Market Commentary News Research  
Market Commentary
The Day Ahead for Friday 28 April 2017

Yesterday, US markets were relatively flat with the Dow Jones Industrial Average and the S&P500 gaining 0.03% and 0.07% respectively. Asian markets are trading in the red this morning with the Hang Seng and the Nikkei traded lower by 0.45% and 0.18% respectively. Tencent is down by 0.74% whilst BHP Billiton has lost 1.09% in Australia this morning. The Australian ASX is marginally lower, down 0.14% on the day. Traders can expect a flat start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Wednesday 26 April 2017

On Wednesday, local markets enjoyed some strength on the back of a weaker rand. The gains were led by the Resource Sector and the Top 40 Index, which ended the day higher by 1.43% and 0.99% respectively. By the close of trade, the All-Share Index managed to post a gain of 0.79% to end the day at 53,680 which is the highest close since September last year. On the company front, Gold Fields released an operations update for the March 2017 quarter. This indicated that attributable equivalent gold production for the quarter was 3% lower year on year at 497koz. All-in sustaining costs were 6% higher year on year at US$1,016oz and all-in costs were 13% higher year on year at US$1,114oz. The average US$ gold price achieved in the quarter was 2% higher year on year at US$1,216oz. The average Australian dollar for the quarter was 0.75, while the average South African rand for the quarter was 13.27. At South Deep production was negatively impacted by the two fatal accidents and three falls of ground in the higher grade section of the mine which has resulted in a deferral of mining higher grade areas. Consequently, gold production was 1,424kg (45.8koz), down 28% year on year. All-in costs were 26% higher year on year at R777, 497kg (US$1,821oz). Impala Platinum released its quarterly production report for the quarter ended 31 March 2017, showing that gross refined platinum production decreased by 6.2% to 331 000 platinum ounces, compared to 353 000 platinum ounces in the prior comparable period. The decline in production during the quarter under review, compared to the prior corresponding period, is largely as a result of Zimplats material that was released from processing inventory during the quarter ended 31 March 2016. In addition, community disruptions were experienced at Marula and Two Rivers during the current quarter, which affected production. Sibanye Gold announced that the requisite majority of Stillwater shareholders, resolved to approve the Sibanye acquisition, at the Stillwater shareholders’ meeting held on 25 April 2017. All major conditions precedent to the transaction have thus been met to the parties’ satisfaction. The completion of the Transaction remains subject to the satisfaction or waiver of certain customary closing conditions set forth in the Merger Agreement. Although no assurance can be given as to if and when the transaction will be completed because it remains subject to such customary closing conditions, the parties expect the transaction to close on Thursday, 4 May 2017. The total value traded for the day was R16.4bn.

News Articles
imageattribute
Fin24.com | Kemm: Court ruling didn't kill off SA’s nuclear plan
4/28/2017 5:31:31 PM

The high court judgment on South Africa's nuclear build programme may be a set back, but certainly is not a derailment, says Necsa chairperson Dr Kelvin Kemm.

More

imageattribute
Fin24.com | GM truck and SUV build boosts profit
4/28/2017 5:15:01 PM

General Motors have started the year on pace for another record annual profit, fuelled by cost cuts, new models and ample inventory after plants cranked up production before being retooled this year.

More

imageattribute
Fin24.com | ExxonMobil profits more than double on higher oil prices
4/28/2017 5:00:02 PM

ExxonMobil has reported that first-quarter earnings more than doubled as increased oil prices translated into higher profits after a lengthy slump.

More

imageattribute
Fin24.com | Greenpeace disrupts Credit Suisse meet over pipeline financing
4/28/2017 5:00:00 PM

Greenpeace activists disrupted a Credit Suisse shareholder meeting to protest the bank's alleged financing of the controversial Dakota Access pipeline in the US.

More

imageattribute
Fin24.com | Air Berlin reports heavy losses as restructuring begins
4/28/2017 4:05:48 PM

Struggling German airline Air Berlin has reported a fresh loss for the financial year 2016, as it takes the first steps in a far-reaching restructuring launched last year.

More

imageattribute
Fin24.com | Old Mutual divests from Indian life insurance business
4/28/2017 3:38:12 PM

Old Mutual intends to sell its stake in its life insurance joint venture in India.

More

imageattribute
Fin24.com | Sfiso Buthelezi: The word radical may scare, but it's same as inclusive growth
4/28/2017 3:23:15 PM

Deputy Finance Minister Sfiso Buthelezi says there is no difference between radical economic transformation and inclusive growth.

More

imageattribute
Fin24.com | US economy expands at slowest pace in three years
4/28/2017 3:00:00 PM

The US economy has expanded at the slowest pace in three years as weak auto sales and lower home-heating bills dragged down consumer spending.

More

imageattribute
Fin24.com | Cabinet praises Gigaba's investor talks, FDI status
4/28/2017 2:07:14 PM

Cabinet has lauded the successful engagement Finance Minister Malusi Gigaba had with investors and the global finance community.

More

imageattribute
Fin24.com | UK's landlord levy raises $1.3bn more than expected
4/28/2017 1:55:57 PM

A levy on landlords and second-home owners that roiled sales of property rentals is becoming increasingly important for UK government coffers as home sales fall.

More

imageattribute
Fin24.com | Old Mutual Wealth appoints new chief financial officer
4/28/2017 1:00:04 PM

Old Mutual Wealth has appointed Tim Tookey as its new chief financial officer.

More

imageattribute
Fin24.com | EU mulls starting UK trade talks
4/28/2017 1:00:02 PM

European governments are considering granting UK Prime Minister political cover by allowing Brexit talks to advance to trade before an agreement is made on a specific exit fee.

More

imageattribute
Fin24.com | US farmers hope NAFTA survives the Trump era
4/28/2017 12:00:00 PM

President Donald Trump's threat to abandon the North American Free Trade Agreement has US farmers worried their access to Canadian and Mexican export markets could shrink.

More

imageattribute
Fin24.com | 13 big businesses urge Trump to stay in Paris deal
4/28/2017 11:30:01 AM

Thirteen big businesses has urged US President Donald Trump to keep the United States in the Paris Agreement on climate change.

More

imageattribute
Fin24.com | Argentina farmers stage vegetable giveaway to protest low prices
4/28/2017 11:00:07 AM

Farmers in Argentina have given away truckloads of vegetables in central Buenos Aires in a protest that highlighted the growing ranks of poor in the country.

More

imageattribute
Fin24.com | UK house prices fall amid pinch on consumers
4/28/2017 10:30:02 AM

UK house prices have fallen for a second month in April, adding to signs of consumer weakness, according to Nationwide Building Society.

More

imageattribute
Fin24.com | New coal plants face environmental challenge
4/28/2017 10:25:13 AM

A Civil rights group body is considering legal action against government and power station developers if proposed coal plants proceed without environmental impact assessments.

More

imageattribute
Fin24.com | SA's minimum wage could hurt small firms and rural workers
4/28/2017 9:20:04 AM

With its raging unemployment and many low-paying jobs, South Africa faces a dilemma as it introduces a national minimum wage.

More

imageattribute
Fin24.com | Nuclear judgment: what government now needs to do
4/27/2017 9:00:02 PM

The court ruling setting aside government’s nuclear cooperation agreements means it now has to act rationally and adhere to due administrative process, says civil rights body OUTA.

More

imageattribute
Fin24.com | Visa improvements boost business travel - report
4/27/2017 5:28:35 PM

Visa improvements play an important role in growing business travel to a destination, according to a report by Travelport and the World Travel and Tourism Council.

More

CLS
Heads up: Clicks 1H17 results - Another good set of results
4/24/2017

.....

More

PIK
Heads up: Pick n Pay FY17 results - Efficiencies drive earnings growth
4/21/2017

.....

More

ASC
Heads up: Ascendis 1H17 results
4/21/2017

.....

More

FSR
Heads up: FirstRand Limited - 1H17 results for the six months ended 31 December 2016
4/20/2017

.....

More

SUI
Heads up: Sun International FY16 results - Betting on the macro environment
4/19/2017

.....

More

CPI
Heads up: Capitec Bank Holdings Limited - FY17 results
4/18/2017

.....

More

NED
Heads up: NED FY16 results
4/18/2017

.....

More

NPN
Heads up: Tencent - exceptional FY16 results
4/5/2017

.....

More

IMP
Heads up: Impala 1H17 results
4/5/2017

.....

More

ADH
Heads up: Advtech FY16 results
4/5/2017

.....

More

Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  20,949.34   -31.99  -0.2%
DJ Trans  9,125.88   -68.11  -0.7%
NASDAQ  6,049.09   0.15  0.0%
NYSE S and P500 INDEX  2,386.91   -1.86  -0.1%
FTSE 100  7,214.07   -23.10  -0.3%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  12,452.23   8.44  0.1%
HONG KONG HANG SENG INDEX  24,615.13   -83.35  -0.3%
NIKKEI 225 INDEX  19,196.74   -55.13  -0.3%
Major JSE Indices*
Name Value Move
OVERALL  53817   136.62  0.3%
TOP 40  47072   87.28  0.2%
ALL GOLD  1361   -11.83  -0.9%
INDUSTRIAL  72395   320.58  0.4%
FINANCIAL  15047   39.55  0.3%
RESOURCES  32347   -146.93  -0.5%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  9.97   0.00 0.0%
ZAR/ / CHF  13.50   0.00 0.0%
USD/ / EUR  1.09   0.00 0.0%
ZAR/ / EUR  14.54   -0.04 -0.2%
USD/ / GB  1.29   0.00 0.0%
ZAR/ / GBP  17.23   -0.05 -0.3%
YEN/ / ZAR  8.38   8.26 6,908.6%
JPY/ / USD  111.46   0.19 0.2%
ZAR/ / USD  13.34   0.00 0.0%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  51.65   -0.42 -0.8%
Palladium  829.96   14.16 1.7%
Platinum  949.10   8.10 0.9%
Silver  17.21   -0.05 -0.3%
Gold  1,267.36   3.26 0.3%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
Bell Equipment Ltd  29.1
Wescoal Holdings Ltd  17.5
Deneb Investments Ltd  15.6
Trans Hex Group Ltd  14.5
Top 5 Losers -- Delayed
Ferrum Crescent Limite  -25.0
Forbes & Manhatt Coal  -16.7
African Equity Emp Inv  -12.9
Visual International H  -9.1
Delta EMD Ltd  -9.1

PRICES (15 minute delay)

Rainbow Chicken Ltd : RBW 1650  -10 | Life Healthc Grp Hldgs : LHC 2873  -21 | Coal of Africa Ltd : CZA 50  0 | Automobiles : J335 5186  136 | Capped INDI : J311 72392  320 |

SENS (15 minute delay)

| FDP : Quarterly update in terms of section 1.10(C) of The Listings Requirements| TRE : Reviewed provisional results for the year ended 31 December 2016 and declaration| AGL : Notification of transaction by a PDMR| PAN : TR-1: notification of major interest in shares| PSG : Dealing in PSG Shares by Directors and/or their Associates| BEER02 : BEER02 - Availability of annual financial statements| HLM : Delivery of shares to a director in terms of the Long Term Incentive Plan Scheme| CML : Assets under Management| MNK : Trading Statement| RCL : Acceptance by directors of conditional share awards in terms of the RCL Foods Lim| RDFC34 : Interest Rate Reset: RDFC34| AEL : Altron Business Update and Trading Statement| KEH : Further extension of the call option granted to Moneybox Investments 156 (Pty) Lt| EPFC28 : EPFC28 - Maturity Announcement| HLM : Purchase of Securities by the Long Term Incentive Plan Scheme - 2007| OML : Notification of Major Interest in Shares| MRI : Quarterly update and appointment of director| CMH : No Change statement and notice of annual general meeting| OML : Form 8.3 - Public Opening Position Disclosure ? WS Atkins Plc| NEP : Symbol [NEP]| SFN : Symbol [SFN]| INL : Symbol [INL]| LAB : Renewal of cautionary announcement| BGA : Changes to the Barclays Africa Group board| DMC : Notice of intention to appoint administrators and Corporate Update| ALH : Results of the General Meeting of Shareholders| HWN : Notification in terms of section 122 of the Companies Act, No 71 of 2008| CZA : Holdings in Company| CLR : Renewal of cautionary announcement| AVL : Cautionary Announcement| MAS : Delisting Announcement| TAW : Quarterly Activities Report For the quarter to 31 March 2017| PRE1A3 : Symbol [PRE1C1]| EPP : Acquisition of A4 Business Park Phase III| IDQ : Indequity Interim Results for the Six Months ended 31 March 2017| MDP : Update regarding the proposed rights offer and renewal of cautionary announcement| AMS : Dealings in securities by directors of the Company and directors of a major subsi| CCO : Total Voting Rights ? Disclosure| TAW : Capital Raising Completed to commence capital works| BNPASI : Symbol [BNPWOR]| CZA : Report for the quarter ended 31 March 2017| ACL : ACL - Change in Sponsor| CZA : Appendix 5B Mining exploration entity and oil and gas exploration entity quarterl| SBS53 : New Financial Instrument Listing Announcement - SBS53| CCO : Notification of New Chairmanship| DIVTRX : Listing of 1 798 517 additional DivTrax Securities - DIVTRX| HLM : Chairman?s Statement at the Annual General Meeting| HLM : Results of the Annual General Meeting| BGA : Reference to Barclays PLC first quarter 2017 results announcement| OML : Old Mutual Wealth Appoints Tim Tookey as Chief Financial Officer| OML : Old Mutual Wealth Gross, Net Flows and FUM Update Q1 2017| RPL : Notice to Redefine International shareholders in respect of an election to receiv| OML : Old Mutual Sells Stake in Kotak Mahindra Old Mutual Life Insurance Limited| DBXEU : Listing of Additional Securities - DBXEU| FCR : Quarterly Activities and Cashflow Report For the period ended 31 March 2017| S32 : Quarterly report - March 2017| OML : Form 8.3 Disclosure| BTI : Retirement of Dr Gerry Murphy: disclosures required by section 430(2B), Companies| BTI : Results Of Voting At 2017 Annual General Meeting| MEI : Abu Dhabi regulatory update| RSG : Quarterly Report for the three months ended 31 March 2017| FCR : Update re: Moonlight Iron Ore Project, South Africa| GLN : GLN - TR-1 Notification of Major Interest in Shares| OAO : Interim financial results to 31 March 2017| SSN047 : Tap Issue Announcement - SSN047| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details