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Depressing

05 January 2005 Angelo Coppola

The current weary performance of the JSE Securities Exchange (-0.29%) is mainly attributed to the dreary commodity prices, despite a depreciating currency.

The banking index (-2.39%) was dragged down by Standard Bank (-3.88%) and Absa (-2.38%). The retailers (-1.82%) were not excluded as Woolworths (-2.08%) and Pick and Pay (-1.74%) followed the sliding trend.

Another depressing day on the currency market saw the rand losing between 9 cents and 18 cents against the major currencies. The dollar gained almost 2.0% during the year against the euro and yen.

Platinum (+0.89%) pulled back Tuesday’s losses while oil remains black, in colour. US equity markets were down, with the Nasdaq (-0.79%) leading the way. Equity markets in Europe followed suit with an average decline of 0.83%.

Currently Asian markets are staring downhill with the Hang Seng (-2.00) running ahead. Let us wait and see if the rand will be the indicator on the bourse showing the way for investors, not that it has for the past two days.

Quick Polls

QUESTION

There are countless articles written about South Africa’s poor retirement outcomes. Which of the following would you single out as the biggest contributor to local savers not accumulating enough to buy an adequate and sustainable pension?

ANSWER

Lack of personal accountability
Poor participation in formal retirement funds
Reluctance to seek financial advice early on
SA’s high unemployment rate
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