CPI awaited

The JSE Securities Exchange (-0.10%) closed marginally softer yesterday despite the gold mining index plummeting by 2.16%.

Gerbrand Smit, analyst at the Efficient Group says Anglo Ashanti (2.98%) tumbled ahead of tomorrow’s 2004 financial results while the insurer Mutual and Federal (5.96%) soared after good earnings were forecasted for the last six months.

December’s consumer inflation data will be released today and this will surely give an indication where short-term interest rates may go. The rand closed 4 cents weaker against the dollar and gained same against the euro.

The movement of gold (-1.21%) was overshadowed by the intense surge in oil (+2.06%) prices as output levels are gradually being reduced. Wall Street closed 0.62% up on average for the day with rising investor sentiment sending stocks rising.

European equity markets were jolly, even the CAC 40 (+0.87%) was upbeat after a budget deficit of 4.6% of GDP was announced yesterday. For a change the Nikkei 225 (+0.78%) and Hang Seng (+0.21%) are running hand in hand in the positive.

Equities will hover , looking for direction until the release of the CPI data.