South African Markets - Factors to watch on Nov 2
JOHANNESBURG, Nov 2 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Monday.
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GLOBAL MARKETS
Asian stocks slid on Monday, with Seoul hitting a two-month low after a sell-off in banking shares slammed Wall Street, a slide viewed as a sign that investors are losing faith in the economic recovery.
The MSCI index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 1.5 percent, touching a one-month low, while the Thomson Reuters index of regional stocks .TRXFLDAXPU shed 1.8 percent .[ID:nSP484993]
SOUTH AFRICAN MARKETS
South Africa's rand fell against a resurgent dollar on Friday while the resource-heavy local bourse was in the red on the back of weaker metal prices.
The JSE Top-40 index .JTOPI of blue chips closed 0.91 percent lower to 23,655.66 points, while the All-share index fell 0.71 percent to 26,360.55 points. [ID:nLU18200]
ANGLOGOLD ASHANTI (ANGJ.J)
AngloGold Ashanti, the world's No. 3 and Africa's top gold producer, is expected to publish its third quarter results on Monday.
BHP BILLITON (BILJ.J)
Australian nickel miner Minara Resources Ltd (MRE.AX) is participating in the sale process of BHP Billiton Ltd's (BHP.AX) Ravensthorpe nickel mine in Australia, Minara said on Monday. [ID:nSYU008981]
GOLD XAU=
Gold prices were steady above $1,040 an ounce on Monday after falling the previous business day, underpinned by a recovery in the euro versus the dollar.
Spot gold XAU= was almost flat at $1,043.60 an ounce at 0309 GMT, compared with New York's notional close of $1,044.40. [GOL/]
WALL STREET
The Dow industrials suffered its worst slide since July on Friday on concerns that the economic recovery won't be robust enough to sustain the seven-month stock rally, while financials sank on renewed worries about Citigroup's balance sheet.
The Dow Jones industrial average .DJI slid 249.85 points, or 2.51 percent, to end at 9,712.73. The Standard & Poor's 500 Index .SPX tumbled 29.92 points, or 2.81 percent, to 1,036.19. The Nasdaq Composite Index .IXIC dropped 52.44 points, or 2.50 percent, to close at 2,045.11. [.N]
EMERGING MARKETS
For the top emerging markets news, double click on [nTOPEMRG]
MOZAMBIQUE
Mozambique's ruling Frelimo party was headed for a resounding victory in national polls on Sunday that would allow it to change the constitution at will and hand President Armando Guebuza a second term in office.
Estimates released on Sunday gave Guebuza 75 percent of the presidential vote, with Frelimo set for a two-thirds majority in parliamentary elections that took place on Wednesday. [ID:nL1203601]
ZIMBABWE
Zimbabwean President Robert Mugabe said on Saturday he was working to resolve a political dispute threatening his power-sharing government with rival Prime Minister Morgan Tsvangirai's MDC party.
Tsvangirai's Movement for Democratic Change (MDC) said a fortnight ago it was "disengaging" from cabinet until Mugabe agreed to fully implement the fragile coalition's power-sharing deal, including swearing in several MDC officials. ID:nLV73702]
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Some of the main stories out of the South African press:
BUSINESS DAY
- Extra 1 percent tax looms to help fund cash strapped state-owned broadcaster SABC
- Health to seek extra billions to combat HIV/AIDS
- Ruling coalition's newspaper may be given to readers for free
BUSINESS REPORT
- No quick fix to recover a million jobs
- Solidarity wants power utility Eskom chief axed, BMF claims victimisation
- Fuel price hikes likely to dull festive cheer
THE STAR
- Co-operative Governance Minister Sicelo Shiceka splashes out 1.6 million rand on two cars
(Reporting by Gugulakhe Lourie)
