A clutch of South African companies due to report results hurt by a strong local currency - including key players such as Anglo American Platinum and steel producer Iscor- will dominate the stock market next week.
A group of gold producing companies and platinum producer Implats reported rand-hit profits this week and heralded more to come, analysts said.
Investors will also keep a close watch on the 2004/2005 budget, due on Wednesday, which may give retail shares a boost if it surprises with substantial tax cuts.
Details on the public works programme and infrastructure spending promised by the government, will also be eyed, as South Africa seeks to boost economic growth and create jobs in an election year - potentially benefiting construction companies.
South Africa, which has an unemployment rate of about 30 percent in a population of 45 million people, goes to the polls on April 14.
Next week will reveal more pain from South African exporters whose profits have been hammered by last year's 28 percent appreciation in the rand against the dollar.
On Monday, the world's biggest platinum producer Anglo American Platinum is expected to suffer a heavy drop in profits due to the buoyant rand when it releases annual results.
The firm, majority owned by mining giant Anglo American Plc, is expected to post a 64 percent fall in earnings per share to 9.63 rand, according to seven analysts surveyed by Reuters. Headline earnings exclude capital items and their tax effects.
Profits at mining firms such as Angloplats have been savaged by the strong rand as export earnings in dollars shrink when converted into the local currency.
A subsidiary of Bidvest Group, London-listed logistics firm Bidcorp Plc, will also report its interim results on Monday. So will tourism firm Tourvest, which warned in October that its first-half earnings to December 2003 were expected to be more than 30 percent lower.
Supermarket chain Shoprite follows with results on Tuesday. It said last week it expected first-half earnings up 10 to 30 percent, but did not give reasons for the increase.
Iscor, South Africa's biggest steel maker, is due to post profits on Wednesday, but analysts said they would mainly be watching for word on efforts by major shareholder LNM Holdings to raise its stake to a controlling level.
Iscor is expected to report a 75 percent drop in interim results, hurt by a strong rand and a once-off payment to LNM.
LNM, the world's second biggest steel maker, has asked competition authorities for permission to raise its stake in Iscor from the current level just below 50 percent.
The world's biggest diversified miner BHP Billiton and iron ore producer Kumba are both expected to announce earnings losses due to stronger currencies on Thursday.
The rand, which often drives the equities market, was stronger on Friday afternoon, trading at 6.55 against the dollar, its best level since January 8, according to Reuters data.
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