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Downwards…

01 July 2005 Angelo Coppola

The Efficient Group reports that the two largest platinum producers Angloplat (-0.4% and Impala Platinum (-1.31%) combined with First rand (-2.46%) to pull the market lower.

The currency traded flat against the euro and dollar, as it punched seven cents from the pound. Gold lost some of its glitter (-0.46%) while the oil price continues to drop (-1.57%), shedding almost three dollars so far this week.

As expected the FOMC raised US interest rates to 3.25% yesterday, but this could not support the dollar or the markets. The Dow Jones (-0.96%) took the brunt of the anger resulting in a loss of 2.2% for the second quarter, the Nasdaq is 3% high for the second quarter.

European markets traded flat yesterday ahead of the FOMC announcement after their markets closed. The Nikkei (0.45%) is trading higher this morning while the traders in Hong Kong is celebrating Special Administrative Region Establishment day.

The weak economic data released yesterday should put a damper on today’s equity trading.

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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