The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Tuesday.
- No major economic releases.
- Sasfin Holdings Half Year 2019 Earnings Release.
- Master Drilling Group Full Year 2018 Earnings Release.
South Africa’s rand weakened on Monday after power utility Eskom said it would carry out more power cuts this week as it struggles with capacity shortages, weighing on investor sentiment.
Stocks meanwhile rose, with the Johannesburg Stock Exchange’s top-40 index closing 1.42 percent higher, at 50,388 points. The broader all-share index rose 1.3 percent to 56,769 points.
Asian shares held tight ranges on Tuesday ahead of the a Federal Reserve policy meeting, but were broadly supported near six-month highs on expectations the central bank might strike a dovish tone, while fresh Brexit worries dogged the pound.
Banks and tech helped lead Wall Street higher on Monday, while Boeing and Facebook were a drag and investors eyed this week’s U.S. Federal Reserve meeting for affirmation of its commitment to “patient” monetary policy.
Palladium prices surged to a record on Tuesday, bolstered by worries about shrinking supply of the auto-catalyst metal, while gold rose on expectations that the U.S. Federal Reserve will maintain a dovish tone at its policy meeting this week.
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Some of the main stories out in the South African press:
- Pepkor cleared in audit investigation into Steinhoff.
- Hotel group Sun International flagship resort suffers first asset loss as weak economy weighs.
- Eskom looks to Brics Bank for $480 billion loan for Medupi repairs.