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Caution - heavyweights at work

07 June 2005 Angelo Coppola

According to the Efficient Group one of South Africa’s leading fashion retailers, Truworths (+5.10%) helped the retail index (+2.43%) to close just below the 20 000 level.

Building materials retailer, Cashbuild (+3.30%) sparked investors’ interest, it closed at R38.75.

There was a glimmer of hope on the currency market as the rand took 10 cents from each of the dollar and euro. Analysts believe that a gold price (-0.27%) more than 350 euros per ounce could trigger a rally in the gold market; the current price is 345 euros per ounce.

The oil price (-0.90%) closed lower yesterday even after a statistical agency in the US raised Chinese oil demand for 2006 from 500 000 barrels per day to 600 000 barrels per day.

On the US equity markets the Nasdaq (-0.41%) has lost almost 1% from the beginning of the month. Germany’s benchmark, the DAX (+1.53%) rose to a three year high after industrial production for April increased by over 1% (m:m).

Bargain hunting is currently the reason for the fine performance of the Nikkei 225 (+0.71%). The wholesale and retail trade data for March scheduled for later this morning should be the highlight of the day.

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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