Orascom Telecom (ORTE.CA) said on Sunday it expects to know the outcome of talks to sell some of its African assets to South Africa's MTN (MTNJ.J) within days, sending its shares surging.

"The ongoing negotiations around the acquisition by South Africa's MTN of some of Orascom Telecom's African units will be determined within a week," the Egyptian daily al-Mal reported on Sunday, quoting Orascom Executive Chairman Naguib Sawiris. [ID:nLDE64T04V]

ILLOVO SUGAR (ILVJ.J)

The sugar producer said on Monday its full-year headline earnings per share fell by 19 percent to 171.2 cents. [ID:nWEA4275]

CADIZ (CDZJ.J)

The financial services firm said full-year headline earnings per share rose 37 percent to 45.6 cents. [ID:nWEA4286]

SOUTH AFRICA CREDIT

Demand for credit by South Africa's private sector fell by 0.86 percent year-on-year in April, after a 0.69 percent decline in March, central bank data showed on Monday. [ID:nJAT006879]

SOUTH AFRICA SECURITY

South African security officials on Sunday denied claims in a newspaper that the country faces a high risk of a terrorist attack during the World Cup it is hosting in less than two weeks. [ID:nLDE64T0G1]

SOUTH AFRICAN STRIKES

South Africa's National Union of Mineworkers (NUM) said on Saturday it would temporarily suspend its plan to strike over wages at De Beers pending further talks with the world's biggest diamond producer. [ID:nLDE64S043]

GOLD XAU=

Gold regained some ground on Monday, pushed around by a volatile euro, with worries about Europe's debt woes underpinning sentiment after Fitch downgraded Spain's credit rating.

Volume was thin as the United States and the UK are on holiday on Monday but dealers expected bargain hunters to support prices. [GOL/]

WALL STREET

U.S. stocks fell on Friday, capping off their worst month in over a year as a downgrade by Fitch of Spain's credit rating reignited worries about euro-zone debt issues.

The downgrade was the latest setback in a month in which the S&P 500 fell more than 8 percent on concerns the euro-zone debt woes would escalate into a global financial crisis.

The Dow Jones industrial average .DJI dropped 122.36 points, or 1.19 percent, to 10,136.63. The Standard & Poor's 500 Index .SPX fell 13.65 points, or 1.24 percent, to 1,089.41. The Nasdaq Composite Index .IXIC declined 20.64 points, or 0.91 percent, to 2,257.04. [.N]

EMERGING MARKETS

For the top emerging markets news, double click on [nTOPEMRG]

- - - -

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

BUSINESS DAY

- Blue's update casts doubt over its future

- Bid to scrap term limits in top court

BUSINESS REPORT

- Transnet is working on backlog

(Reporting by David Dolan)