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Morning report (7.5)

06 May 2004 Angelo Coppola

Local equities closed 1.5% lower yesterday, despite the weakening of the currency, reports Nico Kelder, economist at the Efficient Group.

It seems as if equities are ignoring the movements of the currency and perhaps they are predicting the movements of the next day.

The rand lost around 1.5% against the majors after the Bank of England rose hiked interest rates by0.25-percentage points. Dollar firmness returned as the greenback climbed almost 1%.

A rising dollar pushed commodities lower with gold and platinum dropping 1.5% and oil close to 1%.

European and US markets also closed more than 1% in the red (DAX closer to 3%). The negative sentiment spilled over to the Far East which is trading lower this morning.

We expect that the negative international sentiment will weigh local equities down. Buckle your seatbelts, the rollercoaster is gaining speed.

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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