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Lots of stats

26 September 2004 Angelo Coppola

Local markets closed 0.4% lower on Thursday (Friday was a public holiday for those of us still in denial!), but financials and bank shares still made the most of the day.

Nico Kelder, economist at the Efficient Group says that the currency traded stronger against the dollar and the euro, but flat against the sterling. South African bond yields followed the currency and traded stronger, the R153 lower by 4 points and the R157 down by 3 points.

Commodities closed in the black on Friday. Platinum traded 1.25% higher, oil 0.89% and gold 0.59% higher. European markets closed in the red - the FTSE marginally lower (-0.31%), the CAC lost 0.5% and the DAX decreased by 0.81%.

In the US markets followed suit - the Dow Jones lost 62 points ( 0.61%) and the Nasdaq was marginally lower (-0.33%). During the week ahead the first US presidential debate and consumer spending data may give some direction to the US markets.

In the East the Nikkei is trading marginally lower (-0.26%) and the Hang Seng is down by 1.18%.

Locally we expect markets to keep a close eye on the currency movements and on the voluminous economic data expected later this week.

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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