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Market Commentary
The Day Ahead for Friday 29 May 2015

U.S stocks closed Thursday’s trading session marginally lower as a lack of resolution on Greece debt talks and declining transports weighed on investor sentiment. The Dow Jones Industrial Average and the S&P500 declined by 0.2% and 0.13% respectively. Eastern markets are trading mostly higher this morning, with Shanghai’s stock market recovering from a sharp selloff in the previous session. The Nikkei and the Hang Seng are trading in positive territory this morning, both adding a quarter of a percent. Tencent is trading in the black by 1.8% whilst BHP Billiton has gained just under a percent thus far. The Australian ASX is trading stronger by 1.25%. Traders can expect a flat to positive start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Thursday 28 May 2015

Our local bourse started its trading session in negative territory taking its cue from weaker Asian markets, despite US markets ending well in the black. After moving sharply lower in the opening minutes our index rebounded into positive territory before selling after the US open to end the day marginally lower by 0.23%. Our Property stocks saw continued weakness with the index retreating by 1.98%. Fountainhead, Emira, SA Corporate and Resilient all declined in the region of 4%. Our health care sector which has seen some pressure of late managed to recover some of those losses with the index adding 1.72% for the session. Life Health Care, Mediclinic and Netcare added 2.92%, 3.55% and 2.01% respectively for the day. On the data front, Gross domestic product figures out of the UK showed that GDP came in at 0.3%, slightly below forecasts for an increase of 0.4%. Applications for U.S jobless benefits remained below 300 000 for the 12th straight week, increasing by 7000 to 282,000 in the week ended May 23. Pending home sales in April rose by 3.4% which was the highest level reached in nine years. On the company front, Reinet released their consolidated audited financial results for the year ended 31 March 2015 indicating a net asset value (NAV) of EUR 5.07 billion, an increase of 23% from the prior period. This relates to a NAV per ordinary share of EUR 25.91. They also declared an initial dividend per share of EUR 0.153. The Foschini group released their preliminary consolidated results for the year ended 31 March 2015, highlighting that group turnover increased by 13.6% to R16.1 billion while generating strong cash sales growth of 19.6% which now represents 45.6% of TFG’s turnover. Headline earnings per share from continuing operations (excluding once-offs) was up by 9.7% to 898 cents. Final distribution of script with a cash dividend alternative of 325,0 cents per share was declared. Total value traded for the day came in at R18bn.

News Articles
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Fin24.com | Harmony to slash more than 3 000 jobs - NUM
2015/05/30 10:21:07 AM

Gold producer Harmony Gold is in talks with unions to cut more than 3 000 jobs at its Doornkop mine, says the National Union of Mineworkers.

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Fin24.com | EU takes Germany to court over airport security controls
2015/05/29 09:00:03 PM

The European Commission is taking Germany to the European Court of Justice for failing to adequately monitor security measures at some German airports.

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Fin24.com | Harmony to slash over 3 000 jobs - NUM
2015/05/29 08:00:43 PM

Gold producer Harmony Gold is in talks with unions to cut more than 3 000 jobs at its Doornkop mine, says the National Union of Mineworkers.

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Fin24.com | Regulator says Vatican bank needs more reform
2015/05/29 08:00:03 PM

The Vatican bank has made good progress in transparency but needs more changes to consolidate anti-laundering reforms, says a regulator.

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Fin24.com | Workers at UK Tata Steel decide to strike
2015/05/29 07:43:39 PM

UK's biggest trade union has voted to go on strike, setting the scene for the biggest labour action in the British steel sector in three decades.

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Fin24.com | SA wealth managers, private banks push dynamism
2015/05/29 07:13:40 PM

Wealth managers and private banks are pushing the boundaries every year, shows a survey by a research firm.

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Fin24.com | Libya on verge of economic collapse - UN envoy
2015/05/29 07:00:21 PM

Libya is on the verge of economic collapse as rival factions haggle over a political settlement, says the United Nations special envoy.

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Fin24.com | Nigeria's economy in 'deep trouble'
2015/05/29 06:12:15 PM

The new Nigerian president says his country is in "deep trouble" and needs careful management to overcome the impact of low oil prices, among others.

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Fin24.com | Municipalities hear Eskom's threat and pay up
2015/05/29 05:54:38 PM

Eskom’s threat to cut off 20 municipalities with arrears debt has clearly worked, after it announced that only three municipalities had not settled their debt.

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Fin24.com | 5 ways to be a super work star
2015/05/29 05:29:54 PM

According to Kevin Roberts, worldwide executive chair of Saatchi and Saatchi, one needs five things to be successful in a job these days.

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Fin24.com | Ex-Madoff auditor, employee co-operate to avoid jail
2015/05/29 04:51:17 PM

A former outside auditor and a former human resources employee of Bernard Madoff's firm have avoided jail by co-operating with authorities investigating a Ponzi scheme.

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Fin24.com | Fuel increase knock for motorists
2015/05/29 04:46:26 PM

The Department of Energy has announced more petrol price increases for June.

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Fin24.com | SA records R2.5bn trade deficit
2015/05/29 04:23:36 PM

Southern Africa has recorded a trade deficit of R2.51bn in April, data shows.

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Fin24.com | Unanswered questions on Eskom’s price hike application
2015/05/29 04:13:23 PM

Chris Yelland outlines why Eskom may be wrong in its calculations for the extra tariff hike application to energy regulator Nersa.

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Fin24.com | V and A Waterfront geared for winter variety
2015/05/29 04:06:49 PM

The V and A Waterfront in Cape Town is ready to prove that winter in the Mother City does not mean one has to sit at home.

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Fin24.com | Plans for R1.5bn fund for miners with lung disease
2015/05/29 03:54:23 PM

The government is planning a R1.5bn compensation fund for miners suffering from lung diseases affecting 500 000 people, says Health Minister Aaron Motsoaledi.

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Fin24.com | Irish ready for more business with SA
2015/05/29 03:22:03 PM

A high-level trade mission from Ireland facilitated by Enterprise Ireland is in South Africa to look for trade partnerships and growth.

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Fin24.com | Cape Town ready for '2 weeks without power'
2015/05/29 02:44:10 PM

The possibility of a complete countrywide power failure has forced the Cape Town City Council to be prepared at the highest level for such an event.

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Fin24.com | Eurozone lending slows to standstill
2015/05/29 02:15:06 PM

Lending throughout the eurozone has failed to grow in April after a promising uptick a month earlier, a slip that tempers hopes for a rapid turnaround.

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Fin24.com | Molefe vows no planned load shedding this winter
2015/05/29 01:29:10 PM

South Africans could be living without load shedding this winter, if acting Eskom CEO Brian Molefe gets his way.

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VKE
Heads up: Vukile Property Fund FY15 Results - A bigger fund
2015/05/27

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ILV
Heads up: Illovo Sugar FY15 results - Disappointing performance, and expected to get weaker
2015/05/27

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FBR
Heads up: Famous Brands FY15 results - strong balance sheet supportive of future growth
2015/05/27

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CFR
Heads up: Richemont - FY15 results review
2015/05/25

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TSH
Heads up: Tsogo Sun FY15 results
2015/05/25

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SPP
Heads up: The Spar Group 1H15 results
2015/05/22

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RLO
Heads up: Reunert 1H15 results - a place to hide?
2015/05/21

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TBS
Heads up: Tigerbrands - mixed 1H15 results as expected
2015/05/21

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PFG
Heads up: Pioneer Foods 1H15 results - Delivering on strategic initiatives, but all in the price
2015/05/21

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ARL
Heads up: Astral 1H15 results - As good as it gets?
2015/05/20

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  18,019.62   -106.50  -0.6%
DJ Trans  8,293.43   -73.99  -0.9%
NASDAQ  5,064.68   -33.30  -0.7%
NYSE S and P500 INDEX  2,105.79   -15.00  -0.7%
FTSE 100  6,968.68   -72.24  -1.0%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  11,404.82   -272.75  -2.3%
HONG KONG HANG SENG INDEX  27,424.19   -30.12  -0.1%
NIKKEI 225 INDEX  20,563.15   11.69  0.1%
No Data at Present
Currencies
Name Value Move
ZAR/ / AUD  9.29   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.10   0.01 0.7%
ZAR/ / EUR  13.33   0.21 1.6%
USD/ / GB  1.53   -0.01 -0.5%
ZAR/ / GBP  18.51   0.06 0.3%
YEN/ / ZAR  10.26   10.16 10,408.6%
JPY/ / USD  124.07   0.14 0.1%
ZAR/ / USD  12.15   0.12 1.0%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  64.57   1.77 2.8%
Palladium  779.28   2.55 0.3%
Platinum  1,112.80   -3.70 -0.3%
Silver  16.71   0.04 0.2%
Gold  1,188.78   -1.14 -0.1%
Top 5 Gainers -- Delayed
Goliath Gold Mining Lt  112.5
SABLE PLATINUM LTD  31.9
Chrometco Ltd  30.0
ZCI Limited  25.0
Central Rand Gold Ltd  25.0
Top 5 Losers -- Delayed
Beige Holdings Limited  -33.3
Nutritional Holdings L  -25.0
Forbes & Manhatt Coal  -16.7
RBA Holdings Ltd  -15.0
Sycom Property Fund  -14.1

PRICES (15 minute delay)

ABSA Bank Ltd Pref : ABSP 79950  0 | SRI SWIX Index : J101 8754  -100 | Esor Limited : ESR 23  1 | Attacq Limited : ATT 2350  -50 | Wescoal Holdings Ltd : WSL 190  -8 |

SENS (15 minute delay)