September 2, 2019 / 5:22 AM / 3 months ago

South African Markets - Factors to watch on Sept. 2

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Monday.

ECONOMIC EVENTS

- South Africa’s finance minister Tito Mboweni briefs reporters on WEF Africa summit from 0800 GMT.

- South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) for August to be released at 0900 GMT.

COMPANIES

- Old Mutual half-year adjusted HEPS 109.1 cents, to buy back shares worth up to 2.4 billion rand.

- Bidvest reports full-year HEPS of 1,352.1 cents.

- RCL Foods says full-year revenue up 5.5%.

SOUTH AFRICAN MARKETS

South Africa’s rand firmed against the U.S. dollar in late trade on Friday, as hopes for a rapprochement on trade between Beijing and Washington calmed investors’ nerves.

The Johannesburg All-share index .JALSH gained 1.56% to 55,259 points, while the benchmark Top-40 index .JTOPI rose 1.56% to 49,320 points, to levels last seen on Aug. 13.

GLOBAL MARKETS

Global stock prices fell on Monday after the United States and China imposed new tariffs on each other’s goods, reinforcing investors’ worries over slowing global growth.

WALL STREET

Wall Street ended the week with a lackluster session on Friday as investors were cautious ahead of a holiday weekend in which a fresh round of U.S. tariffs on Chinese imports were due to be levied.

GOLD

Gold prices rose on Monday, as safe-haven demand surged after the United States and China launched fresh tit-for-tat tariffs on each others goods, escalating a prolonged trade war and adding to fears of a global economic slowdown.

EMERGING MARKETS

For the top emerging markets news, double click on

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

BUSINESS DAY

- Steinhoff shareholders strengthen board’s grip

BUSINESS REPORT

- NHI expenditure will be 450 bln rand, projects Fitch (Compiled by Olivia Kumwenda-Mtambo)

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