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Powering ahead

10 September 2004 Angelo Coppola

Local markets closed marginally lower on Friday, mainly because the rand strengthened against the dollar in the afternoon.

Nico Kelder, economist at the Efficient Group reports that the currency gained against all the majors, fuelled by better than expected PPI Figures released in the US.

South African bond yields strengthened Friday, with the R153 shedding 12 points to 8.7% and the R157 down 13 points to 9.26%. Commodities traded mixed. Oil shedding -5.76%, gold gaining 0.22% and platinum up 0.73%.

In Europe markets closed in the black – DAX leading the way gaining 0.91%. In the US the Dow Jones closed higher 0.24% and the NASDAQ gained 1.32%.

Markets were motivated by lower oil prices and better than expected producer price inflation data released in the US.

The Hang Seng and the Nikkei are currently trading higher by 1.27% and 0.80% respectively. After a solid performance by world markets on Friday we expect local markets to have an enjoyable day unless the currency strengthens further.

Quick Polls

QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

ANSWER

Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
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