July 20 (Reuters) – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Tuesday.
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Asian stocks rose on Tuesday, looking past weak revenue growth at top U.S. firms and weak U.S. economic data, as shares of resource firms and banks clawed back some of their recent losses. [MKTS/GLOB]
Gold regained strength on Tuesday as jewellery makers resurfaced after the price dropped to its weakest in nearly two months, while investors looked to movements in other markets for further cues. [GOL/]
AQUARIUS PLATINUM (AQPJ.J)
The company was reassured it will have some flexibility on how to improve safety at its mines, following a meeting with South African regulators, it said on Tuesday, a day after its shares were hammered in Australia and London. [ID:nSGE66I0KZ]
KUMBA IRON ORE (KIOJ.J)/ARCELORMITTAL (ACLJ.J)
South Africa’s government said Kumba Iron Ore (KIOJ.J) and ArcelorMittal (ACLJ.J) were committed to reaching an agreement regarding their dispute over the price of iron ore. [ID:LDE66I1YV]
A 44-week streak of inflows to funds investing in emerging and frontier equities in Africa has ended while inflows to South Africa have risen, fund tracker EPFR Global said. [ID:nLDE66J02W]
The SARB monetary policy committee starts 2-1/2 day meeting on interest rates on Tuesday.
South Africa will issue 1.5 billion rand of its 2017 bond ZAR203= and 600 million rand of its 2021 bond ZAR208= at its weekly debt auction.
South African Grain Information Service (SAGIS) releases data on weekly maize imports and exports.
Nigeria’s president on Monday signed into law legislation creating an asset management company to soak up bad bank loans and revive private sector lending in sub-Saharan Africa’s second biggest economy. [ID:nLDE66I1OV]
South African residents have attacked migrants from African countries in a Johannesburg township, injuring at least five people hurt and increasing concerns of a wave of xenophobia after the soccer World Cup. [ID:nLDE66J024]
PINNACLE TECHNOLOGY (PNCJ.J)
The IT company said it would pay 170.9 million rand to buy Axiz Technology. [ID:nWEA0116]
SOUTH AFRICAN MARKETS
The South African rand weakened against the dollar on Monday after Finance Minister Pravin Gordhan said the government would allow central bank intervention in the foreign exchange market, while miners and banks dragged stocks lower. [ID:nLDE66I1UL]
U.S. stocks rose on Monday, spurred by optimism ahead of earnings from key technology companies and after Dow component Boeing announced strong orders.
But shares of IBM fell nearly 4 percent after the closing bell after its revenues missed expectations, and Texas Instruments slumped 6 percent as its revenue failed to impress. [.N]
For the top emerging markets news, double click on [nTOPEMRG]
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Some of the main stories out of the South African press:
- OECD warns SA on strong rand threat to economy
- Battle to lure diners after Cup binge
- Tough half-year will be seen in bank results
- Famous Brands (FBRJ.J) outscores McDonald’s in Cup month
- Hudaco (HDCJ.J) poised for acquisition splurge (Reporting by David Dolan)