The JSE’s share market bull is decked all
about in boughs of holly, strands of tinsel and a torn and melting paper hat.
But clutching a flute of something chilled and bubbly he is positively
scampering towards year end. He is, however, unlikely to set a new high in the
few trading days left to us in 2013.
But, after a year like we have enjoyed no
one is concerned with these last pirouettes and sensible folk will be
celebrating as well. Only the most committed of bears is watching for the fatal
misstep that will herald the collapse in share prices so confidently predicted
for so long.
Similarly there will be scant concern at
present for the news that the US
10 year bond yield is edging up towards the 3% level again. Or that the dollar
gold price has declined by almost a third in 2013. Here in SA, the faltering
rand has protected us from much of that particular bear.
Our currency weakness, however, may turn out
to be one of the more significant financial indicators from the past year. Demand
for our little currency continues to be exceeded by supply. To what extent this
reflects political concerns rather than economic developments is impossible to
separate but undoubtedly unless this trend ceases soon, inflation will increase.
Now, with the Proteas playing an away game
at Kingsmead, the humidity in the 90s and the condensation running down the
Castle bottle there is no need to delay any further wishing all the readers of
Tidemarks a really very happy and healthy 2014 and to thank you for your
comments and interest through what has been a fascinating year.
James Greener
27th December 2013.
