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(26.8.04) The All Share dipped 0.7% after gaining 10 percent over eight sessions and hitting a five-and-a-half month peak on Monday. The currency gained against all the majors.

Nico Kelder, economist at the Efficient Group reports that South African bond yields closed lower yesterday when it was reported that July’s consumer inflation were lower than in June.

Commodities traded mixed; oil shed 3.95%, gold up 0.79% and platinum up - trading at $852.50.

European markets traded mostly flat except for the DAX which gained 0.47%. In the US markets rallied higher. The Dow Jones gained 0.82% and NASDAQ gained 1.3%. Both the Hang Seng and the Nikkei are presently trading marginally lower.

We expect local markets to have a positive day after two consecutive days of profit taking in the resource sector; bonds should be quiet until the release of the producer inflation data later this morning.