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Market Commentary
Market Commentary for Tuesday 22 August 2017.

Our local bourse started the trading session 0.55% higher on Tuesday boosted by miners & retailers. The all share continued to trade higher as the day progressed with our market eventually finishing the day 1.05% stronger at the close. The best performer for the day was the Industrial sector, appreciating 1.28% by market close. Leading the upside were Shoprite and Imperial Holdings, climbing by 8.01% and 6.11% respectively. Our Financial sector followed on closely and finished 1.11% higher, driven largely by Standard Bank which closed the day 1.95% stronger. On the company front, Imperial Holdings released their preliminary summarised audited results for the year ended 30 June 2017. Financial highlights include Revenue up 1% to R119, 5 billion. Operating profit up 2% to R6, 5 billion. Headline earnings per share down 10% to 1 390 cents per share. Earnings per share down 14% to 1 339 cents per share. Cash generated by operations up to R9, 1 billion. Full year dividend is down 18% to 650 cents per share. BHP Billiton PLC released their results for the year ended 30 June 2017. Attributable profit of US$5.9 billion includes an exceptional loss of US$842 million after tax. Underlying attributable profit of US$6.7 billion, compared to US$1.2 billion in the prior period. Profit from operations of US$11.8 billion, compared to a loss of US$6.2 billion in the prior period. A final dividend of 43 US cents has been declared. Shoprite Holdings released their results for the year ended 2 July 2017. Trading profit is up 11.6% to R8 billion. Turnover increased 8.4% - from R130 billion to R141 billion. Diluted headline earnings per share rose 11.9% - from 900 cents to 1,007 cents. Earnings before interest, tax, depreciation & amortisation increased by 6.8% - from R9.4 billion to R10 billion. Dividend per share declared 504 cents, an increase of 11.5% over the 452 cents of the corresponding period. Impala Platinum Holdings Ltd release a trading statement for the year ended 30 June 2017. They have advised shareholders that Implats’ headline earnings per share is expected to be a loss of between 125 and 150 cents per share. Basic earnings per share are expected to be a loss of between 1 030 and 1 235 cents per share. . On the Economic front, The ZEW Indicator of Economic Sentiment for the Euro Area fell to 29.3 in August of 2017 from 35.6 in the previous month, below market expectations of 34.2. Redbook Index in the United States increased by 3.20% in the week ending August 19 of 2017 over the same week in the previous year. The average prices of single-family houses with mortgages guaranteed by Fannie Mae and Freddie Mac in the United States edged up 0.1% month-over-month in June 2017, following a downwardly revised 0.3% rise in May and missing market expectations of 0.4%. Year-on-year, prices went up 6.5% after an increase of 6.9% in May. Total value traded for the day was R17.88 bn.

Market Commentary
The Day Ahead for Wednesday 23 August 2017.

Wall Street ended the day in positive territory on Tuesday with the Dow Jones Industrial Average and the S&P500 gaining 0.90% and 0.99% respectively, amid reports the Trump team and lawmakers may be making progress toward pro-business reforms. The Nikkei is trading higher by 0.27% this morning. The Hong Kong market is currently closed due to typhoon warnings. BHP Billiton has gained 0.90% this morning. The Australian ASX is trading weaker by 0.31% thus far. Traders can expect a positive start to trading on our local bourse this morning.

News Articles
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Fin24.com | BLSA launches fightback against #WMC
8/23/2017 11:15:31 AM

BLSA has launched a ‘contract with South Africa’ to fight White Monopoly Capital by focusing on job creation, inclusive economic growth, empowering black business and crushing corruption.

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Fin24.com | French manufacturing propels economic growth as services slow
8/23/2017 11:15:00 AM

French manufacturing has unexpectedly expanded at the fastest pace since 2011, underpinning a recovery in the eurozone’s second-largest economy.

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Fin24.com | LIVE: Myeni blames 'expatriates' for SAA woes
8/23/2017 10:44:39 AM

SAA and National Treasury are briefing Parliament on fruitless and wasteful expenditure at the national airline.

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Fin24.com | LIVE: SAA operates over 60 planes, but owns only nine
8/23/2017 10:25:15 AM

SAA and National Treasury are briefing Parliament on fruitless and wasteful expenditure at the national airline.

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Fin24.com | PPC reports positive first-quarter volumes in most markets
8/23/2017 10:21:38 AM

In a trading update, Pretoria Portland Cement says it has made its first payments totalling $32m towards funding commitments in the DRC.

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Fin24.com | JUST IN: Inflation continues downward trend to 4.6%
8/23/2017 10:14:46 AM

July inflation declined to 4.6%. This is down from the annual inflation of 5.1% reported in June, according to StatsSA.

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Fin24.com | LIVE: SAA will review giving passengers free newspapers
8/23/2017 10:11:45 AM

SAA and National Treasury is briefing Parliament on fruitless and wasteful expenditure at the national airline.

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Fin24.com | LIVE: SAA execs must get permission if they want a free ride - Dudu Myeni
8/23/2017 10:02:32 AM

SAA and National Treasury is briefing Parliament on fruitless and wasteful expenditure at the national airline.

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Fin24.com | Guptas sell Tegeta to Swiss owner
8/23/2017 9:59:46 AM

Gupta-owned Oakbay Investments has sold Tegeta Exploration and Resources to Swiss-based Charles King SA for R2.97bn, it has announced.

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Fin24.com | LIVE: SAA briefs Parliament on fruitless and wasteful expenditure
8/23/2017 9:45:09 AM

SAA and National Treasury is briefing Parliament on fruitless and wasteful expenditure at the national airline.

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Fin24.com | BREAKING: Guptas sell Tegeta to Swiss owner
8/23/2017 8:28:21 AM

Gupta-owned Oakbay Investments has sold Tegeta Exploration and Resources to Swiss-based Charles King SA for R2.97bn, it has announced.

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Fin24.com | The poor spend most of their income on food
8/23/2017 6:00:57 AM

Data from Statistics South Africa revealed that poor households spend most of their income on food, compared to richer households.

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Fin24.com | South Africans work harder for cheaper meat - study
8/22/2017 9:24:00 PM

South Africa’s meat is 20% cheaper than the world average, but South Africans have to work more hours than their counterparts in other countries to afford it, a study shows.

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Fin24.com | TOP 7 on Fin24: Eskom, nuclear, poverty in South Africa and Vodacom's disappearing data
8/22/2017 7:58:33 PM

In case you missed it #ICYMI, here is a roundup of today's top 7 reads on Fin24.

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Fin24.com | Eskom can now pursue R60bn in tariff hikes
8/22/2017 5:51:31 PM

Eskom has been given the green light to pursue up to R60bn in clawback tariffs, after a Constitutional Court ruling.

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Fin24.com | Leaked AG report points to irregular nuclear tenders
8/22/2017 4:50:16 PM

The Auditor-General has allegedly found gross irregularities in a nuclear tender awarded to the son of President Jacob Zuma’s benefactor, Vivian Reddy.

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Fin24.com | Home prices in US rises 6.6% in the second quarter
8/22/2017 3:52:48 PM

Home prices in the US have increased 6.6% in the second quarter from a year earlier as buyers competed for a shrinking supply of listings.

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Fin24.com | Even in the best democracies statisticians are not safe - Pali Lehohla
8/22/2017 2:49:10 PM

Statistics create a platform for policymakers to engage and prescribe solutions to the country’s challenges, says Statistician General Pali Lehohla.

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Fin24.com | UK asks EU to leave legal relationships untouched by Brexit
8/22/2017 2:22:14 PM

The UK wants to keep London at the centre of European commercial legal disputes after Brexit. Except, without the European Court of Justice.

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Fin24.com | Energy minister on clean-up mission at department
8/22/2017 12:47:25 PM

Energy Minister Mmamoloko Kubayi is on a clean-up mission at the Department of Energy, amid a period of high vacancies and allegations of irregularities.

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ARH
Heads up: ARB Holdings FY17 results - a dividend underpin
8/23/2017

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IPL
Heads up: Imperial FY17 results...don`t overstay your welcome
8/23/2017

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CLH
Heads up: City Lodge FY17 results - Occupancies down 3% as business travel stalls
8/22/2017

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TRU
Heads up: Truworths - Review of FY17 results
8/22/2017

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AGL
Heads up: Anglo American 1H17 results
8/22/2017

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RES
Heads up: Resilient FY17 results- Still resilient and more diversified
8/18/2017

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FFB
Heads up: Fortress FY17 results- Betting on listed assets and developments
8/18/2017

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AFE
Heads up: AECI 1H17 results
8/17/2017

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MPT
Heads up: Mpact 1H17 results - short term earnings under pressure
8/15/2017

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OML
Heads up: Old Mutual 1H17 results - managed separation on track
8/15/2017

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  21,899.89   196.14  0.9%
DJ Trans  9,200.94   79.01  0.9%
NASDAQ  6,297.48   84.35  1.4%
NYSE S and P500 INDEX  2,452.51   24.14  1.0%
FTSE 100  7,392.52   10.78  0.1%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  12,218.98   -10.36  -0.1%
HONG KONG HANG SENG INDEX  27,401.67   246.99  0.9%
NIKKEI 225 INDEX  19,434.64   50.80  0.3%
Major JSE Indices*
Name Value Move
OVERALL  56302   268.46  0.5%
TOP 40  49874   285.58  0.6%
ALL GOLD  1370   7.10  0.5%
INDUSTRIAL  76590   626.44  0.8%
FINANCIAL  15741   69.50  0.4%
RESOURCES  34682   -48.19  -0.1%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  10.45   0.00 0.0%
ZAR/ / CHF  13.77   0.04 0.3%
USD/ / EUR  1.18   0.00 -0.3%
ZAR/ / EUR  15.61   0.06 0.4%
USD/ / GB  1.28   -0.01 -0.8%
ZAR/ / GBP  16.92   -0.02 -0.1%
YEN/ / ZAR  8.29   -0.03 -0.3%
JPY/ / USD  109.34   -0.41 -0.4%
ZAR/ / USD  13.25   0.10 0.8%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  51.71   0.12 0.2%
Palladium  934.90   3.57 0.4%
Platinum  977.85   1.85 0.2%
Silver  17.00   0.04 0.2%
Gold  1,286.90   2.76 0.2%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
Sekunjalo Inv Ltd  13.0
ANOORAQ RESOURCES CORP  11.6
Tharisa plc  7.6
Nu-World Hldgs Ltd  6.7
Top 5 Losers -- Delayed
Hwange Colliery Ltd  -24.5
Oando plc  -20.0
PBT Group Limited  -18.2
eXtract Group Limited  -16.7
Forbes & Manhatt Coal  -16.7

PRICES (15 minute delay)

Woolworths Holdings Lt : WHL 6773  48 | Coronation Fund Mngrs : CML 7036  36 | Nutritional Holdings L : NUT  0 | Gold Fields Ltd : GFI 5781  -19 | Rhodes Food Grp Hldg L : RFG 2300  49 |

SENS (15 minute delay)

| VRI708 : Publication of the Transaction Documents| DBRMIG : Redemption payable on expiry of STUB certificate DBRMIG| SOLSTN : SCIB: The Standard Bank Of South Africa - dividend announcement in relation to SO| CBL17 : Interest Rate Reset Announcement| VIS : Extension of Time for Posting of Mosegedi Circular| AGLSBG : Symbol [SNHSBI]| TOPSKA : Symbol [TOPSKA]| AGLSBV : Symbol [TOPSBN]| EXX : Symbol [EXX]| L4L : Announcement relating to the acquisition by Long4Life of Inhle Beverages| GRF : Posting of integrated annual report and details of annual general meeting| AWA : Dividend for the quarter ended 30 June 2017 - Salient dates and tax treatment| GLPROP : Listing of 200 000 additional GLPROP Securities| DST : Retirement of non-executive directors| SPIB18 : New Listing SPIB18| SNH : Steinhoff Africa Retail Limited (?Star?) - Intention To Float Announcement| TDH : Symbol [TDH]| BRN : Symbol [BRN]| TPC : Reviewed Condensed Consolidated Results for the Year Ended 30 June 2017 and Divid| BIL : BHP Board Changes| SHG : Unaudited Interim results for the six months ended 30 June 2017| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details