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

FANews
FANews
RELATED CATEGORIES
Category Investments

Up, but down.

08 September 2004 Angelo Coppola

Local equity markets closed higher yesterday gaining 0.43% despite lower world markets.

Nico Kelder, economist at the Efficient Group reportsd that only the construction sector recorded a slight decline with resource stocks making the most of the day.

The currency weakened against the majors. South African bond yields closed mixed with the shorter dated R153 weaker and the longer dated R157 stronger. Commodities traded mixed with oil shedding 0.88%, gold gaining 0.35% and platinum lower by 0.47%.

European markets closed marginally lower to flat. In the US markets struggled as investors dissected Alan Greenspan congress testimony with Oracle’s downgrade not helping much.

This morning the markets in the Far East are weaker with the Nikkei declining by 1% and the Hang Seng by 0.08% so far. We expect local equities to remain under pressure unless the currency weakens today.

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