The South African equity market has risen by approximately 33% from its lows in April. While clearly not offering the great value it was, the market is still offering the prospect of reasonable long-term returns. A good indication of this is that it is difficult to find shares that are very expensive. While current year earnings for the market are likely to be under pressure because of the strength of the rand, the long-term growth prospects are good with South African interest rates having declined significantly. South African companies are typically undergeared, and in a lower interest rate environment there is significant scope to increase gearing levels and returns on equity.

The South African equity market has risen by approximately 25% from its lows in April. While clearly not offering the great value it was, the market is still offering the prospect of reasonable long-term returns. A good indication of this is that it is difficult to find shares that are very expensive. While current year earnings for the market are likely to be under pressure because of the strength of the rand, the long-term growth prospects are good with South African interest rates having significant downside potential and many of the South African companies undergeared.

The South African equity market has risen by approximately 25% from its lows in April. While clearly not offering the great value it was, the market is still offering the prospect of reasonable long-term returns. A good indication of this is that it is difficult to find shares that are very expensive. While current year earnings for the market are likely to be under pressure because of the strength of the rand, the long-term growth prospects are good with South African interest rates having significant downside potential and many of our companies undergeared.

The South African equity market has risen by approximately 20% from its lows in April. Despite the increase, the market is still offering the prospect of good long-term returns. A good indication of the value in the South African market is that it is difficult to find shares that are very expensive. While current year earnings for the market are likely to be under pressure because of the strength of the rand, the long-term growth prospects are good with South African interest rates having significant downside potential and many of the South African companies undergeared.

The South African stockmarket is currently offering the prospect of good long-term returns. A good indication of the value in the SA market is that it is difficult to find shares that are very expensive. While current year earnings for the market are likely to be subdued because of the strength of the rand, the long-term growth prospects are excellent with South African interest rates having significant downside potential and many of our companies undergeared. Allan Gray are finding an increasing number of intriguing investment opportunities.

The South African stockmarket is currently offering the prospect of good long-term returns. A good indication of the value in the South African market is that it is difficult to find shares that are very expensive. While current year earnings for the market are likely to be subdued because of the strength of the rand, the long-term growth prospects are excellent with South African interest rates having significant downside potential and many of the South African companies undergeared. The fund manager's are finding an increasing number of intriguing investment opportunities.

The South African stockmarket is currently offering the prospect of good long-term returns. A good indication of the value in the South African market is that it is difficult to find shares that are very expensive. While current year earnings for the market are likely to be subdued because of the strength of the rand, the long-term growth prospects are excellent with South African interest rates having significant downside potential and many of our companies undergeared. The fund manager's are finding an increasing number of intriguing investment opportunities.

The South African stockmarket is currently offering the prospect of good long-term returns. A good indication of the value in the South African market is that it is difficult to find shares that are very expensive. While current year earnings for the market are likely to be subdued because of the strength of the rand, the long-term growth prospects are excellent with South African interest rates having significant downside potential. The fund manager's are finding an increasing number of intriguing investment opportunities.

The rand has continued to strengthen, which should relieve some of the inflationary pressures in the domestic economy and it is likely that domestic interest rates can fall significantly during 2003. The fund manager's continue to find domestic industrial shares attractively priced on earnings which are now recovering from depressed levels. The strong rand has exerted further pressure on resource stock prices, where the fund manager's are increasingly finding compelling valuations. The overall market is now considered to offer attractive long-term value.

The rand has continued to strengthen, which should relieve some of the inflationary pressures in the domestic economy and it is likely that domestic interest rates can fall significantly during 2003. This is positive news for the domestic economy. The fund manager's continue to find domestic industrial shares attractively priced on depressed earnings. The strong rand has exerted further pressure on resource stock prices, where they are increasingly finding compelling valuations. The overall market is now considered to offer compelling long-term value.