February 26, 2019 / 5:36 AM / 3 months ago

South African Markets - Factors to watch on Feb. 26

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

ECONOMIC EVENTS

- South African reserve bank publishes business cycle indicators for January. 0700 GMT

COMPANIES

- Assore half-year 2019 earnings release.

- Bowler Metcalf half-year 2019 earnings release.

- Shoprite Holdings half-year 2019 earnings release.

SOUTH AFRICAN MARKETS

South Africa’s rand rose on Monday, holding onto its post-budget gains, after U.S. President Donald Trump extended a deadline for China and the United States to reach a trade agreement.

Stocks weakened as rand-hedges weighed on the market.

GLOBAL MARKETS

Asian shares lost steam on Tuesday after scaling a five-month high as investors waited to see if Washington and Beijing can clinch a trade deal, while the pound advanced on hopes UK Prime Minister Theresa May will delay a Brexit deadline.

WALL STREET

Wall Street’s three major indexes ended higher on Monday but well below the session’s highs after President Donald Trump said he would delay a planned hike in tariffs on Chinese imports.

GOLD

Palladium hit a record high on Tuesday, surging above $1,550 as a threatened strike by South African mineworkers added to supply risk concerns in an already tight market, while gold prices edged up on a subdued dollar.

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

- Directors of state pension fund manager PIC ordered to recoup 4.3 billion rand ($311 million) investment in Ayo Technology.

- African Bank to launch full-service bank.

BUSINESS REPORT

- Construction firm Aveng says local infrastructure market in crisis.

$1 = 13.8445 rand

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