The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Monday.
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- Kagiso Securities releases June Purchasing Managers’ Index. 0900 GMT
- Five miners died from smoke inhalation at a Gold Fields KDC West mine on Saturday as they worked underground, the company said on Sunday. It said the entire mine had been closed until further notice.
South African stocks ended the week higher on Friday as investors, encouraged by a European Union agreement to stem the region’s debt crisis, ventured back into emerging equities and currencies.
South Africa’s rand jumped as much as 2.7 percent against the dollar on Friday, recording it’s biggest daily gain since late November 2011 as renewed optimism about a solution to Europe’s debt problems fired up risk appetite.
Asian shares rose on Monday with sentiment brightening at the start of the third quarter after Europe leaders agreed to shore up the region’s troubled banks, but the euro gave up some of its gains amid concerns that the debt crisis is still far from over.
U.S. stocks surged on Friday to close out a sour quarter on a high note as investors cheered an agreement by European leaders to stabilize the region’s banks, a pact that helped remove some of the uncertainty that has plagued markets.
Gold prices edged down on Monday, taking a breather after a 3-percent rally in the previous session, as the initial euphoria over a euro zone deal to help its debt-laden members gave way to caution over its effectiveness.
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Some of the main stories out in the South African press:
- Concern at ANC plan to limit sales of platinum
- ANC’s mine tax policy unclear (Compiled by Olivia Kumwenda)