The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Wednesday.
- February retail sales released by Stats SA. 1100 GMT
- Half Year 2020 Tiger Brands Ltd Earnings Release.
- Half Year 2020 Netcare Ltd Earnings Release.
South Africa’s rand extended a rally from the previous session on Tuesday, spurred by optimism about prospects for a COVID-19 vaccine and the re-opening of economies around the world. The country’s stock market was also buoyant on the back of expectations for the vaccine which would ultimately enable economic activity to return to normal.
Asian stocks struggled to extend the week’s rally on Wednesday, and gold and bonds firmed, as a sceptical press report dented some hopes for a COVID-19 vaccine and concerns about the global recovery from the pandemic returned.
The S&P 500 closed lower on Tuesday, as investors focused on a report questioning Moderna’s recent coronavirus vaccine early-stage trial results, wiping out modest gains on the benchmark index in the last hour of trading.
Gold prices gained on Wednesday as bleak data from major economies reflected the fallout from the coronavirus crisis, while the initial euphoria over a potential COVID-19 vaccine fizzled and gave way to safe-haven demand.
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Some of the main stories out in the South African press:
- Edcon is worth saving, say business rescuers.
- S.A. car exports to UK will not be affected by 10% tariff.
- Gig workers hit hard by Covid-19.