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A rampant rand

17 November 2004 Angelo Coppola

Gerbrand Smit, analyst at the Efficient Group, reports that almost all other stock on the local market closed in the black yesterday with no other significant gainers.

After comments by President Thabo Mbeki that there would be no intervention in the foreign exchange markets, the rand stampeded its way through the R6 level against the dollar with noteworthy gains against the pound (7 cents) and euro (13 cents).

Traders in the US are concerned about how the US might attract capital inflows with the deteriorating trade balance and budget deficit, which may result in a weaker dollar. Bullion reached an impressive $444.63/oz on the commodity market with oil increasing marginally (1.11%).

US stock surged in early afternoon trade yesterday after core inflation of 3.2% (y:y) was announced, with the Nasdaq index up by 1.01%.

European stock markets reached a 28 month high yesterday, with the recoil of oil prices assisting the airline industry. Currently the Asian stock market is mixed with the Nikkei down by 0.22%.

We expect that local equities should trade once again higher as the currency is expected to weaken slightly.

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