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Surging price doesnt help

27 September 2004 Angelo Coppola

Local markets closed 0.56% lower yesterday, but retailers and bank shares still continued to show resilience and made the most of the day.

The currency traded stronger against the dollar but flat against the sterling and the euro. South African bond yields closed flat on the shorter dated bond the R153 and marginally stronger (1 point) on the longer R157.

Commodities closed mixed as platinum closed flat, oil surged to $45.93 a barrel of Brent and gold down by 0.28%. European markets closed at a two week low - the FTSE lower (-0.81%), the CAC lost 0.45% and the DAX decreased by 0.92%.

In the US markets followed suit - the Dow Jones lost 59 points (0.58%) to close below 10 000 at 9989; the Nasdaq was lower (-1.04%).

Surging oil prices threatened to shrink corporate profits and a brokerage downgrade hurt semiconductor shares. In the East the Nikkei is trading lower (-0.4%) and the Hang Seng is down by 0.74%.

Locally we expect a negative market as the renewed surge in oil prices is currently dominating this week so far internationally.

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