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Morning report (28.6.04)

27 June 2004 Angelo COppola

Local equity markets closed higher on Friday despite a stronger currency during local trading hours.

Nico Kelder reports that resource stocks gained (1.25%) but financial were down (-0.29%), especially banks (-0.59%).

The currency weakened slightly after local markets closed. Platinum and oil declined by 0.74% and 0.93% respectively while gold remained almost unchanged. European markets closed weaker while the US was mixed; the Dow dropped 0.7% and the Nasdaq gained 0.5%.

Markets in the Far East are also trading mixed with the Nikkei gaining 0.5% so far while the Hang Seng is 0.24% weaker. Wednesday will be the key day for local and international markets.

Locally the money supply data will be released, while internationally the hand-over of Iraq and interest rate decisions in the US may play important roles. We expect local equities to trade higher today while bonds will wait for the money supply data on Wednesday.

Quick Polls

QUESTION

The intention with lockdown was to delay or flatten the Covid-19 infection curve and give both the private and public healthcare sectors time to prepare for the inevitable onslaught. Did the strategy work?

ANSWER

No, the true numbers are not reflected. Almost a quarter of South Africans may already have been infected with Covid-19
It’s too soon to tell. We will likely get a second wave with stringent lockdown regulations in place again
Yes, South Africa bought enough time to make a significant difference. We saved lives and have passed our peak. The worst is over
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