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Anyone out there?

17 June 2005 Angelo Coppola

A futures closeout was interrupted (3pm) by a bad Telkom (closing unchanged for the day) line feed on Wednesday just as trading increased in the underlying stocks.

Trading resumed at 5pm with closing at 8pm, indeed a long day for traders, the bourse (-0.10%) bordered in the red.

South African gold miner, DRDGold (-6.67%) had a horrific Wednesday as a class action lawsuit was filed against them in the US – the complaint alleges that DRDGold and certain of its officers and directors violated federal security laws.

Retail based trading company Edcon (+1.46%), seems to be doing things right as investors are applauding the acquisition of clothing chain Topics, and also the recent transformation plan.

The rand fought a hard battle as it gained 24 cents and 19 cents against the pound and dollar respectively during the last two days. The gold price (+1.99%) and oil price (+1.39%) appears to be moving in tandem the last 48 hours.

The information below on the international equity markets are the result of the last two days trading. The US equity markets blossomed yesterday as the Nasdaq and Dow Jones gained 14 points and 12 points respectively.

The FTSE 100 increased by 26 points on Thursday – the first gain in three days. The Asian markets are currently looking strong with the Hang Seng 58 points in the black. Traders won’t be too active today as the odds of winning tomorrow’s rugby test against the French will be calculated.

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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