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A rally

23 August 2004 Angelo Coppola

(24.8.04) The All Share gained more than 2% and closed at a new 4 month high of 11166. The currency traded mixed, weaker against the dollar and sterling but stronger against the euro.

South African bond yields closed higher and are currently close to the levels before the rate cut.

Commodities traded lower with oil shedding 1.17%, gold falling 1.01% and platinum lower, trading at $838.00. European markets closed in the black with the FTSE gaining 0.83%, DAX higher 1.60% and CAC closing 1.46% higher.

US markets closed in the red yesterday; Wal-Mart’s announcement of disappointing sales forecast was one of the reasons. The Hang Seng and the Nikkei are currently trading flat.

We expect local and world markets to continue to trade higher today, local bonds should have a quiet day ahead of the inflation data scheduled for tomorrow.

Quick Polls

QUESTION

Do you believe this is the toughest period for financial advice in many years?

ANSWER

Yes, it’s hard to navigate the challenges and difficult to adapt. I’m struggling.
No, I have managed to navigate the challenges and have adapted. I’m good.
50/50. I just feel like whether we like it or not, we have to ready ourselves for change… be resilient and scale for the future. It’s not about survival of the fittest anymore but survival of the quickest. We just have to move on with life.
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