The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Thursday.
– March new vehicle sales. 1200 GMT
– Absa purchasing manager’s index. 0900 GMT
– Half Year 2021 Ascendis Health Ltd Earnings Call.
SOUTH AFRICAN MARKETS
South Africa’s rand rallied to its best in a week on Wednesday, after data showed the trade surplus widened in February on increased export activity.
The benchmark FTSE/JSE all-share index .JALSH slipped by 1.2% to close at 66,485 points while the bluechip FTSE/JSE top-40 companies’ index .JTOPI ended down 1.15% to 60,881 points.
Stocks crept higher on Thursday following their weakest quarter in a year, while higher Treasury yields supported the dollar, as investors parsed the details of a $2 trillion U.S. government spending plan and hoped for strong jobs data later in the week.
The S&P 500 and Nasdaq rose on Wednesday, boosted by gains in technology shares, and the three major Wall Street indexes registered their fourth straight quarterly rise as investors positioned themselves for President Joe Biden’s massive infrastructure plan.
Gold bounced back on Thursday from a three-week low hit in the previous session, as the U.S. dollar and Treasury yields eased, while President Joe Biden’s $2 trillion-plus jobs plan further supported the metal’s appeal as a hedge against inflation.
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Some of the main stories out in the South African press:
– Novavax to be evaluated for SA use.
– Old constraints to stall SA’s recovery even as GDP rebounds in 2021, World Bank says.
– South Africa commits to reducing carbon emissions by 17% in 2025.
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