South African Markets - Factors to watch on Sept.1

  • Reuters
  • Stock Market News
South African Markets - Factors to watch on Sept.1
Credit: © Reuters.

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

ECONOMIC EVENTS

August new vehicle sales data at 1200 GMT

COMPANIES

- South Africa's insurer Old Mutual (LON: OMU ) ( OMUJ.J ) on Tuesday scrapped its interim dividend, replaced targets and warned of a full-year profit drop after posting a basic loss per share of 128.5 cents ($0.0764) in the six months to June 30. South African mobile operator MTN Group Ltd ( MTNJ.J ) said on Tuesday it has appointed Sugentharan Perumal as acting group chief financial officer (CFO) to succeed Ralph Mupita who took over as president and chief executive from Sept. 1.

AFRICAN MARKETS

South Africa's rand fell on Monday, giving back some of the big gains it made late last week as the dollar weakened, as sentiment was hit by speculation that infighting within the ruling African National Congress would prompt cabinet changes.

GLOBAL MARKETS

Asian stocks edged higher on Tuesday after strong readings on China's vast manufacturing sector offset the weak lead from a softer Wall Street session.

WALL STREET

While the S&P boasted its steepest August percentage gain in more than three decades it ended Monday slightly lower and the Dow also lost ground as investors took a pause although the Nasdaq closed higher thanks to high-flying stocks including Apple Inc ( AAPL.O ).

GOLD XAU=

Gold prices rose on Tuesday to their highest level in nearly two weeks, as the dollar slipped to multi-year lows on bets that U.S. interest rates would stay lower for a longer period after the Federal Reserve's new policy framework.

Some of the main stories out in the South African press:

BUSINESS DAY

- RCL Food's share leaps as it sticks with dividend and considers acquisitions

- Spur (JO: SURJ ) COO Mark Farrelly resigns after talks over CEO role

BUSINESS REPORT

- Record year for Northam despite stoppages

- Data breach costs SA companies R36.4m average in 2020

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