South African Markets - Factors to watch on Jan. 26

  • Reuters
  • Stock Market News
South African Markets - Factors to watch on Jan. 26
Credit: © Reuters.

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Tuesday.

POLITICAL EVENTS

- President Cyril Ramaphosa to address a virtual meeting of the World Economic Forum.

ECONOMIC EVENTS

- South Africa's Treasury to auction long-term bond notes.

SOUTH AFRICAN MARKETS

South Africa's rand weakened on Monday, giving back early gains in volatile trade with sentiment swinging against riskier currencies as the reality of a slow rollout of coronavirus vaccines dampened demand.

The Johannesburg Stock Exchange's Top-40 index .JTOPI reached an all-time high on Monday, driven in part by exchange heavyweight Naspers NPNJn.J and subsidiary Prosus PRXJn.J as well as retailer Woolworths (ASX: WOW ) WHLJ.J .

The Top-40 closed 0.89% higher at 59,409 points. The broader All-Share index .JALSH also closed up 0.89% at 64,560 points.

GLOBAL MARKETS

Asian stocks dipped on Tuesday, retreating from record highs as lingering concerns about potential roadblocks to the Biden administration's $1.9 trillion stimulus weighed on sentiment, dragging U.S. Treasury yields to three-weeks lows. 

WALL STREET

Major U.S. averages on Monday closed off their best levels of the day, although the S&P and Nasdaq still finished at record levels, as concerns over the timing and scope of fiscal stimulus dented optimism at the start of a week of earning reports from mega-cap companies. 

GOLD

Gold prices firmed on Tuesday as U.S. Treasury yields eased and the metal's appeal as an inflation hedge was boosted by expectations that a large U.S. stimulus would be passed eventually. 

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