Views Article – Sharenet Wealth

Africa, Forex

South African Markets – Factors to watch on July 6

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

ECONOMIC EVENTS

– No major releases.

COMPANIES

– No major releases.

SOUTH AFRICAN MARKETS

South Africa’s rand weakened on Friday after two days of gains, weighed down by fears of a rebound in global COVID-19 infections and concerns about the local economy.

In stocks, the benchmark FTSE/JSE All Share Index closed down 0.17% to 54,523 points and the Top 40 Companies Index fell 0.26% to 50,180 points.

GLOBAL MARKETS

Asian shares scaled four-month peaks on Monday as investors counted on a revival in Chinese activity to sustain global economic growth, even as surging coronavirus cases delayed re-openings across the United States.

WALL STREET

Wall Street closed higher and the Nasdaq reached an all-time closing high on Thursday as investors headed into their long holiday weekend buoyed by a record surge in payrolls, which provided assurance that the U.S. economic recovery was well under way.

GOLD

Gold prices eased on Monday as risk sentiment improved ahead of U.S. services sector data, although losses were capped by worries over surging coronavirus cases in some U.S. states.

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

– Business association says cigarette ban resulted in the loss of 3.5 billion rand ($206.65 million) in excise taxes and enriched “billionaire criminals in the illegal trade”.

– The Portuguese government took control of a stake held by Angolan investor Isabel dos Santos in Efacec Power Solutions as it tries to help the manufacturer find a new shareholder.

BUSINESS REPORT

– Chinese-owned firm fined for locking workers inside Durban building until they met targets.

– The Independent Communications Authority of South Africa (Icasa) is planning to issue invitations for the licensing of the radio frequency spectrum and the Wireless Open Access Network (WOAN). ($1 = 16.9369 rand)


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