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A little unhealthy?

01 June 2005 Angelo Coppola

The Efficient Group says that Harmony (+7.44%) took the biggest advantage of the softer rand. South Africa’s leading supplier of cement and lime, PPC (-3.19%) had a slight hick-up during trading.

All is not well for our dear currency; the rand has lost 126 cents and 83 cents against the dollar and euro respectively since the beginning of the year.

With the gold price (-0.83%) moving these days as it is, traders would find a recent article by resourceinvestor.com interesting. It is entitled “is the gold price rigged or manipulated”.

Opec president, Sheikh Ahmad al-Fahd al-Sabah said yesterday that he expected the cartel to maintain its current oil (+5.74%) output level into the third quarter of 2005.

Wall Street edged higher after a manufacturing report eased investor’s inflation and interest rates fears. US equity markets were 0.87% up on average. In Europe, the DAX (+1.49%) bounced 67 points higher, to a three year high, ignoring the weak May PMI report.

Japanese equity markets are currently looking strong after a report was released showing that unemployment is currently at its lowest level in six years. The movements of the currency will dominate the trading strategies of local traders today.

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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