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Morning report (6.5)

04 May 2004 Angelo Coppola

It seems that the feel-good factor was still strong yesterday as equities made a small gain despite a strengthening of the currency against the majors, says Nico Kelder, economist at the Efficient Group.

The currency gained between 1 and 2%, as the dollar weakened even further against the euro. Bonds traded weaker as the high oil price is expected to push inflation higher.

Gold gained almost 0.5% yesterday while platinum lost almost 1% and oil trading more than 1% higher. European markets also continued on an upward path while the markets in the US remained flat after the announcement by the Fed that interest rates are kept unchanged.

The Japanese might have wanted to remain on holiday today as they are trading 1.5% lower this morning. The Hang Seng is trading 1% higher this morning after a week of heavy losses.

We expect that equities will weaken somewhat today but Sasol should shine on the oil price.

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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