Views Article – Sharenet Wealth

Africa, Forex

South African Markets – Factors to watch on Nov 29

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


– South Africa’s Health Minister Joe Phaahla, together with a panel of scientists, will on Monday hold a media briefing on the new COVID-19 variant, which has caused alarm around the world.


– South Africa’s central bank to publish October money supply data at 0600 GMT.


The South African rand sank to its lowest since October 2020 on Friday, government bond yields briefly hit 10% and stocks shed more than 2% after the discovery in the country of a COVID-19 variant described as the most concerning yet sent investors scrambling for safety.


U.S. stock futures led a market rebound on Monday as investors prepared to wait a few weeks to see if the Omicron coronavirus variant would really derail economic recoveries and the tightening plans of some central banks.


U.S. stocks closed lower on Friday, with the Dow .DJI and S&P 500 .SPX suffering their biggest one-day percentage drops in months, and pandemic-hit sectors that had gained from a reopening falling sharply after a new coronavirus mutation was found.


Gold prices edged higher on Monday, as concerns over the impact of the possibly vaccine-resistant Omicron coronavirus variant supported the precious metal’s safe-haven appeal.


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(Compiled by Olivia Kumwenda-Mtambo)

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