Views Article – Sharenet Wealth

Africa, Forex

South African Markets – Factors to watch on July 7

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

ECONOMIC EVENTS

– South Africa-Reserves-Net $Gold & Forex Reserves . 0600 GMT

COMPANIES

– Full Year 2020 Omnia Holdings Ltd Earnings.

Release

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.

GLOBAL MARKETS

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.

WALL STREET

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

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.

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

– 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.

BUSINESS REPORT

– Capitec Bank’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)


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