Views Article – Sharenet Wealth

Africa, Forex

South African Markets – Factors to watch on May 3

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

ECONOMIC EVENTS

– South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) for April at 0900 GMT.

– New vehicle sales data for April to be released.

COMPANIES

– A South African court will on Monday begin hearing arguments by the mining industry over its application to change clauses related to past black ownership transactions set out in government’s 2018 mining charter.

– Italtile Ltd says CEO Jan Potgieter will be retiring with effect from Dec 31.

SOUTH AFRICAN MARKETS

South Africa’s rand eased on Friday as weaker-than-expected Chinese factory indicators and firmer economic growth in the United States put demand for riskier currencies under pressure.

The benchmark all-share index closed down 0.68% at 66,937 points and the blue-chip index of top 40 companies lost 0.67% to 61,096 points.

GLOBAL MARKETS

Asian share markets got off to a slow start on Monday as holidays in China and Japan crimped volumes and investors awaited a raft of data this week which should show the U.S. leading a global economic recovery.

WALL STREET

Wall Street ended lower on Friday, with Amazon, Apple, Alphabet and other tech-related companies weighing on the S&P 500 and Nasdaq despite recent strong quarterly earnings reports.

GOLD

Gold prices rose on Monday as a retreat in U.S. Treasury yields and worries over surging COVID-19 cases in some countries boosted the metal’s appeal, while palladium held firm after surpassing the $3,000-per-ounce level in the previous session.

EMERGING MARKETS

For the top emerging markets news, double click on (Compiled by Olivia Kumwenda-Mtambo)


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