Morning report (6.07.04)
05 July 2004 | Investments | General | Angelo Coppola
The local equity markets were quiet but closed higher (0.4%) while the currency closed weaker against the majors yesterday, giving support to local rand-hedge equities.
The weaker currency is most likely behind the weakening of bonds which declined by 6 points. Commodities traded higher – the oil price increased 1.1% - on the back of news on oil production in Iraq and Russia.
The effect of the closed US markets can be seen in the European markets as there was no movement.
The Far East is also quiet but trading higher. We expect that local equities will be lead by the currency and the mining and manufacturing production data due to be released today.
The latter is expected to be benign and not to have a significant effect.
