South African Markets

JOHANNESBURG, Aug 28 (Reuters) – The following company announcement, equity and currency market moves may affect South African markets on Wednesday.

COMPANIES

S.Africa’s Bidcorp annual profit jumps 15.5%

The South African rand was broadly steady on Tuesday, ahead of several local data releases later this week.

On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.5% higher.

GLOBAL MARKETS

Global stocks were poised near record highs on Wednesday, with the next move riding on results at chipmaking market darling Nvidia, while sterling hovered near a 2-1/2-year high as traders bet that Britain will lag the U.S. in cutting interest rates.

WALL STREET

The S&P 500 ended higher on Tuesday and the Dow Jones notched a record-high close ahead of a much-anticipated quarterly report from Nvidia on Wednesday and economic data expected later in the week that could give clues about the path of interest rate cuts.

GOLD

Gold prices slipped on Wednesday as the dollar ticked up, while investors awaited a key U.S. inflation report due this week for more clarity on the size of a likely September rate cut.

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Some of the main stories out in the South African press:

BUSINESS DAY

– Transnet to rework private sector participation

– BHP says it can grow just fine without Anglo, thanks

FIN 24

– Naspers appeals for a ‘proactive’ approach in stoking an SA digital boom

(Compiled by Bhargav Acharya)

COMPANIES