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Up marginally

13 September 2004 Angelo Coppola

Local markets closed marginally higher. The currency traded weaker against the dollar but flat against the sterling and euro.

South African bond yields closed weaker.

Commodities traded higher with platinum gaining 1.02%, oil higher by 2.41% and gold 0.96% better.

European markets closed in the black with the FTSE marginally 0.3% higher, the CAC gaining 1.30% and the DAX rallying 1.73%. Investors climbed out of defensive sectors into more cyclical shares which should be an encouraging sign. 

In the US markets ended in the black, but US Airways Group tumbled 41% after filing for bankruptcy protection.

The Hang Seng and the Nikkei are currently trading up by 0.63% and 0.04% respectively.

Locally we expect markets to keep a close eye on the currency, as the currency should once again dominate local trading.

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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