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Shifting gear…

30 May 2005 Angelo Coppola

The Efficient Group reports that Harmony produces almost 3.2 million ounces gold per annum, which makes it the world’s number six gold producer. According to the Chamber of Mines, South African gold (-0.48%) production fell by 12.8% in the first quarter o

On the downside of the market Trans Hex (-2.80%) excelled, after earnings declined by 56.70%. On the currency market, the rand was intimidated by the other major currencies - it lost between 8 cents and 16 cents.

The oil price (-0.16%) closed relatively flat yesterday. In Europe the DAX (+0.80%) performed the best. The Asian markets are currently walking on positive ground with the Hang Seng (+0.39%) upbeat towards the flurry of Chinese listings set to hit the market.

The UK and US equity markets were closed for holidays, thus would play catch up today. A number of economic data sets will hit the market today including money supply, trade and first quarter GDP growth.

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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