South Africa Daybook: Patel Growth Plan, Absa Profit, Road-Freight Strike
By Feb 15, 2011-
WHAT TO WATCH: * A strike by South African truck drivers over a pay dispute continues, according to the South African Press Association. * Transport Minister S’bu Ndebele briefs reporters on the government’s infrastructure development plans at 9 a.m. in Cape Town. * Education Minister Angie Motshekga holds a press briefing on the government’s plans to improve the education system at 11 a.m. in Cape Town. * The South African Reserve Bank releases results of a weekly government bond auction at about 11 a.m. in Johannesburg. * South African Grain Information Services releases weekly imports and exports of corn and wheat on its website at 12 p.m. Johannesburg time. MARKETS: * The rand strengthened 0.4 percent against the dollar to 7.2763 by 7:30 a.m. Johannesburg time. * The FTSE/JSE Africa All-Share Index advanced 0.4 percent to close at 33,094.06 yesterday. * The yield on the benchmark government R157 bond increased 14 basis points to last trade at 7.98 percent. * Gold for immediate delivery rose 0.3 percent to $1,365.25 an ounce by 7:30 a.m. Johannesburg time. Spot platinum climbed 0.5 percent to $1,838.10 an ounce. * The Dow Jones Industrial Average declined 0.04 percent. * The Stoxx Europe 600 Index added 0.4 percent. EQUITY MOVERS: * Absa Group Ltd. (ASA SJ): South Africa’s largest retail bank may post full-year adjusted earnings a share of 11.13 rand, according to the median estimate of 10 analysts surveyed by Bloomberg News, compared with 10.72 rand a year earlier. * Comair Ltd., the carrier partly owned by British Airways Plc, is scheduled to post its results for the six months to Dec. 31. * Tiger Brands Ltd., South Africa’s largest food company, holds its annual meeting of shareholders in Johannesburg.
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