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Market Commentary
The Day Ahead for Tuesday 27 June 2017.

Wall Street ended the day in positive territory on Monday with the Dow Jones Industrial Average and the S&P500 gaining 0.07% and 0.03% respectively. Eastern markets are trading in mixed territory this morning with the Nikkei currently higher by 0.36% while the Hang Seng index currently trades 0.31% lower. Tencent is trading in the black by 1.13% whilst BHP Billiton has lost 0.04% this morning. The Australian ASX is trading weaker by 0.07% thus far. Traders can expect a flat start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Monday 26 June 2017.

Our local bourse started the trading session in the black on Monday following a rebound in the oil price but gradually slipped as the morning progressed. The selling pressure persisted throughout the afternoon with our market eventually finishing the day down by 0.42% at the close. The biggest loser for the day was the platinum and precious metals sector, depreciating 1.76% by market close. Leading the downside were Anglo American Platinum and Impala Platinum, declining by 2.73% and 1.27% respectively. Our financial sector bucked the trend and finished 0.48% higher, driven largely by Standard Bank which closed the day 2.45% stronger. On the company front, in results from Invicta Holdings, financial highlights saw revenue up 8.4% to R11.5 billion, profit attributable to ordinary shareholders up 25.7% to R533 million while headline earnings per share was up 37.3% to 500 cents. Pan African announced that all conditions precedent to the disposal of 100% of the shares and loan accounts in Pan African Resources Coal Holdings Proprietary Limited have now been fulfilled. Shareholders of Merafe Resources were advised that clients of Allan Gray increased their holdings to 5.1398% of the total issued ordinary shares in Merafe. On the Economic front, the number of loan approvals for house purchases in the United Kingdom decreased to 40.35 thousand in May 2017 from a downwardly revised 40.69 thousand in the previous month, slightly above market expectations of 40.3 thousand. New orders for US manufactured durable goods fell 1.1% month-over-month in May of 2017, following an upwardly revised 0.9% drop in April. Figures came worse than market expectations of a 0.9% decline. Total value traded for the day was R15.4bn.

News Articles
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Fin24.com | SARB: Billions at risk over 'damaging' action by Protector
6/28/2017 6:50:29 AM

The South African Reserve Bank says the remedial action proposed by the Public Protector to have its mandate changed had a damaging effect on the country.

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Fin24.com | Brits, Germans search for Cape Town, Chinese prefer Jozi - report
6/28/2017 5:00:03 AM

A Cheapflights report on flight searches analysed nearly 600 000 hours of search data, unearthing some interesting trends.

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Fin24.com | No dropping of rand-rigging charges, says Bonakele
6/27/2017 10:04:07 PM

Competition Commissioner Thembinkosi Bonakele says there is no truth that it may withdraw any allegations against any banks involved in its currency probe.

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Fin24.com | Rand-rigging scandal: Some banks dropped, others to be charged
6/27/2017 9:59:19 PM

The Competition Commission is set to withdraw charges against some of the banks accused of rand-rigging and will target other banks for breaches.

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Fin24.com | Errors in Public Protector's report - SARB affidavit
6/27/2017 9:28:01 PM

The South African Reserve Bank filed an urgent court application to have the Public Protector’s remedial action set aside. The affidavit pokes holes at this remedial action, proposing the mandate of the Reserve Bank to be changed.

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Fin24.com | Why SA's Capitec is Best Bank in the World
6/27/2017 9:26:50 PM

Capitec Bank has been rated the very best in the world, beating other local and global leaders such as HSBC, Goldman Sachs and JPMorgan Chase.

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Fin24.com | Mabuza opens up on SA's slow transformation
6/27/2017 7:00:36 PM

Business Unity South Africa president Jabu Mabuza explains why South Africa has lagged behind in achieving its transformation goals.

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Fin24.com | Mining Charter: Hope of a 'different' final version
6/27/2017 6:23:46 PM

The Mining Charter in its current form is likely to have dire consequences for investment and job creation, but the final version is expected to be very different.

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Fin24.com | Draghi: Stimulus could be scaled back if economy improves
6/27/2017 5:33:53 PM

European Central Bank head Mario Draghi says the bank's stimulus efforts need to be "persistent" even as the economy recovers and that any scaling back of support has to come gradually.

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Fin24.com | UK Treasury chief: Keep British economy 'anchored' in Europe
6/27/2017 5:31:04 PM

Britain's Treasury chief has told a German audience that his country wants to keep its economy "anchored" in the European mainstream as it leaves the European Union.

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Fin24.com | Myeni defiant about attending SAA board meetings
6/27/2017 5:22:05 PM

SAA board chairperson Dudu Myeni has insisted that she attends all scheduled board meetings, but says she can’t be present where “only one item” is being discussed.

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Fin24.com | Single malt whisky appealing to more young South Africans - expert
6/27/2017 4:47:41 PM

More and more young people are choosing single malt whisky and the same goes for SA, says Brendan McCarron, head of maturing whisky at Glenmorangie.

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Fin24.com | Broke SAA in talks with PIC for loan
6/27/2017 4:36:09 PM

SAA has confirmed it is in discussions with the Public Investment Corporation for a loan, as it wants to diversify its debt portfolio, according to CFO Phumeza Nhantsi.

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Fin24.com | BREAKING: SARB files urgent court application against Public Protector
6/27/2017 3:49:03 PM

Reserve Bank Governor Lesetja Kganyago has filed an urgent application to the North Gauteng High Court to set aside the remedial action proposed by the Public Protector on the Bankorp bailout.

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Fin24.com | BREAKING: DA/EFF can intervene in Molefe’s labour court bid
6/27/2017 2:19:21 PM

The DA and EFF can intervene in former Eskom CEO Brian Molefe’s Labour Court application, Judge Christina Prinsloo has ruled.

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Fin24.com | ALERT: Zimbabwe and Namibia ban SA poultry imports
6/27/2017 2:14:58 PM

Namibia and Zimbabwe have banned poultry imports from South Africa after an outbreak of bird flu.

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Fin24.com | Gigaba deputy adds more uncertainty to Reserve Bank mandate
6/27/2017 2:14:53 PM

SA should have talks on the appropriateness of the central bank’s inflation target, Deputy Finance Minister Sfiso Buthelezi has said, adding to concern that the institution’s mandate may be altered.

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Fin24.com | BUSA talks business on transformation
6/27/2017 1:27:03 PM

Business Unity South Africa says it has developed its own approach to transformation which recommends collaboration between all social partners, including government, business, labour and community.

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Fin24.com | Employment declines for the quarter
6/27/2017 1:16:34 PM

Employment decreased by 48 000 jobs for the quarter ended March 2017, according to data from Statistics SA.

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Fin24.com | WATCH: How selling bracelets caught attention of world's top business minds
6/27/2017 12:02:09 PM

What got Harvard Business School excited is the fact that we are a social enterprise NPO that operates as a business, explains Relate CEO Neil Robinson.

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SSS
Heads up: Stor-Age FY17 results- Delivering on the strategy
6/19/2017

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KST
Heads up: PSG Konsult - FY17 results
6/13/2017

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CML
Heads up: Coronation Fund Managers - 1H17 results
6/12/2017

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SPP
Heads up: SPAR 1H17 results - Sales growth slows in tough SA environment
6/9/2017

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PPC
Heads up: PPC FY17 results
6/7/2017

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MRP
Heads up: Mr Price Group Limited - review of results for the year ended 1 April 2017
5/31/2017

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THA
Heads up: Tharisa 1H17 results - a play on chrome
5/30/2017

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TFG
Heads up: The Foschini Group - results review for the year ended 31 March 2017
5/26/2017

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DTC
Heads up: Datatec 1H17 results
5/25/2017

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MEI
Heads up: Mediclinic International - results for the year ended 31 March 2017
5/25/2017

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  21,310.66   -98.89  -0.5%
DJ Trans  9,383.67   -58.36  -0.6%
NASDAQ  6,146.62   -100.53  -1.6%
NYSE S and P500 INDEX  2,419.38   -19.69  -0.8%
FTSE 100  7,434.36   -12.44  -0.2%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  12,671.02   -99.81  -0.8%
HONG KONG HANG SENG INDEX  25,747.90   -92.09  -0.4%
NIKKEI 225 INDEX  20,154.84   -70.25  -0.3%
Major JSE Indices*
Name Value Move
OVERALL  51432   0.00  0.0%
TOP 40  45288   0.00  0.0%
ALL GOLD  1281   0.00  0.0%
INDUSTRIAL  70692   0.00  0.0%
FINANCIAL  14396   0.00  0.0%
RESOURCES  29817   0.00  0.0%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  9.87   0.00 0.0%
ZAR/ / CHF  13.62   -0.03 -0.2%
USD/ / EUR  1.13   0.02 1.5%
ZAR/ / EUR  14.74   0.36 2.5%
USD/ / GB  1.28   0.01 0.8%
ZAR/ / GBP  16.63   0.31 1.9%
YEN/ / ZAR  8.67   8.55 7,448.4%
JPY/ / USD  112.13   -0.15 -0.1%
ZAR/ / USD  12.99   0.14 1.1%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  46.56   0.37 0.8%
Palladium  864.08   3.98 0.5%
Platinum  920.96   2.17 0.2%
Silver  16.79   0.14 0.8%
Gold  1,251.98   4.95 0.4%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
Sekunjalo Inv Ltd  13.0
ANOORAQ RESOURCES CORP  11.6
AFLEASE GOLD LTD  4.8
Vunani Prop Inv Fund L  4.7
Top 5 Losers -- Delayed
Forbes & Manhatt Coal  -16.7
Delta Africa Prop Hldg  -7.0
Allied Electronics Cor  -2.7
Allied Elec Corp Pref  -2.2
Mvelaphanda Group Ltd  -1.9

PRICES (15 minute delay)

SABLE PLATINUM LTD : SLP 62  0 | General Financial : GENF 2383  30 | Convergenet Holdings L : CVN 195  0 | FTSE/JSE All Africa ex : ALXA 52  -1 | Rainbow Chicken Ltd : RBW 1650  -10 |

SENS (15 minute delay)

| MDP : Results Of Rights Offer With Mara Delta Successfully Raising USD121 Million| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details