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Market Commentary
The Day Ahead for Friday 24 June 2016

Wall Street ended the day in positive territory on Thursday with the Dow Jones Industrial Average and the S&P500 gaining 1.29% and 1.34% respectively, as investors grew more optimistic that Brexit was off the cards. Eastern markets are trading in negative territory this morning with the Nikkei and the Hang Seng index currently lower by 7.9% and 4.81% respectively. Tencent is trading in the red by 4.26% whilst BHP Billiton has lost 8.03% this morning. The Australian ASX is trading weaker by 3.37% thus far. Traders can expect a negative start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Thursday 23 June 2016

Our local bourse started the trading session in negative territory on Thursday following a lower close in American markets but reversed as the morning progressed. Afternoon trading did see the market pull back but again reversed in the final minutes of trading to eventually finish the day marginally higher by 0.05% at the close. The best performer for the day was the Platinum mining sector, appreciating 1.87% by market close. Leading the upside were Impala Platinum and Lonmin, climbing by 2.51% and 1.69% respectively. Our property sector bucked the trend and finished 0.35% lower, driven largely by Emira Property Fund which closed the day 3.33% softer. On the company front, shareholders were advised that Stellar Capital increased their shareholding in Torre from 33.86% to 35.46% through the acquisition on 22 June 2016 of a further 8 368 102 Torre ordinary shares. In financial results produced by BSI Steel for the year ended 31 March 2016, revenue was down 12.45%, headline earnings per share increased by 152% to 5.3cents while Net Asset Value (NAV) was up to 106cents. On the Economic front, the number of Americans filing for unemployment benefits decreased by 18,000 to 259,000 in the week ended June 18th compared with the previous period`s unrevised reading of 277,000. New US single-family home sales fell 6% to a seasonally adjusted annual rate of 551,000 in May of 2016, compared to a downwardly revised 586,000 in the previous month and market expectations of 560,000. The MarkitNikkei Flash Japan Manufacturing PMI came in at 47.8 in June of 2016, compared to the final figure in May of 47.7 and market expectations of 48.2. The MNI China business sentiment index rose to 54.5 in June of 2016 from 50.0 in May. It was the highest reading since October 2015 as an increase in new orders offset a decline in output. Total value traded for the day was R17.28bn.

News Articles
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Fin24.com | WATCH: Alec Hogg on why Brexit could be a good thing
6/24/2016 10:51:40 PM

The world is moving against a vote for big government and big business, and towards a vote for democracy, Alec Hogg tells Fin24 in reaction to the Brexit result.

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Fin24.com | Brexit 'perfect storm' for indebted SA consumers - experts
6/24/2016 10:48:23 PM

Brexit does not bode well for consumers already heavily in debt and SA is on the eve of a perfect storm, especially the poorest of the poor, says a debt expert.

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Fin24.com | G7 warns of 'adverse implications' over Brexit
6/24/2016 9:00:01 PM

Finance ministers and top central bankers from the Group of Seven have warned that Britain's vote to quit the European Union would have "adverse implications".

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Fin24.com | How Brexit could impact SA interest rates
6/24/2016 8:21:00 PM

In the worst-case post Brexit global scenario, the SA Reserve Bank may be left with little choice but to raise interest rates further, explains an economist.

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Fin24.com | Brexit means uncertainty for WC exporters – Wesgro
6/24/2016 8:17:42 PM

Wesgro will be working with Western Cape businesses to mitigate the negative effects of Britain’s exit from the European Union, it said on Friday.

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Fin24.com | ECB on market stand-by in wake of Brexit
6/24/2016 8:15:01 PM

The European Central Bank says it is on stand-by to open the liquidity floodgates should it become necessary in the meltdown sparked by Brexit.

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Fin24.com | Eskom, unions in war of words about wages, bonuses
6/24/2016 8:14:57 PM

Eskom and trade unions Numsa and NUM have embarked on a war of words about the power utility's wage offer and accusations are flying about multi-million rand bonuses.

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Fin24.com | UK economy plunges into Brexit unknown
6/24/2016 7:45:01 PM

Britain's economy has plunged into a dizzying unknown as the world economy braced for a hit to growth and unemployment after the vote to ditch the EU.

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Fin24.com | Mozambique's LAM to suspend flights to Angola
6/24/2016 7:23:06 PM

Mozambique's state-owned airline LAM will suspend flights to the Angolan capital Luanda from July, blaming financial and operational difficulties.

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Fin24.com | Gold mining firms granted partial leave to appeal silicosis ruling
6/24/2016 7:19:23 PM

The Johannesburg High Court has granted gold mining firms partial leave to appeal the South Gauteng High Court's silicosis judgment.

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Fin24.com | IMF urges 'smooth transition' to a new relationship
6/24/2016 5:30:01 PM

IMF chief Christine Lagarde has called on Britain and Europe to work together to ensure that Britain's exit from the European Union will take place smoothly.

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Fin24.com | British passport loses its shine after Brexit
6/24/2016 4:36:25 PM

There is now a possibility where South Africans with a UK passport could lose out on the privileges of living and working in Europe without applying for visas.

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Fin24.com | Brexit a possible boon for China, say analysts
6/24/2016 4:31:49 PM

Britain's decision to quit the world's largest single market presents China with a golden opportunity to seek better business terms with a more isolated UK, analysts say.

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Fin24.com | Investor-friendly policies will grow SA firms in Zim - experts
6/24/2016 4:20:24 PM

Zimbabwe’s export sector could benefit significantly from investor-friendly policies and resultant ramp-ups in mining and agricultural production, say experts.

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Fin24.com | SA's banking and financial institutions can withstand Brexit - Gordhan
6/24/2016 4:16:25 PM

Finance Minister Pravin Gordhan has reassured South Africans that the country's banking and financial institutions can withstand the financial shockwaves caused by the result of the Brexit referendum.

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Fin24.com | African assets slump as Brexit vote triggers commodity decline
6/24/2016 4:11:12 PM

Currencies, stocks and bonds across Africa have plunged after the UK’s vote to leave the EU triggered a slump in oil and other commodities and sent investors scurrying.

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Fin24.com | SA's financial institutions can withstand Brexit shock - Zuma
6/24/2016 4:11:02 PM

President Jacob Zuma has said government will “advise the South African public” about unfolding developments where necessary around the outcome of the Brexit referendum.

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Fin24.com | CEOs reassess UK investment after 'Lose-Lose' Brexit vote
6/24/2016 4:10:48 PM

From London to Paris to Tokyo, business leaders reacted with dismay to the UK’s vote to leave the EU with some of them warning the decision would slow economic activity.

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Fin24.com | London office prices seen falling 20% after Brexit vote
6/24/2016 4:10:39 PM

London office-property values may fall by as much as 20% within three years of the country leaving the EU as businesses relocate and the economy stagnates.

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Fin24.com | Brexit: Biggest winners and losers
6/24/2016 4:08:52 PM

Victory for the Leave campaign in the Brexit referendum will roil business, markets and politics. We present a sampling of some of likely winners and losers.

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SSS
Heads up: Stor-Age REIT FY16 results- Better than expected
6/21/2016

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MTN
Heads up: MTN update on the Nigerian fine
6/15/2016

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PIK
Heads up: Pick n Pay Stores Ltd & Pick n Pay Holdings Ltd - Elimination of PWK pyramid structure
6/14/2016

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PWK
Heads up: Pick n Pay Stores Ltd & Pick n Pay Holdings Ltd - Elimination of PWK pyramid structure
6/14/2016

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PFG
Heads up: Pioneer Foods 1H16 results - Solid performance during testing times
6/13/2016

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TFG
Heads up: The Foschini Group - results review for the year ended 31 March 2016
5/31/2016

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HCI
Heads up: HCI FYH16 results
5/31/2016

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TSH
Heads up: Tsogo Sun FY16 results - Expansions, refurbs and acquisitions
5/30/2016

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VKE
Heads up: Vukile Property Fund FY16 results- Solid core
5/27/2016

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REI
Heads up: Reinet FY16 results - slowly diversifying
5/26/2016

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  17,553.37   -457.70  -2.5%
DJ Trans  7,427.39   -244.14  -3.2%
NASDAQ  4,755.84   -154.20  -3.1%
NYSE S and P500 INDEX  2,054.30   -59.02  -2.8%
FTSE 100  6,153.12   -184.98  -2.9%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  9,552.18   -704.85  -6.9%
HONG KONG HANG SENG INDEX  20,259.13   -609.21  -2.9%
NIKKEI 225 INDEX  14,952.02   -1,286.33  -7.9%
No Data at Present
Currencies
Name Value Move
ZAR/ / AUD  11.17   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.11   -0.02 -1.8%
ZAR/ / EUR  16.65   0.14 0.9%
USD/ / GB  1.36   -0.12 -7.9%
ZAR/ / GBP  20.34   -1.19 -5.5%
YEN/ / ZAR  6.85   6.72 4,913.9%
JPY/ / USD  102.38   -4.08 -3.8%
ZAR/ / USD  14.97   0.41 2.8%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  48.82   -2.34 -4.6%
Palladium  544.00   -20.00 -3.5%
Platinum  982.00   17.00 1.8%
Silver  17.74   0.50 2.9%
Gold  1,315.30   59.00 4.7%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
Efficient Group Ltd  14.0
Sibanye Gold Limited  13.3
Sekunjalo Inv Ltd  13.0
Petmin Ltd  13.0
Top 5 Losers -- Delayed
Adcock Ingram Hldgs Op  -48.2
Capital&Counties Prop  -17.8
Forbes & Manhatt Coal  -16.7
Intu Properties plc  -15.2
ArcelorMittal SA Limit  -13.7

PRICES (15 minute delay)

WG Wearne Ltd : WEA  1 | Jasco Electron Hldgs L : JSC 80  -1 | Software & Computer Se : SCOM 585  8 | New Europe Prop Inv pl : NEP 17000  -100 | Adaptit Holdings Limit : ADI 1259  59 |

SENS (15 minute delay)