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SA Today: Key events to watch, Apr 29
— Stats SA releases March PPI.
— ArcelorMittal releases Q1 2010 results.
— MTN releases March quarter subscriber numbers.
— Sappi holds AGM.
WHAT TO WATCH FOR:
After yesterday’s sharp 2.7% decline, local stocks will be hoping for a reprieve today and they might just get that, after the Dow climbed 53.28 points, or 0.48%, to 11045.27.
Dow Jones Newswires reported that Asian stock markets are trading mixed Thursday, with banking and metals stocks hurting the Australian market while strong earnings boosted some technology firms in Taiwan.
Overall sentiment was weighed by concerns of a spread of sovereign debt risk in Europe.
Though Wall Street stocks gained ground, helped in part by the Federal Reserve’s decision to keep its federal funds rate near zero and maintain its language of low rates for an “extended period,” sentiment was hurt by Standard & Poor’s downgrade of Spain’s sovereign ratings Wednesday.
“Equity markets now seem to be reacting more to bad news than good news, because of fears that the Greek sovereign debt has contagion potential,” said BBY senior institutional trader Peter Copeland. “We are not really going to know whether the contagion fears are justified until after the event.”
“The size of (the) U.S. markets’ bounce overnight was too small compared with the big falls in the previous day, which will likely keep investors cautious today,” said Lee Kyung-soo at Taurus Investment & Securities in Seoul.
Australia’s S&P/ASX 200 was down 0.5%, South Korea’s Kospi Composite was 0.4% lower, China’s Shanghai Composite gained 0.2%, Hong Kong’s Hang Seng Index was flat and India’s Sensex was up 0.3%. Japanese markets were shut for a public holiday.
Attention on the data front today falls on the producer price index (PPI).
South Africa’s producer price index (PPI) is expected to have reached 3.9% year-on-year (y/y) in March from the 3.5% y/y seen in February, a survey by I-Net Bridge has found.
Forecasts among the eight leading economists surveyed ranged from 3.5% y/y to 4.2% y/y.
This comes after PPI dropped -0.1% in 2009 from the 14.2% of 2008 and after seven months of contraction before December’s +0.7% reading.
According to one of the economists in the survey the rand’s drop of 25.6% y/y against the dollar in March will help offset the 7.1% month-on-month increase in the oil price. One problem, though, is that oil prices are up nearly 70% relative to a year ago. This will push the petroleum and oil-derived products in the PPI reading.
PPI will be released by Stats SA at 11:30 on Thursday.
On Friday morning the South African Reserve Bank will release March M3 and private sector credit extension (PSCE) and this will be followed .by March trade data at 14:30.
It’s a quiet week on the corporate earnings front with ArcelorMittal reporting it first quarter results on Thursday, the main feature.
ON THE HORIZON:
Apr 30: Weekly treasury bill auction.
Apr 30: Customs & Excise releases March trade data.
Apr 30: SARB releases March M3 and PSCE data.
Apr 30: Treasury releases statement of national revenue, expenditure and borrowing for March.
May 1: No events scheduled.
May 2: No events scheduled.
May 3: Kagiso releases May PMI.
May 3: Altron releases annual results.
May 3: Absa releases quarterly housing market overview.
May 4: Weekly government bond auction.
May 5: Xstrata plc holds AGM.
May 6: Crop Estimates Committee releases Winter: finalisation of 2009 crop.
May 6: Stats SA releases March electricity generated stats.
May 6: Sovereign Foods releases annual results (approx date).
May 6: Mondi holds AGM.
May 6: Bell Equipment holds AGM.
May 6: Municipal Infrastructure Summit until May 7.
May 6: Randgold Resources releases Q1 results.
FURTHER AHEAD
May 7: SARB releases April gold and forex reserves data.
May 7: Weekly treasury bill auction.
May 7: AngloGold Ashanti holds AGM and releases Q1 2010 results.
May 7: Gold Fields releases Q3 2010 results and guidance for Q4 2010.
May 7: Sappi releases Q2 results.
May 8: No events scheduled.
May 9: No events scheduled.
May 10: Barloworld releases interim results.
May 10: Harmony releases March quarter results.
May 10: Astrapak releases annual results.
May 10: Verimark releases annual results (approx date).
May 10: Great Basin Gold releases Q1 results.
May 10: Econometrix quarterly economic presentation.
May 11: Weekly government bond auction.
May 11: Famous Brands releases annual results.
May 11: Taste Holdings releases annual results.
May 11: PPC releases interim results.
May 12: Stats SA releases March manufacturing production.
May 12: Start of two day Monetary Policy Committee meeting.
May 12: Spar group releases interim results (approx date).
May 12: Dimension Data plc releases interim results.
May 13: Final day of SARB MPC meeting. Rates decision due at around 15:00.
May 13: Liberty Holdings holds AGM.
May 13: Datatec releases annual results.
May 13: Old Mutual holds AGM.
May 13: Afrimat releases annual results.
May 14: Weekly treasury bill auction.
May 15: No events scheduled.
May 16: No events scheduled.
May 17: Vodacom releases annual results.
May 17: JD Group releases interim results.
May 17: Astral Foods releases interim results.
May 17: Kelly Group releases interim results.
May 18: Weekly government bond auction.
May 19: Stats SA releases March retail sales data.
May 19: Stats SA releases March building stats.
May 19: Lewis Group releases annual results.
May 20: Stats SA releases March civil cases for debt.
May 20: SARB releases Monetary Policy Review.
May 20: Crop Estimates Committee releases Summer: fourth production forecast.
May 20: Investec releases annual results.
May 21: Exxaro holds AGM.
May 21: Weekly treasury bill auction.
May 22: No events scheduled.
May 23: No events scheduled.
May 24: Stats SA releases April liquidations and insolvencies.
May 24: Pioneer Food group releases interim results (approx date).
May 25: Weekly government bond auction.
May 26: Stats SA releases Q1 201 GDP.
May 26: Rio Tinto holds AGM.
May 27: Stats SA releases April CPI.
May 27: Foschini releases annual results.
May 27: Mercantile Bank holds AGM.
May 27: Richemont releases annual results
May 28: Stats SA releases April PPI.
May 28: Weekly treasury bill auction.
May 29: No events scheduled.
May 30: No events scheduled.
May 31: Customs & Excise releases April trade data.
May 31: SARB releases April M3 and PSCE data.
May 31: Treasury releases statement of national revenue, expenditure and borrowing for April.
May 31: Tongaat-Hulett releases 15-mo results.
May 31: Cadiz Holdings releases annual results.
I-Net Bridge, Tel: +27-11-280-0644, newsdesk@inet.co.za
Copyright 2010 I-Net Bridge. All rights reserved.
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