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Morning report (19.6.04)

17 June 2004 Angelo Coppola

Local equities closed higher yesterday despite the currency trading stronger during the South African trading hours.

Nico Kelder, economist at the Efficient Group says that the rand pulled back after local markets closed to finish slightly stronger against the dollar, but weaker to both the euro and sterling.

The bond market strengthened slightly while commodities traded higher, oil jumped 2.9% and platinum and gold polished their prices by 2- and 0.6% respectively yesterday.

European and US markets closed flat leaving markets in the Far East to their own devices. The Nikkei (Japan) and Hang Seng (Hong Kong) are down 2-percent each so far this morning. We expect some weakness in local markets but don’t expect major moves.

Quick Polls

QUESTION

How to give affordable and appropriate financial advice to the low income market segment. There is little room on a R50 pm policy for advisers to be remunerated for the time it would it would take to educate & fulfil admin function. What is the solution?

ANSWER

[a] Eliminate non-advice sales / telesales
[b] Implement industry standards for non-advice information
[c] Introduce an insurer-funded pro-bono advice network to low income earners
[d] Reinforce the Policyholder Protection Rules
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