KEEP UP TO DATE WITH ALL THE IMPORTANT COVID-19 INFORMATIONCOVID-19 RESOURCE PORTAL

FANews
FANews
RELATED CATEGORIES
Category Investments

Profit taking

20 September 2004 Angelo Coppola

Local equity markets closed lower after some profit taking and resources loosing 1.29% in reaction to a stronger currency.

Nico Kelder, economist at the Efficient Group says that the currency traded stronger and gained against the majors, 0.8% to the dollar, and 1.09% to the sterling and 0.88% stronger against the euro.

Yields on the capital market closed stronger both the R153 and R157 shed 3 points. Commodities where mixed with platinum and gold marginally down 0.12% and oil gaining 1.08%.

European markets closed in the red yesterday on the back of lowered outlooks from companies like Unilever and Colgate-Palmolive.

US markets closed in the red – the Dow Jones shed 0.77% as the lower outlooks of the above companies as well as that of The New York Times sent stocks sliding in early afternoon trade. The Nasdaq closed almost unchanged shedding only 2 points.

The Far East is currently trading mixed with the Hang Seng higher by 0.52% and the Nikkei lower by -0.19%. Locally profit taking is expected to continue but Alan Greenspan speech may be positive for the dollar.

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
fanews magazine
FAnews November 2021 Get the latest issue of FAnews

This month's headlines

New proposals to amend PPRs have major impact
The untold truth about intermediary agreements
Rethinking claims
Tik-Tok: The clock is ticking on SA’s R45 billion unclaimed benefits bomb
Medical schemes’ average increases for 2022
Disability claims aggregation
Subscribe now