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Morning report (21.5)

20 May 2004 Angelo Coppola

Local equities showed that it can make large gains without losing it all the next day - the Alsi 40 lost 0.4% yesterday.

Nico Kelder, economist at the Efficient Group reports that the Resource Index was responsible for a portion of this decline, shaving 1.5% of its value.

The slightly weaker currency might have been a contributing factor to the better than expected performance as the currency lost 0.5% against the dollar, which in turn slipped 0.5% against the euro. Bond market yields strengthened again as interest rate expectations are not as bleak as before.

Gold and platinum were once again left behind as the oil price continued its climb higher (1.7%). This is bad news for motorists as the petrol price is set to rise by 36c/l on June 2. European markets gave up more of their gains than their South African counterparts.

The US once again remained flat and the Far East is surprisingly strong this morning, gaining around 1% so far. We expect that the market should move sideways today while the rand could, as per usual, dictate the direction of the market.

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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