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Morning report - 27.1

26 January 2004 Angelo Coppola

Local equities traded higher yesterday, on the back of a weaker currency while the local market was open, says Nico Kelder, economist at the Efficient Group.

However, overnight the rand traded stronger while the dollar also gained ground against the majors. Commodities weakened on the back of the stronger dollar, this and a stronger rand resulted in a double blow to local commodity companies.

Trading in Europe showed little life and traded lower. US markets had a very good day with the markets gaining more than 1%.

The local equity market is likely to come under pressure today as the stronger rand has to be worked back into the prices this morning, otherwise it should be quiet until the release of the inflation data at 11:30.

The release of inflation data could have an effect on especially the bond-, but also the equity markets.

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