African markets

South African Markets – Factors to Watch for November 30

The following scheduled economic events, company announcements, stock market and currency movements could affect South African markets on Tuesday.

ECONOMIC EVENTS

– South Africa’s central bank will release October money supply data at 0600 GMT.

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– Statistics South Africa releases third quarter unemployment figures at 09:30 GMT.

– The revenue agency will release October trade data at 1200 GMT.

COMPANIES

– Nampak Ltd (NPKJ.J) issues trading statement.

– Vukile Property Fund Ltd (VKEJ.J) publishes its half-year results.

SOUTH AFRICAN MARKETS

The South African rand strengthened on Monday, recovering from last week’s drop to its lowest since October 2020 amid concerns over the discovery of a variant of COVID-19 in the country that has been described as most worrying.

Stock markets also rallied, after hospitality stocks fell sharply on news a host of countries would ban travel from southern Africa, raising hopes of a bumper season for an already severely affected tourism industry by the pandemic.

WORLD MARKETS

Asian stock markets were trading in positive territory on Tuesday as investors became cautiously optimistic that the new Omicron variant may not cause widespread global economic disruption to worsen the coronavirus pandemic.

WALL STREET

Wall Street shares closed higher on Monday, regaining some of the ground lost in Friday’s sale as investors hoped the Omicron coronavirus variant would not lead to lockdowns after being reassured by US President Joe Biden .

GOLD

Gold prices edged up on Tuesday, drawing some support from a weak dollar as investors assessed the severity of the impact of the Omicron coronavirus variant on the global economy.

EMERGING MARKETS

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Compiled by Olivia Kumwenda-Mtambo

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