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Morning report (18.5)

18 May 2004 Angelo Coppola

Local equities closed 0.5% lower after a volatile day, reports Nico Kelder, economist at the Efficient Group.

The largest losses were in resources, construction and retail stocks. The currency gained 0.5% against the majors and the dollar strengthened against the euro.

Bond yields traded higher, indicating a higher expected future repo-rate. Commodities declined proportionally more than the dollar strengthened, confirming that the upward march in commodity prices have come to a (temporary) halt.

European and US markets traded higher with the Dow Jones gaining 1% on the news that the Fed chairman will remain in the hot seat for another term.

The Far East seems to be determined to make up the losses recorded over the previous days. We expect that the positive international markets should help local stocks higher but once again the currency could spoil the party.

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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