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Morning report (11 Feb)

11 February 2004 Angelo Coppola

Local equities defied the strong rand yesterday by gaining 40 points, says Nico Kelder, economist at the Efficient Group.

This shows the underlying strength of equities, even while the currency closed almost 1 percent stronger against the majors. Commodity prices were mixed as the gold price declined slightly while oil and platinum gained some ground.

European and US markets were once again quiet yesterday. The Nikkei is closed today while the Hang Seng is flat this morning. Local equities will take their cue from the movements of the currency; or will they?

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