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Category Investments

Morning report (20.5)

19 May 2004 Angelo Coppola

The rollercoaster called equity markets are in full swing, reports Nico Kelder, economist at the Efficient Group.

Equities gained 3.5% yesterday with resources leading the way gaining almost 5.5%. This begs the question - is this the steep climb before the stomach churning drop, or will we remain on this level with the occasional dip.

The gains made on equities were despite the strengthening currency which gained 0.5% against the majors. The dollar weakened, dropping 0.6%. Bonds strengthened slightly yesterday.

Commodities used the weaker dollar to prop up their prices with oil once again overdoing the increase, climbing 2.5%. Europeans also recorded a good day but gaining “only” between 1.3 and 2%.

The Americans weren’t as positive - trading flat. The Far East showed that their climb was before a drop of 1.5% this morning after gaining 2.5 and 3.5% yesterday.

We expect that the inevitable drop will occur today but not to the same extent as the Far East. Place your seats in an upright position and keep your seatbelt on!

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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