Morning report (1 June)

Local equities traded higher (1.0%) in low volume, a result of the US and UK markets being closed, reports Nico Kelder, economist at the Efficient Group.

All South African indices closed higher with the exception of construction. The currency closed flat after a mixed trading day, sliding slightly against the euro.

The capital market weakened yesterday despite the positive money supply data. Gold polished its price gaining almost 0.5%, while platinum’s priced dimmed losing 0.1% and oil remained unchanged.

The FTSE (UK) was closed yesterday (Spring Bank Holiday) as the DAX (Germany) and CAC (France) traded slightly higher. The US was also closed (Memorial Day). The Far East is open this morning and is trading a little higher.

We expect a weaker equity trading day, but the UK markets may be a determining factor.