February 7, 2019 / 6:21 AM / in 2 months

South African Markets - Factors to watch on Feb. 7

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

ECONOMIC EVENTS

South Africa’s net foreign reserves rose to $43.589 billion in January from $43.09 billion in December, the Reserve Bank said on Thursday.

COMPANIES

- South Africa’s premier mining conference in Cape Town continues.

- Northam Platinum flagged a record 1 billion rand first-half operating profit.

- Woolworths said the head its struggling Australian unit David Jones has resigned for personal reasons.

- ArcelorMittal returned to 968 million rand annual profit on Thursday from a loss of 2.5 billion rand a year earlier. [ nFWN20115N

SOUTH AFRICAN MARKETS

South Africa’s rand fell on Wednesday, in line with broad weakness in emerging market currencies, as the dollar settled near a two-week high after U.S. President Donald Trump’s State of the Union speech failed to surprise currency traders.

GLOBAL MARKETS

Asian share markets edged up to four-month highs on Thursday with Australian equities the star performer while the New Zealand dollar sank after disappointing jobs data prompted investors to narrow the odds of a future rate cut.

WALL STREET

U.S. stocks edged lower on Wednesday as videogame makers gave disappointing revenue forecasts and investors awaited developments on U.S.-China trade relations.

GOLD

Gold fell to a more than one-week low on Thursday, pressured by a stronger dollar, but worries over slowing global economic growth and the spectre of another U.S. government shutdown kept the safe-haven metal above the key $1,300 level.

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

- Agrizzi arrest ‘could scare off witnesses’

- Transnet seeks joint legal recourse for locomotive deal

BUSINESS REPORT

- ‘New dawn’ gets thumps up from mining investors

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