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A little red

27 June 2005 Angelo Coppola

One of the only performers Friday were South African investment firm, Real Africa Holdings (+5.2%) while iron ore producer, Kumba (-4.76%) explored the bottom of the bourse.

The rand moved slightly on the currency market – it gained 7 cents and 5 cents against the pound and dollar for the week respectively.

The Efficient Group says that global gold traders tend to be technicians rather than fundamentalists as investor sentiment is currently determining the gold price (-0.20%). High crude oil prices resulted in the US benchmark index plummeting by 3.10% for the week.

On the European front, the FTSE 100 (-0.69%) finished the week (less than 0.1%) on its sixth straight weekly gain. The Asian equity markets are currently down as exporters and energy-sensitive manufacturers are leading the way down.

Locally, a busy week lies ahead with consumer inflation due on Wednesday with the money supply on Thursday. Globally, the decision regarding interest rates in the US will get the most attention on Thursday.

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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