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Morning report ($40/barrel)

12 May 2004 Angelo Coppola

Equity markets must be the envy of everyone on a diet as is just continues to drop weight, says Nico Kelder, economist at the Efficient Group.

Local equities dropped more than 1% yesterday while construction and retail indices withstood the temptation. The currency had a “quiet” day losing only 0.5% against the dollar and around 1% against the European currencies.

Bond yields traded higher but do not seem to know which way they want to go. Gold remained flat while platinum increased slightly but oil continues to spoil the party jumping almost 2% - $40 per barrel does not seem that far away.

European markets lost around 1% yesterday, while US markets closed slightly up. In contrast, the markets in the Far East seem to have gone in to free fall making one wonder where will it all end?

We expect that equities could trade higher today but anything is possible in this environment!

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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