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Morning report 19 Jan. 04

19 January 2004 Angelo Coppola

On Friday the weaker currency was once again the driver of the local equity market, says Nico Kelder, economist at the Efficient Group.

The currency lost up to 3.35% against the majors spurring the market to gain 0.81%. The dollar lost a little over 1.5%, pushing oil price higher but gold and platinum prices declined none the less.

European and US markets had a positive day but the Nasdaq made significant gains.

This morning the Nikkei is making significant gains while the Han Seng is slightly down. The local market will look for direction from the currency but the natural tendency should be one of profit taking after the run of last week.

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