Wednesday May 27, 07:42 AM
South African Markets - Factors to watch on May 27
JOHANNESBURG, May 27 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Wednesday.
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GLOBAL MARKETS
Asian shares rose on Wednesday to their highest level in more than seven months after a jump in U.S. consumer confidence reinforced expectations the global economy has hit a bottom, even if recovery appears fragile.
The safe-haven yen fell, while currencies seen as riskier bets, such as the Australian dollar, advanced. In another sign of improving investor confidence, crude prices pushed to a six-month high above $62 a barrel.
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SOUTH AFRICAN ECONOMY
South Africa plunged into its first recession in 17 years in the first three months of 2009, succumbing to the global crisis in its sharpest economic contraction in a quarter of a century.
Statistics South Africa said on Tuesday the economy -- Africa's biggest -- shrank by an annualised 6.4 percent in the first quarter compared with the previous three months, way beyond market expectations of around 3.9 percent and the previous quarter's 1.8 percent contraction.
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SOUTH AFRICAN MARKETS
South Africa's rand weakened against the dollar on Tuesday after data showed the economy had sunk into its first recession in 17 years, but later pared losses as U.S. markets firmed, while stocks edged up.
The JSE Top-40 index of blue-chip stocks inched 0.18 percent higher to 20,320.43 points, tipping into positive territory late in the day after Wall Street gained on data showing a rise in consumer confidence.
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MR PRICE GROUP LTD
South African fashion and homeware retailer Mr Price Group Ltd reported a 16 percent rise in full year diluted headline EPS on Wednesday, but said it expected trading conditions to be challenging.
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ILLOVO SUGAR
South Africa's Illovo Sugar Ltd posted a 23 percent rise in full year headline earnings per share on Wednesday and said it expected its cane and sugar production to exceed last season's levels.
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BHP BILLITON (LSE: BLT.L - news)
The head of BHP Billiton, the world's top miner, voiced doubts on Wednesday about the durability of recent strong Chinese demand for commodities and said the picture for global demand was unclear.
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S.AFRICA UNION - WAGE TALKS
South Africa's Solidarity labour union said on Tuesday it had rejected an offer for a 6.5 percent wage increase made by coal producers.
The union has demanded a 15 percent pay hike for mineworkers, but the coal firms, represented in the negotiations by the Chamber of Mines, say they are unable to offer more due to the tight global economic conditions.
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GOLD
Gold inched down on Wednesday to slip below $950 as firm stock markets continued to dull some of bullion's sheen, although traders kept a cautious eye on the fate of General Motors Corp (NYSE: GM - news) , for its impact on equities.
Bullion was trading largely within Wednesday's ranges, when a stronger dollar and a rally on Wall Street -- which both benefited from a jump in U.S. consumer confidence -- spurred selling of gold.
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WALL STREET
U.S. stocks climbed more than 2 percent on Tuesday as data showing the biggest monthly jump in consumer confidence in six years lifted hopes of an economic rebound, and a brokerage upgrade of Apple Inc (NASDAQ: AAPL - news) drove sharp gains on the Nasdaq (NASDAQ: news) .
Apple's shares closed nearly 7 percent higher after Morgan Stanley (NYSE: MS - news) said the iPhone will drive strong earnings growth over the next two years and raised its price target on the stock. For details, see
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EMERGING MARKETS
For the top emerging markets news, double click on
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Some of the main stories out of the South African press:
BUSINESS DAY
- 'Zero growth' is best South Africa can expect this year -Treasury
- Mighty U.S. consumer shot in the arm for markets
- Court overturns minister's land grab
- Former Limpopo province premier Ngoako Ramatlhodi among new recruits for Judicial Service Commission
BUSINESS REPORT
- Recesssion is worse than expected: South Africa's economy shrivels at fastest rate in 25 years
- Treasury sees further slide in economy
THE STAR
- Cartoonist Zapiro is zapped again: 'SABC trying to curry favour with ANC leadership'
- Treasury not panicking over recession
- S.Africa President Jacob Zuma's women all first ladies
(Reporting by Serena Chaudhry) (For full Reuters Africa coverage and to have your say on the top issues, visit: http://af.reuters.com) Keywords: MARKETS SAFRICA FACTORS/ Keywords: MARKETS SAFRICA FACTORS/
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