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A good day

27 October 2004 Angelo Coppola

Nico Kelder reports that the rand gained more than 1.5% against the majors.

Nearly all the sectors closed in the black, the rand hedges and resources were the exceptions. South African bond yields followed the currency better, gaining 5 points.

The good local performance was largely a result of the better than expected inflation data. European markets closed up more than 1 percent up yesterday when crude oil prices eased to below $50.

This reduced fears that energy costs would hurt economic growth and corporate earnings.

The US markets also closed higher gaining more than a percent to close above the 10 000 level yesterday.

A combination of better than expected earnings reported from Boeing and Procter & Gamble and improved US oil inventories supported their market.

In the East the Hang Seng and Nikkei are currently trading higher by 2.20% and 1.84% respectively. Locally we expect markets to have a great day.

Quick Polls

QUESTION

As National Treasury mulls a two-bucket retirement system, mandatory contributions and preservation, regulation 28 is being amended to allow up to 40% of retirement fund assets to be invested in SA-based infrastructure… Which of the following retirement fund ‘tweaks’ would you consider most beneficial to your clients?

ANSWER

Give fund members emergency access to retirement savings
Let fund members invest 40% in infrastructure
Let fund members invest 40% offshore
Mandatory preservation when resigning from a fund
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