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A bit of a rally

07 October 2004 Angelo Coppola

Nico Kelder, economist at the Efficient Group reports that locally the Bull Run continues to be spurred on by positive growth and sentiment, lower expected interest rates and a softer currency.

The currency weakened against the majors, depreciating more than a percent. South African bond yields closed higher, the R153 weaker by 2 points and the R157 gaining 1 point.

Commodities traded mixed as oil gained 1.67% to reach a new high of $48.17 a barrel, both platinum and gold closed flat. European markets closed flat ahead of today’s September non-farm payroll data in the US.

US markets ended in the red as the Dow Jones shed 115 points or -1.12% with the Nasdaq following, giving back 23 points or -1.14%. US retail sales figures and oil prices sent US shares lower as investors worry about consumer spending slowing with high energy prices.

In the East the Nikkei and the Hang Seng is currently trading lower by -0.39% and -0.97%% respectively. Locally we expect markets to correct somewhat despite a significantly weaker rand.

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