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Deep underground…

14 June 2005 Angelo Coppola

The JSE (+1.38%) finished almost 200 points higher yesterday as heavyweight stocks were the main drivers of the bourse.

South African miner, Harmony (+8.59%) and investment firm, Real Africa Holdings (+7.95%) were the most preferred stock amongst investors.

On the currency market the rand finished flat against the dollar, while the pound and euro lost 9 cents and 8 cents respectively.

The normal inverse relationship between the dollar and gold price seems to have been broken as the dollar is strengthening in recent times and the gold price (+1.18%) has been rising. The oil price is still trading near the $55 per barrel level.

The Dow Jones (+0.59%) was the biggest gainer on Wall Street with the Nasdaq (-0.12%) swinging down. In Europe, the DAX (+1.97%) rebounded after losses were experienced on Friday. The Hang Seng (-0.08%) in Hong Kong is currently down as traders are waiting for the IPO of China’s fifth largest bank.

We expect equity markets to open very anxiously after the not-guilty verdict of Michael Jackson yesterday.

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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