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Market Commentary
The Day Ahead for Friday 24 March 2017

Wall Street ended the day in negative territory on Thursday with the Dow Jones Industrial Average and the S&P500 slipping 0.02% and 0.11% respectively, after a key vote in the House regarding a Republican-led health care bill was postponed. Eastern markets are trading in mixed territory this morning with the Nikkei currently higher by 0.92% while the Hang Seng index currently trades lower by 0.21%. Tencent is trading in the black by 0.27% whilst BHP Billiton has gained 0.41% this morning. The Australian ASX is trading stronger by 0.76% thus far. Traders can expect a flat to positive start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Thursday 23 March 2017

Our local bourse started the trading session in the red on Thursday but gradually strengthened as the morning progressed. The selling pressure persisted throughout the afternoon on the back of a weaker oil price, seeing our market eventually end the day down by 0.13% at the close. The biggest loser for the day was the Platinum and precious metals sector, depreciating 2.80% by market close. Leading the downside were Lonmin and Anglo American Platinum, declining by 3.40% and 3.33% respectively. Our telecommunication sector bucked the trend and finished 0.85% higher, driven largely by MTN which closed the day 1.42% stronger. On the company front, Harmony advised shareholders that employees at its’ Kusasalethu mine have embarked on an illegal strike. The illegal strike is in response to the suspension of the Association of Mineworkers and Construction Union’s (AMCU) branch leadership. Harmony closed the day lower by 4.18%. In results from Metair, group revenue increased 16% to R8.95 billion, with the strong operational performance in the energy storage business in Turkey and Romania. Headline earnings decreased 7% to R453 million and headline earnings per share declined 8% to 229 cents per share. The board has approved a dividend of 70 cents per share for the year ending 31 December 2016. Life Health Care announced the finalisation of the rights offer consisting of an offer of 367,346,939 new Life Healthcare ordinary shares in the ratio of 34.21659 new Life Healthcare ordinary shares for every 100 Life Healthcare ordinary shares held on the record date of the Rights Offer, being Friday, 31 March 2017, at an issue price of R24.50 per Life Healthcare ordinary share. On the Economic front, the number of Americans filing for unemployment benefits increased by 15 thousand to 258 thousand in the week ended March 18th 2017, above market expectations of 240 thousand. It is the highest reading in seven weeks. Sales of new single-family houses in the United States went up 3.7% to a seasonally adjusted annual rate of 555,000 in January of 2017. Retail sales in the United Kingdom rose 1.4% month-over-month in February 2017, following an upwardly revised 0.5% drop in January and above market expectations of a 0.4% gain. Total value traded for the day was R14.26bn.

News Articles
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Fin24.com | 5 points on Capitec's first international deal
3/26/2017 4:47:03 PM

Capitec Bank has clinched its first deal with a foreign firm after looking abroad for digital banking breakthroughs. Here is a closer look at the deal with Creamfinance.

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Fin24.com | Pipes manufacturers colluded - Competition Tribunal
3/26/2017 3:24:23 PM

The Competition Tribunal has confirmed that two pipes manufacturers colluded between 2007 and 2012 to divide markets in South Africa.

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Fin24.com | China lifts ban on Brazilian meat imports
3/26/2017 3:04:36 PM

Major trading partner China has lifted a ban on imports from Brazil, which is trying to recover from a rotten meat scandal that has pummeled its agribusiness industry.

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Fin24.com | PICS: R700k for a house by the beach in Pretoria
3/26/2017 3:02:52 PM

Pretoria residents may be sceptical about living affordably by the beach in Pretoria, but global firm Crystal Lagoons is set on changing this myth.

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Fin24.com | WATCH: Sygnia's lower fees disrupted financial services market - CEO
3/26/2017 2:04:53 PM

We are seen as a disruptor because we are launching our financial products at significantly lower fees, a move many of our competitors followed, says Sygnia CEO.

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Fin24.com | Matshela Koko's stepdaughter nets R1bn in Eskom contracts
3/26/2017 12:13:30 PM

The stepdaughter of Eskom’s acting CEO, Matshela Koko, has brought in at least R1bn in contracts awarded to her company in the past 11 months.

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Fin24.com | The fight against nuclear
3/26/2017 12:06:15 PM

Various local organisations are pulling together in a bid to stop Eskom from building a nuclear reactor close to a sleepy Eastern Cape town.

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Fin24.com | Manyi snubbed, then huffs
3/26/2017 12:05:25 PM

Progressive Professionals Forum (PPF) president Mzwanele Manyi may have resigned from his position as head of policy at the Black Business Council (BBC) because of the outcome of a meeting with National Treasury earlier this month.

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Fin24.com | Mteto to run the rule over Altron's fortunes
3/26/2017 12:03:35 PM

After more than half a century as a family business, the ailing company has reached out to an outsider to turn it around and focus on its future.

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Fin24.com | A company by any other name...
3/26/2017 11:53:35 AM

Brands up for grabs as Pretoria businessman registers scores of ­companies with same or similar names to those that already exist.

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Fin24.com | Fruit and veg cartel allegation is 'ludicrous'
3/26/2017 11:52:29 AM

Major fresh-produce market agents this week lashed out in response to accusations that they were operating a cartel to push out small competitors and fix the commissions they charged South Africa’s farmers.

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Fin24.com | Crop-destroying armyworm caterpillars spread to Uganda
3/26/2017 11:15:58 AM

A plague of crop-destroying fall armyworm caterpillars has spread to East Africa where officials confirmed their presence for the first time in Uganda.

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Fin24.com | Tobacco giant's workers' mental health goes up in smoke
3/26/2017 8:52:39 AM

After being hijacked several times, traumatised employees are having to cope on their own, writes Steve Kretzmann.

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Fin24.com | SA suspends imports after Brazilian ‘weak flesh’ scandal
3/26/2017 8:37:39 AM

The two largest Brazilian meat companies implicated in the country’s so-called weak flesh scandal both export chicken meat to South Africa.

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Fin24.com | Eskom boss blames board for B2B fiasco
3/26/2017 6:50:32 AM

Eskom’s acting CEO, Matshela Koko, says he is not responsible for R310.8 million in irregular expenditure that was incurred by the power utility on an unapproved project.

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Fin24.com | As Guptas head to court, Gordhan flies off to sell SA overseas
3/25/2017 9:26:03 PM

While the Guptas head to the North Gauteng High Court, Finance Minister Pravin Gordhan will embark on an overseas trip to sell SA as an investment destination.

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Fin24.com | Private college faces closure over accreditation dispute
3/25/2017 8:02:04 AM

Private college Oval International Computer Education is appealing a decision by the Department of Higher Education and Training that will result in the institution closing its doors in 2018.

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Fin24.com | Zwelinzima Vavi's bold message on SA's newest federation
3/24/2017 9:52:02 PM

The labour movement in South Africa is poised for change and political and business leaders better tighten their seat belts, says Zwelinzima Vavi.

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Fin24.com | Transformation can't be 'superficial' anymore - Gordhan
3/24/2017 8:01:20 PM

The majority of South Africans must get a sense that they are part of, or beneficiaries of the changes in the economy, says Finance Minister Pravin Gordhan.

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Fin24.com | Gordhan to showcase SA's 'phenomenal positives' to rating agencies
3/24/2017 6:46:28 PM

Finance Minister Pravin Gordhan says that there are phenomenal positives in the country to show ratings agencies as Treasury embarks on a post-budget roadshow in the UK and US.

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REM
Heads up: Remgro 1H17 results - Nowhere to hide
3/23/2017

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GPL
Heads up: Grand Parade 1H17 results - Betting on Burger King
3/20/2017

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MND
Heads up: Mondi Limited FY16 results - focus on product, geographic and low cost asset base enhancement
3/16/2017

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SOL
Heads up: Sasol 1H17 results
3/15/2017

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TOR
Heads up: Torre Industries 1H17 results - Bottom fishing - are we there yet?
3/15/2017

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OML
Heads up: Old Mutual FY16 results - Progressing with the managed separation
3/13/2017

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APN
Heads up: Aspen results review for the six months ended 31 December 2016
3/13/2017

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OML
Heads up: Old Mutual FY16 results - Progressing with the managed separation
3/13/2017

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SLM
Heads up: Sanlam FY16 results - Sanlam Personal Finance surprises - again
3/13/2017

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MFL
Heads up: Metrofile Holdings Limited 1H17 results - reasonable growth in earnings
3/10/2017

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  20,683.04   26.46  0.1%
DJ Trans  8,957.65   21.50  0.2%
NASDAQ  5,851.50   33.81  0.6%
NYSE S and P500 INDEX  2,354.14   8.18  0.3%
FTSE 100  7,340.68   -0.03  0.0%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  12,067.25   27.57  0.2%
HONG KONG HANG SENG INDEX  24,358.27   30.57  0.1%
NIKKEI 225 INDEX  19,262.53   177.22  0.9%
No Data at Present
Currencies
Name Value Move
ZAR/ / AUD  9.48   0.00 0.0%
ZAR/ / CHF  12.63   0.00 0.0%
USD/ / EUR  1.08   0.00 0.1%
ZAR/ / EUR  13.44   -0.02 -0.2%
USD/ / GB  1.25   0.00 0.1%
ZAR/ / GBP  15.49   -0.04 -0.2%
YEN/ / ZAR  8.96   8.85 7,922.0%
JPY/ / USD  110.97   -0.07 -0.1%
ZAR/ / USD  12.44   -0.12 -0.9%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  50.56   0.04 0.1%
Palladium  814.74   12.49 1.6%
Platinum  967.99   7.64 0.8%
Silver  17.71   0.16 0.9%
Gold  1,248.28   3.75 0.3%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
Alaris Holdings Ltd  19.9
Trans Hex Group Ltd  15.9
Montauk Holdings Ltd  15.4
Sekunjalo Inv Ltd  13.0
Top 5 Losers -- Delayed
Nutritional Holdings L  -50.0
Eastern Platinum Ltd  -25.2
Forbes & Manhatt Coal  -16.7
Buildmax Ltd  -11.1
Orion Real Estate Ltd  -9.1

PRICES (15 minute delay)

Greenbay Properties Lt : GRP 153  -2 | Vukile Property Fund L : VKE 1985  32 | Basic Materia : J510 21816  -191 | Tower Property Fund Lt : TWR 844  -1 | Trematon Capital Inv L : TMT 300  9 |

SENS (15 minute delay)