The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Wednesday.
African Rainbow Minerals reported on Wednesday a doubling in half-year profits, driven by an increase in iron ore sales volumes and higher prices for the steelmaking ingredient and platinum group metals.
SOUTH AFRICAN MARKETS
South Africa’s rand weakened on Tuesday in a broad, developing world currencies retreat against a strong U.S. dollar, while stocks hit a fresh record high as rising commodity prices lifted assets in the resource-rich region.
Asian shares edged higher on Wednesday as investors shrugged off concerns that stocks may have rallied too far too fast in the past year, and focused instead on optimism that more imminent U.S. stimulus will energise the global economic recovery.
Wall Street ended lower on Tuesday, pulled down by Apple and Tesla, while materials stocks climbed as investors waited for the U.S. Congress to approve another stimulus package.
Gold prices fell on Wednesday for a sixth session in seven, as expectations that U.S. Treasury yields would move higher on further economic stimulus kept non-yielding bullion under pressure.
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Some of the main stories out in the South African press:
– Brian Molefe adamant that Ramaphosa’s ‘influence’ was used to seal dodgy coal deal
– Cashbuild’s profits double as homebound consumers take to DIY projects