Views Article – Sharenet Wealth

Africa, Forex

South African Markets – Factors to watch on May 19

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

ECONOMIC EVENTS

– The South African Reserve Bank announces its interest rate decisions following a meeting of its monetary policy committee.

COMPANIES

– South African lender Investec Ltd announces its full-year results.

– Massmart sales update for the 19 week period ended May 8.

– Afrimat Ltd full-year results.

SOUTH AFRICAN MARKETS

The South African rand weakened against the dollar on Wednesday, after inflation held steady at the top of the central bank’s target range and retail sales numbers disappointed, a day before the central bank announces its interest-rate decision.

On the Johannesburg Stock Exchange (JSE), the All-Share index ended down 0.88% at 69,083 and the blue-chip index of top-40 companies I closed down 0.84% at 62,494 points, driven by a fall in resources companies.

GLOBAL MARKETS

Asian stocks tracked a steep Wall Street selloff on Thursday, as investors fretted over rising global inflation, China’s zero-COVID policy and the Ukraine war, while the safe-haven dollar held most of its strong overnight gains.

WALL STREET

Wall Street ended sharply lower on Wednesday, with Target losing around a quarter of its stock market value and highlighting worries about the U.S. economy after the retailer became the latest victim of surging prices.

GOLD

Gold prices were flat on Thursday, as a steady U.S. dollar and elevated Treasury yields weighed on greenback-priced bullion, with the metal’s outlook already dampened by an aggressive Federal Reserve stance on inflation.

EMERGING MARKETS

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


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