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Days of thunder (29.6.04)

28 June 2004 Angelo Coppola

Nico Kelder, economist at the Efficient Group reports that the reason for the weaker market was the thundering currency. The rand trampled the majors and gained around 2%.

The dollar remained stable after the transfer of power in Iraq yesterday, perhaps suggesting that markets approved of the transfer.

Local bond yields remained stable but commodities weakened - gold declined by 0.32%, platinum by 1.7%, and oil dropped 3.6%!

European markets traded higher yesterday, while US markets traded slightly weaker. The Far East is in negative territory with the Hang Seng dropping 1.3% so far this morning.

We expect that the currency will continue to dominate the trading locally.

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QUESTION

The intention with lockdown was to delay or flatten the Covid-19 infection curve and give both the private and public healthcare sectors time to prepare for the inevitable onslaught. Did the strategy work?

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No, the true numbers are not reflected. Almost a quarter of South Africans may already have been infected with Covid-19
It’s too soon to tell. We will likely get a second wave with stringent lockdown regulations in place again
Yes, South Africa bought enough time to make a significant difference. We saved lives and have passed our peak. The worst is over
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