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Getting softer

24 August 2004 Angelo Coppola

(25.8.04) Locally markets closed lower mainly from resources losing steam, shedding 3.06%.

Nico Kelder, economist at the Efficient Group, reports that the All Share shed more than 1%. The currency traded weaker against all the majors. South African bond yields closed flat yesterday awaiting July’s inflation numbers later today.

Commodities traded mixed. Oil shedding 1.65%, gold falling 1.35% and platinum up - trading at $843.50. Europeans goes into holiday mode and markets closed flat in very thin trade yesterday.

In the US the Dow Jones closed higher while NASDAQ ended flat. International markets should start to find some direction as oil prices fell below $46 (R307.74); the third day of declines. Hang Seng and the Nikkei are currently trading both higher by 1.06% and 1.32% respectively.

After the release of the inflation data later this morning, South African bonds and the currency may be set on a firmer trend. Until the release of the inflation data the local markets should be very quiet.

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