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A little rally

19 September 2004 Angelo Coppola

Local markets rallied higher on Friday after the future close-out of Thursday.

Nico Kelder, economist at the Efficient Group reports that the All Share gained 0.88% driven by resources and banks which were up by 1.68% and 1.14% respectively.

The rand traded stronger against the majors. South African bond yields followed the currency and the R153 closed 11 points stronger while the R157 closed 14 points stronger.

Commodities traded higher, oil surging 4.17%, platinum flat and gold marginally higher by 0.19%. European markets closed in the black with the FTSE gaining 0.76%, DAX 0.62% higher and the CAC closing 0.94% higher.

This was related to renewed buying interest in oil stocks while mining stocks were purchased on the back of further expected iron ore price increases. The US markets closed in the black on Friday and look prepared for the expected Fed hike of 25 basis points to 1.75% tomorrow.

In the East the Nikkei is closed for a public holiday and the Hang Seng is currently trading marginally lower. Locally we expect a quiet but positive day.

Quick Polls

QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

ANSWER

Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
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