South African Daybook: Central Bank’s Rate Unchanged, Strikes, SABMiller
By Jul 21, 2011-
South Africa’s central bank will keep its benchmark rate unchanged at a 30-year low of 5.5 percent, according to all 24 economists surveyed by Bloomberg.
WHAT TO WATCH: * South African coal miners may call a strike over pay after labor unions declared a dispute with the Chamber of Mines, which represents Anglo American Plc, Xstrata Plc and BHP Billiton Ltd. * Oil and chemical industry workers will continue a strike that started on July 11 to demand an increase in pay. * Parliament’s economic development committee holds a hearing from 9 a.m. on Wal-Mart Stores Inc.’s purchase of a controlling stake in Massmart Holdings Ltd. * South Africa’s Reserve Bank is scheduled to release an invitation for a weekly government Treasury-bill auction that will be held tomorrow. CONFERENCE: * African Mining Congress takes place in Johannesburg with speakers including Phillip Barton, the chief executive officer of De Beers South Africa. MARKETS: * The rand strengthened 0.9 percent to 6.8770 per dollar at 6:10 p.m. yesterday in Johannesburg. * The FTSE/JSE Africa All-Share Index declined 0.01 percent to 32,056.06 yesterday. * The yield on the 13.5 percent government bond due September 2015, known to traders as the R157, fell 9 basis points to 7.42 percent late yesterday. EQUITY MOVERS: * Afgri Ltd. (AFR SJ): The handler of about a third of South Africa’s grain said earnings per share for the year to June 30 will be between 35 percent and 45 percent lower, while profit, excluding one-time items, will decline by as much as 40 percent. * IFCA Technologies Ltd. (IFC SJ): The investment company with interests in software solutions and services holds its annual general meeting. * IQuad Group Ltd. (IQG SJ): The financial-services company holds its annual general meeting. * Hulamin Ltd. (HLM SJ): Africa’s largest aluminum processor holds its annual general meeting at 3 p.m. * Kumba Iron Ore Ltd. (KIO SJ): The unit of Anglo American Plc is expected to publish its first-half earnings at 8 a.m. The company said on July 7 that profit rose as much as 42 percent from a year earlier. * SABMiller (SAB SJ): The world’s second-biggest brewer hold its annual general meeting in London. * Vodacom Group Ltd. (VOD SJ): The largest provider of mobile- phone services to South Africans gives an update on its performance for the first quarter at 7 a.m.
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