The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Tuesday.
- No major releases.
- Half Year 2019 Absa Group Earnings.
- Steinhoff presents 2017, 2018 annual reports to investors.
South Africa’s rand weakened on Monday, stretching losses to a new 11-month low as political uncertainty and a bleak economic outlook was worsened by uncertainty over the chances of a resolution to the trade standoff between Beijing and Washington.
Stocks ended a touch weaker, with the Johannesburg Stock Exchange (JSE) Top-40 index .JTOPI down 0.21% while the broader All-Share index .JALSH was 0.29% lower, dragged down by global recession fears linked to the U.S.-China trade spat.
Asian shares slumped on Tuesday as fears about a drawn out Sino-U.S. trade war, protests in Hong Kong and a crash in Argentina’s peso currency drove investors to safe harbours like bonds, gold, and the Japanese yen.
U.S. stocks dropped in a broad sell-off on Monday as simmering geopolitical tensions spooked equity investors and drove a bond market rally while the protracted U.S.-China trade war stoked fears of impending recession.
Gold prices scaled their highest in more than six years on Tuesday, as concerns around protests in Hong Kong and an Argentine currency crash amid fears of global economic slowdown, prompted investors to move away from riskier assets.
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Some of the main stories out in the South African press:
- Government’s National Health Insurance (NHI) plan drags Discovery shares to 5-year low.
- Public Investment Corporation’s 4.3 billion rand ($282 million) investment in Ayo Technology was above board - ex chief executive. ($1 = 15.2603 rand)