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(21.7.04) Local equity markets closed slightly higher yesterday on the back of a currency that weakened against the dollar.

Nico Kelder, economist the Efficient Group reports that the currency strengthened against the euro and sterling, as the dollar regained some ground.

Yields on the capital market closed slightly weaker while commodities where mixed – oil down 2.4% and gold lower by 1.4% and platinum pushed higher by 0.7%.

European and US markets closed higher with the Nasdaq making the largest gains jumping 1.8%, ahead of the announcement of Microsoft’s results tomorrow.

The Far East is strong so far this morning increasing by 1.2% and 1.9%. The stronger international markets should give some support to local markets and, par for the course, the currency will dominate the trading.