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Two in a row…

02 December 2004 Angelo Coppola

Gerbrand Smit, analyst at The Efficient Group, says that the major performers were the platinum (+1.40%) and information and technology (+2.58%) stocks.

MTN (+4.38%) swept investors off their feet, while Absa (+2.27%) kept the hearts racing. After reaching a 6 year peak (R/$5.70) on intraday trading, the rand lost some value against the dollar and settled at R/$5.84.

The euro made headlines when the currency struck a new high against the dollar; clawing to a level of $/€ 1.338. The gold price (-1.32%) may have fallen on yesterdays trade, but it is still 80% up from 2001 when the price was $250/oz. Happy days for consumers, the price of oil (-5.11% yesterday) dropped by $6 in the last two days.

US equity markets were still mixed after uninspiring retail figures were released on Wednesday. European stocks were driven by fuel hungry airliners as the oil price declined.

The DAX (+0.73%) rallying ahead of the CAC (0.39%) and FTSE (0.33%). Currently the Nikkei 225 (0.95%) are in the black, with the Hang Seng (-0.17) marginally down.

The positive international markets should be a good indicator for local investors and hopefully the surge in the market will continue.

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