South African Markets - Factors to watch on March 12
The following company announcements, scheduled economic
indicators, debt and currency market moves and political events
may affect South African markets on Monday.
- South African President Cyril Ramaphosa warned on Sunday
that land invasions would not be tolerated as the ruling African
National Congress (ANC) moves to change the constitution to
expropriate property without compensation.
- Data on foreign trading in bonds and equities
- A human rights lawyer plans to launch a class action
lawsuit against South African food producer Tiger Brands
on behalf of the families of people who died and those
affected by the worst listeria outbreak in history.
- South African gold producers will likely reach a
settlement within six weeks in a lawsuit over a fatal lung
disease that companies have set aside 5 billion rand ($420
million) in provisions for, a lawyer and industry group said on
SOUTH AFRICAN MARKETS
South Africa's rand firmed on Friday after U.S. jobs data
pointed to slower wage growth, which could temper expectations
that the Federal Reserve will raise its forecast for how many
times it hikes interest rates this year. Stocks also extended
gains on the U.S. jobs data, with the benchmark Top-40 index
adding 0.56 percent to 52,348 and the wider All-share
index adding 0.41 percent to 59,169.
A relief rally swept across Asian share markets on Monday
after the latest U.S. jobs report managed to impress with its
strength while also easing fears of inflation and faster rate
hikes, a neat feat that whetted risk appetites globally.
To celebrate the bull market's ninth birthday on Friday, the
three major U.S. stock indexes climbed almost 2 percent and the
Nasdaq closed at a record high, as February's jobs report
assuaged fears of inflation and aggressive interest rate hikes.
Gold prices were steady on Monday as the U.S. dollar inched
lower, with the latest U.S. jobs report easing fears of
inflation and faster U.S. rate hikes.
For the top emerging markets news, double click on
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Some of the main stories out in the South African press:
- VBS placed under curatorship.
(Compiled by Ed Stoddard)
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