Wednesday April 29, 07:49 AM
South African Markets - Factors to watch on April 29
JOHANNESBURG, April 29 (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 stocks dropped for a second day on Tuesday and Japanese shares hit a one-month low, with investors fretting about the potential economic fallout if the swine virus outbreak becomes a full-fledged pandemic and the results of U.S. bank stress tests.
Futures on the S&P 500 slid 1.5 percent and sparked further selling across Asia after the Wall Street Journal said that U.S. regulators were pushing Bank of America (NYSE: IKJ - news) and Citigroup (NYSE: C - news) to raise more capital after the initial results of the stress tests.
European stock futures were down between 1.4 percent and 1.8 percent before the start of trade.
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SOUTH AFRICAN MARKETS
Falling mining shares, hit by a sharp drop in metals prices, dragged South Africa's stock market down on Tuesday, but the rand powered ahead to a near seven-month high, extending a recent rally.
The Johannesburg Top-40 index of blue-chip stocks closed 2.27 percent lower at 18,179.22 points, while the All-share index dipped 1.91 percent to 20,281.12 points.
For Tuesday's South African financial markets closing report, double click on
ARCELORMITTAL SA
ArcelorMittal SA, the South African unit of the world's No. 1 steel maker, reported a first-quarter headline loss per share of 53 cents on Tuesday, and said it expected a marginal improvement in the second quarter.
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LONRHO
UK-based conglomerate Lonrho Plc (LSE: LONR.L - news) said on Tuesday it had been issued with an air services licence in Angola for its regional African airline.
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PIONEER FOODS
South Africa's Pioneer Foods Group expects headline earnings for the six months to end March to be between 13 and 19 percent higher, it said on Wednesday.
The firm, which produces Weetbix breakfast cereal and Liquifruit juices, will release its first-half results on May 25.
GOLD
Gold bounced on Wednesday but its failure to break above recent highs around $918 an ounce could still spur technical selling, with investors also unwinding positions ahead of a Federal Reserve meeting and U.S. GDP data.
The Fed is expected to leave interest rates unchanged, but markets will be looking for any extension of quantitative easing and for assessments for any early signs of a recovery in the United States.
Spot gold was quoted at $893.25 an ounce, up $2.15 from New York's notional close on Tuesday, when it posted its biggest daily percentage drop in almost two weeks.
For the latest precious metals report, double click on
WALL STREET
U.S. stocks fell on Tuesday as fresh worries that major banks may need to raise more money offset more reassuring economic data that suggested the worst may be over and a big dividend boost from IBM (NYSE: IBM - news) .
Worries also lingered over the economic impact from the threat of a flu pandemic, as New Zealand and Israel were the latest countries to confirm cases of a new strain of flu linked to dozens of deaths in Mexico. For details, see
For the New York stock market report, double click on
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
- Resources routed on JSE as swine flu wreaks havoc
- Big rise in company failures may spur interest rate cut
- Trevor Manuel's fate in balance in Jacob Zuma talks
BUSINESS REPORT
- Credit providers take on debt: new body launched as regulator says millions of consumers are in arrears
- UK's richest are also top losers
- Stronger rand puts local exports at risk
THE STAR
- Four die in bloody shootout: cops, passerby killed after robbers open fire outside car dealership
- Jacob Zuma lies low before big move
- It will now be a lot easier to get Confederations Cup tickets
(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/
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