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SOUTH AFRICA DAYBOOK: Anglo American Earnings, Gold Strike
Anglo American Plc (AAL), the biggest investor in South African mining, releases first-half earnings at 8 a.m. Johannesburg time.
So-called underlying earnings are expected to be $2.63 a share, according to the median estimate of seven analysts surveyed by Bloomberg news.
A strike over pay by at least 130,000 workers at gold- mining companies including AngloGold Ashanti Ltd. (ANG), Gold Fields Ltd. (GFI) and Harmony Gold Mining Co. enters its second day. About 30,000 workers at South African coal mines owned by companies including Anglo and Xstrata Plc (XTA) are also on strike.
WHAT TO WATCH: * The South African Reserve Bank releases private sector credit data and M3 money supply for June at 8 a.m. Private sector credit probably grew at 5.3 percent, according to the median estimate of 16 analysts surveyed by Bloomberg while M3 likely advanced 6.35 percent, according to the median estimate of 14 analysts. * South Africa’s Cabinet holds a press conference in Pretoria after a three-day meeting to discuss its programs. The time is yet to be announced. * The Reserve Bank will sell 600 million rand ($89 million) of inflation-linked debt, called linkers, according to central-bank data on Bloomberg. The auction is at 11 a.m. in Pretoria, with the results announced about 30 minutes later, the Reserve Bank said. The bank will also sell 6.845 billion rand of Treasury bills of 91-day to 364-day maturities. * South Africa announces adjustments to motor fuel prices at about 1 p.m. * South African trade data for June will be announced at 2 p.m. The country will likely announce a surplus of 1 billion rand, according to the median estimate of 10 analysts surveyed by Bloomberg. * South Africa’s Treasury announces budget data for June at 2 p.m. The budget was probably 10 billion rand in surplus, according to the median estimate of 5 economists surveyed by Bloomberg. CONFERENCES: * The three-day Renewable Energy Africa Conference & Expo 2011 ends in Johannesburg. MARKETS: * The rand fell 0.6 percent to 6.7098 per dollar at 7:08 p.m. yesterday in Johannesburg. * The FTSE/JSE Africa All-Share Index declined 0.5 percent to 31,446.39 yesterday. * The yield on the 13.5 percent government bond due September 2015, known to traders as the R157, was unchanged at 7.34 percent late yesterday. EQUITY * Anglo American Platinum Ltd. (AMS SJ): The world’s largest producer of the metal raised its pay offer to the National Union of Mineworkers to 6 percent for higher-category workers and 7 percent for lower-category employees at talks yesterday. * Oando Plc (OAO SJ): The Nigerian oil producer reported a 23 percent increase in profit to $43.7 million for the six months to June 30. * Remgro Ltd. (REM SJ): The investment holding fund said earnings excluding one-time items were expected to be at least 20 percent higher in the 15 months through June compared with the 12 months through March 2010. The increase is mainly because of the extension of the reporting period by three months, it said in a trading statement. * Tongaat Hulett Ltd. (TON SJ), Witwatersrand Consolidated Gold Resources Ltd. (WGR SJ) and DRDGold Ltd. (DRD SJ) hold annual general meetings.
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