The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Wednesday.
– South Africa’s Chamber of Commerce publishes August business confidence index. 0930 GMT
– Growthpoint Properties Full Year 2019 Earnings Release.
SOUTH AFRICAN MARKETS
South Africa’s rand firmed on Tuesday, buoyed by improved investor appetite for riskier assets and comments from ratings agency Moody’s that the country is unlikely to suffer a credit downgrade to junk in the short term.
In equities, the Johannesburg All-Share .JALSH was down 0.34% to 55,336 points, while the benchmark Top-40 index .JTOPI fell 0.24% to 49,485 points.
Bond yields climbed and stock markets held steady on Wednesday, as hopes of easing U.S.-China tensions and diminished risk of a no-deal Brexit prompted traders to take profit before key central bank meetings.
The S&P 500 ended little changed on Tuesday, with a rally in energy and industrial shares countering a drop in the technology and real estate sectors as investors favoured value over growth.
Gold prices edged higher on Wednesday, snapping a four-day losing streak on technical buying, while investors awaited European Central Bank’s meeting where it is widely expected to cut interest rates.
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Some of the main stories out in the South African press:
– Public broadcaster SABC blames Ramaphosa glitch on staff sabotage.
– PetroSA gas reserves will run out by 2020.