The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Tuesday.
– South Africa-Reserves-Net $Gold & Forex Reserves . 0600 GMT
– Full Year 2020 Omnia Holdings Ltd Earnings.
SOUTH AFRICAN MARKETS
– South Africa’s rand firmed on Monday, thanks to a broad recovery in risk appetite on growing expectations of a strong Chinese economic rebound. The Johannesburg Stock Exchange closed higher than in the last nine trading sessions due to the China-led optimism.
Asian shares paused for breath on Tuesday following a surge sparked by speculation Beijing is trying to orchestrate a major domestic bull run to support an economy hit by the coronavirus and a standoff with Washington.
U.S. stocks rose sharply on Monday as a rebound in U.S. services industry activity in June and expectations of a revival in China’s economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States.
Gold prices held steady near an eight-year high on Tuesday as investors weighed a spike in COVID-19 cases around the world against a survey showing a rebound in U.S. services industry activity and expectations of a revival in China’s economy.
For the top emerging markets news, double click on
– – – –
Some of the main stories out in the South African press:
– The recovery in MTN shares, which have gained 99.7% since their low point in March 2020, has put the company in the spotlight, with fund managers saying this may be a good time to invest in MTN, citing growth in the mobile payments platform.
– Capitec Bankâ€™s share price declined more than 3 percent on the JSE on Friday after the bank flagged that its earnings could decline by more than 70 percent for the six months to the end of August, negatively impacted by a loss of 404 million rand ($23.73 million) during the first quarter. ($1 = 17.0253 rand)