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Market Commentary
The Day Ahead for Monday 02 March 2015

Wall Street ended the day in the red on Friday with the Dow Jones Industrial Average shedding 0.45% and the S&P500 slipping 0.30%. US markets closed the week flat but registered their biggest monthly gain since 2011 as central banks communicated an accommodative stance towards monetary policy. Eastern markets are mostly higher this morning with the Nikkei up 0.17% and the Hang Seng index trading higher by 0.26%. The Hang Seng is firmer due to the Chinese Central Bank having lowered interest rates over the weekend. Tencent is trading in the red by 0.22% whilst BHP Billiton is firmly up 1.43% this morning. The Australian ASX is trading in positive territory by 0.61% thus far. Traders can expect a flat to slightly higher start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Friday 27 February 2015

The All share traded in a narrow range throughout most of Friday and eventually closed 0.02% higher, mimicking global markets in this sideways trend. While still trying to digest the Budget Speech, the Banking index closed the session 1.74% lower as Standard bank, Capitec and Barclays shed 2.84%, 2.84% and 1.01% weaker respectively. Gold Mining gained on the day as investors took to the metal following a weaker Rand and a slight uptick in the Gold price. Sibanye, Harmony and Anglogold Ashanti all posted gains of over 2%. On the corporate front, Aspen released a trading statement guiding that HEPS are expected to be in a range between 25% and 30% for the 6 months to December 2015. Management spoke of resilience in these results, despite the strengthening of the US Dollar against their primary trading currencies. Aspen closed the session 2.5% lower. Old Mutual reported results for the year ended December 2014, in which they highlighted new client cash flows of GBP4.9 billion and an increase of funds under administration of 6% to GBP319 billion. Africa produced solid growth with 1.8 million new customers to take their total customer base to 15.8 million in total. The insurer reported a final dividend of 6.25p per share taking the period’s total to 8.7p. Old Mutual closed the session 2.42% firmer. On the economic front, South Africa recorded a trade deficit of R24.2 billion in January of 2015, higher than the market consensus of R7.75billion, and from a revised surplus of R6.7billion in December. This was due to a 13.8% plunge in exports y-o-y, while imports were down by 3.6%. The Gross Domestic Product (GDP) in the United States expanded at a seasonally adjusted annual rate of 2.2 percent in the fourth quarter of 2014 over the previous quarter, down from an initial estimate of 2.6 percent. The Chicago PMI increased to 59.40 Index Points in January of 2015 from 58.80 in December of 2014. Value traded came in at R17.14bn.

News Articles
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Fin24.com | Customers slightly happier with SA banks - index
2015/03/02 02:03:45 PM

SA banks have achieved slightly higher customer satisfaction scores in an index, with Capitec and FNB tops in perceived quality and exceeding expectations.

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Fin24.com | Sarb, Shuttleworth row before ConCourt
2015/03/02 01:08:43 PM

The Constitutional Court will hear the SA Reserve Bank's application for leave to appeal a Supreme Court of Appeal judgment in favour of entrepreneur Mark Shuttleworth.

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Fin24.com | Bidvest has no plans to buy all of Adcock
2015/03/02 12:29:40 PM

The Bidvest Group has "no aspiration" to buy all of Adcock Ingram, says its chief executive as the share price of its target traded above its offer price.

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Fin24.com | Medupi produces its first power
2015/03/02 12:17:53 PM

The first power has been produced out of Medupi’s unit 6, making it the first of the power station’s six units to be synchronised, according to Eskom.

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Fin24.com | Bells toll for Europe's largest gas field
2015/03/02 12:10:22 PM

Dutch church bells that for centuries have tolled to warn of floods across the low-lying countryside are now sounding alarm for a new threat: earthquakes.

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Fin24.com | Eskom hopes to avoid load shedding
2015/03/02 11:58:35 AM

Eskom is hopeful that it will not have to implement load shedding on Monday and possibly not even for the rest of the week, a spokesperson has told Fin24.

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Fin24.com | What you need to survive a national crisis
2015/03/02 11:51:41 AM

In the event of a national blackout people should be able to survive on stores they should build up for as long as three weeks, says an expert.

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Fin24.com | Eskom hopes not to load shed soon
2015/03/02 11:19:17 AM

Eskom is hopeful that it would not have to implement load shedding on Monday and possibly not even for the rest of the week, a spokesperson tells Fin24.

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Fin24.com | Drop-tops belly-flop on austerity pragmatism
2015/03/02 11:00:03 AM

The mass-market convertible car emits its last gasp this week at a Geneva motor show bristling with sport utility vehicles and low-cost models.

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Fin24.com | Vavi: I will not join the Cosatu CEC
2015/03/02 10:50:16 AM

Congress of SA Trade Unions general secretary Zwelinzima Vavi has taken to Twitter to say he will not attend the federation's central executive committee meeting.

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Fin24.com | UK annual house price growth dips
2015/03/02 10:30:04 AM

British house prices have risen by the smallest annual amount since September 2013 in February, after the first monthly drop in house prices in five months.

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Fin24.com | For casinos in Manila more is better
2015/03/02 10:03:38 AM

The owner of the ultra-luxe nightclub Pangaea in Singapore is now betting that Manila's casinos will be able to draw rich punters and partygoers.

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Fin24.com | Bidvest lifts profit, food service unit robust
2015/03/02 09:09:46 AM

The Bidvest Group has reported an increase in half-year profit, helped by strong performance at its food service unit and favourable currency swings.

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Fin24.com | Germany urges Greece to implement reforms
2015/03/02 08:49:17 AM

German Finance Minister has urged the new Greek government to use a four-month extension it obtained for its financial rescue to implement its reform plan.

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Fin24.com | One in 10 bankers scraps bids for top UK jobs
2015/03/02 07:41:27 AM

More than one in 10 people picked for the top jobs in British finance pull out during a regulatory vetting process which has got tougher since the financial crisis.

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Fin24.com | DA: Oliphant adviser must pay back the money
2015/03/02 07:36:25 AM

The DA says Labour Minister Mildred Oliphant must force two former Nedlac executives - one who is now her special adviser - to repay R2m following a graft report.

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Fin24.com | No sugar-coated pill
2015/03/02 07:32:37 AM

The cost of uninformed consent runs into billions, says Mandi Smallhorne.

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Fin24.com | Greek tragedy
2015/03/02 07:31:52 AM

Athens' relations with the EU was an accident waiting to happen, says Leopold Scholtz.

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Fin24.com | Egypt sells $420m in interbank market
2015/03/02 07:19:24 AM

Egypt's central bank says it has sold $420m in the interbank market, after a regularly held dollar auction did not take place.

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Fin24.com | Eight unions call for Numsa's reinstatement
2015/03/02 07:18:31 AM

Eight affiliates of the Congress of SA Trade Unions have pledged not to participate in the federation's meetings until Numsa is reinstated.

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IPL
Heads up: Imperial 1H15 results - acquisitions provide a favourable gloss to these results
2015/03/02

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ITU
Heads up: Intu FY14 results- Still no growth
2015/03/02

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BTI
Heads up: BAT FY14 results
2015/03/02

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BIL
Heads up: BHP Billiton - progressive dividend intact for now
2015/02/27

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SHP
Heads up: Shoprite 1H15 results - A good result in the current environment
2015/02/27

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SUR
Heads up: Spur Corporation 1H15 results - operationally, in good shape
2015/02/27

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NED
Heads up: Nedbank FY14 results
2015/02/27

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AFE
Heads up: AECI FY14 results - resilient as focused diversification pays off
2015/02/26

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SPG
Heads up: Super Group 1H15 results - what do Super Group and Telkom have in common?
2015/02/26

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AIP
Heads up: Adcock Ingram- Review of 1H15 results
2015/02/25

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  18,132.70   -81.72  -0.4%
DJ Trans  9,024.52   -57.65  -0.6%
NASDAQ  4,963.53   0.00  0.0%
NYSE S and P500 INDEX  2,104.50   -6.24  -0.3%
FTSE 100  6,933.20   -13.46  -0.2%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  11,390.70   -10.96  -0.1%
HONG KONG HANG SENG INDEX  24,887.44   64.15  0.3%
NIKKEI 225 INDEX  18,826.88   28.94  0.2%
Major JSE Indices*
Name Value Move
OVERALL  53027   -316.75  -0.6%
TOP 40  46869   -293.10  -0.6%
ALL GOLD  1376   -5.19  -0.4%
INDUSTRIAL  66044   -305.60  -0.5%
FINANCIAL  16876   -35.44  -0.2%
RESOURCES  45079   -650.55  -1.4%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  9.14   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.12   0.00 0.3%
ZAR/ / EUR  13.18   0.27 2.1%
USD/ / GB  1.54   0.00 0.0%
ZAR/ / GBP  18.04   0.30 1.7%
YEN/ / ZAR  10.26   10.16 10,451.9%
JPY/ / USD  119.73   0.02 0.0%
ZAR/ / USD  11.73   0.20 1.8%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  61.42   -1.16 -1.9%
Palladium  815.75   -2.25 -0.3%
Platinum  1,186.07   -2.68 -0.2%
Silver  16.63   0.02 0.1%
Gold  1,214.95   1.40 0.1%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
Chemical Specialities  22.2
CENMAG HOLDINGS LTD  22.0
Conduit Capital Ltd  15.2
ANOORAQ RESOURCES CORP  11.6
Top 5 Losers -- Delayed
Forbes & Manhatt Coal  -16.7
Cognition Holdings Ltd  -14.5
Purple Group Ltd  -11.4
The Waterberg Coal Co  -10.0
Eastern Platinum Ltd  -9.9

PRICES (15 minute delay)

Discovery Ltd : DSY 11979  19 | The Pivotal Fund Ltd : PIV 1840  0 | Share Top 40 : J400 10559  -60 | Keaton Energy Hldgs Lt : KEH 210  10 | PrefEx Securities : PREFEX 1020  -5 |

SENS (15 minute delay)

| OML : Public Opening Position Disclosure/Dealing Disclosure by a Person with Interests| CIG02 : Consolidated Infrastructure Group Limited| DIB : Acquisition of a portfolio of retail letting enterprises and properties| BTI : Announces Audit Tender| TSX : Sales and production update| ACT : Appointment of Company Secretary| FVT : Condensed Consolidated Results For The Six Months Ended 31 December 2014| LON : Total Voting Rights and Capital as at 28 February 2015 - Regulatory Release| SCL : Change of address| MUR : Allocation of forfeitable shares in terms of the Murray & Roberts Holdings Forfei| SNT : Audited summary financial results for the year ended 31 December 2014| CND : Results of Annual General Meeting| AGL : Total voting rights| ASC : Fulfilment of outstanding conditions precedent regarding acquisition of The Scien| CLS : Dealings in securities by Company Secretary| AIA : Distributions: Tax treatment and salient dates| AIA : Condensed Unaudited Consolidated Interim Results for the 6 months ended 31 Decemb| BTI : Voting Rights and Capital| PLL : Quarterly Update on the Suspension of the Company| STPROP : Distribution Announcement - Salient Dates - STANSX, STAN40, STPROP| MSM : Trading of Massmart ordinary shares on behalf of the Massmart Share Trust| IPS : Update re settlement of funds owed by Rurelec PLC| JDG : Unaudited interim results for the six months ended 31 December 2014| BILNIK : Proposed Distribution Announcement - BILNIK| BILNIK : CANCELLATION OF S354775 Proposed Distribution - BILNIK| BILNNH : Proposed Distribution Announcement - BILNNH| BILNNH : CANCELLATION OF S354776 Proposed Distribution - BILNNH| ETFPLT : Listing of additional AfricaPlatinum debentures -| CLN192 : Interest Rate Announcement| CLN275 : Interest Rate Announcement - CLN275| ANS : Further update on acquisition of Parsec Holdings (Pty) Ltd, specific issue and wi| SHP : Dealings in securities by alternate director of main subsidiary| CLN126 : Interest Rate Announcements| PMM16 : New Financial Instrument Listing - PMM16| AMS : No change statement and notice of annual general meeting| KBO : Raises ?950 000.00 in Share Placing| MRI : Change to the board| BILNNH : Proposed Distribution - BILNNH| TEX : Withdrawal of cautionary announcement| BILNIK : Proposed Distribution - BILNIK| VOD : Share dealings ? director of a major subsidiary| IPLIHF : IPLIHF - IPLIHG New positions| FCR : Appointment of Financial Adviser and Grant of Options| BAWP : Director?s Dealings In Securities| NT1 : Notification of director's dealings in Net1 securities| CLI : Dealing in Clientele Limited Shares| SAC : Preliminary summarised audited consolidated financial statements for the year end| ACE : Interim results for the six months ended 31 December 2014| DLT : Trading statement| BVT : Unaudited results for the half-year ended December 31 2014| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details