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Waiting for the numbers…

29 June 2005 Angelo Coppola

International equity markets led the way yesterday with the local bourse (+0.13%) struggling to keep up, after a soft opening in the morning.

The Efficient Group reports that specialist retail group, New Clicks (+3.49%) together with competitive sugar business, Tongaat (+2.56%) dominated the upside of the market.

The rand remained fairly range bound ahead of today’s consumer inflation due later this morning. The dollar and pound stole 4 cents each from the rand’s value.

Demand in the world’s biggest gold (-0.98%) consumer, namely India, is currently undermined by the monsoon season and an absence of religious festivities which normally leads to higher levels of spending on gold.

The oil price (-3.46%) recovered to lower levels but there is still little consolation to consumers for future petrol prices. US equity markets surged with the tech-laden Nasdaq (+1.21%) improving after it hit its lowest level in more than a month on Monday.

On the European front, oil dominated the FTSE 100 (+0.93%) with BP, Shell and Total all prominent on the leader board. Construction companies and steel exporters are currently the principal gainers in Tokyo (+0.68%).

Traders are expected to watch the release of the inflation data by StatsSA later this morning as it will be a good indication of the future movement of interest rates.

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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