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Some weakening

21 July 2004 Angelo Coppola

(22.7.04) Local equity markets closed higher, gaining more than 2% yesterday on the back of a currency that weakened against the dollar to close above R6.

Nico Kelder, economist at the Efficient Group reports that the currency weakened against all the majors, as the dollar regained some ground.

Yields on the capital market closed slightly weaker while commodities where mixed – platinum down 0.6% and gold lower by 0.53% and oil pushed higher by 0.15%.

European markets closed higher with the DAX making the largest gains jumping 1.04%. US markets closed lower ignoring good results from General Motors and Microsoft.

The latter announced plans to buy its own stock, double its dividend and issue a $3 special dividend, while it distributing $75bn over the next 4 years.

The Far East is lower by 1.52% (Japan) and 0.6% (Hong Kong) this morning. After a healthy local rally yesterday, profit taking may limit upside today.

Quick Polls

QUESTION

Healthcare brokers have long complained about inflation-plus medical scheme contribution increases; but pandemic may have changed things. What will pandemic-induced changes in hospital utilisation do to medical scheme contribution increase patterns?

ANSWER

Below inflation increase for 2022, then back to inflation-plus
Long-term trend of below inflation increases
Inflation-linked hikes for 2022, then back to inflation-plus
This is a 2-year hiccup, inflation-plus increase trend remains in place
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