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Market Commentary
The Day Ahead for Friday 29 April 2016

US markets closed in negative territory on Thursday as the Dow Jones Industrial Average and the S&P500 lost 1.17% and 0.92%, respectively. In Eastern markets, the Nikkei is closed due to a public holiday. The Hang Seng is currently weaker by 1.32% with Tencent trading in the red by 1.06%. The Australian ASX is stronger by 0.47%, while BHP Billiton added 0.1% thus far. Traders can expect a negative start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Thursday 28 April 2016

The All Share Index started the trading session in positive territory on Thursday led by commodity-related stocks following the latest statement by the Federal Reserve which left investors uncertain about the outlook for US interest rates. Our market drifted lower in afternoon trade as the rand strengthened after the release of a weaker than expected US GDP growth number, but still managed to hold on to some of the earlier gains to finish higher by 0.3%. Gold was the best performing sector on the day, adding 5.57%, driven by Anglogold and Goldfields which jumped 6.15% and 5.08%, respectively. Anglo American added further support to the market with a rally of 9.01%, while Sasol climbed 2.56% on the back of a stronger oil price. On the company front, Anglo American announced that it had reached an agreement to sell its Niobium and Phosphates businesses in Brazil for a total cash consideration of $1.5bn of which the proceeds will be used to reduce debt. Reinet Investments indicated that as at 31 March 2016, the net asset value (NAV) of the Fund amounted to €5.221bn, a decrease of €140m from 31 December 2015. Steinhoff International confirmed that its third increased cash offer of 160 pence per Darty share is final, and will not be increased. Sygnia advised shareholders in a quarterly update that its assets under management and administration as at 31 March 2016 were R146bn, compared to R137bn on 30 September 2015. The Anchor Group indicated that its assets under management and advice as at 31 March 2016 were R44.4bn, up from total assets of R34.1bn in December 2015 with most of the growth in the quarter coming from the acquisition of 47.5% of Capricorn fund managers. On the economic front, Producer prices in South Africa went up 7.1% year-on-year in March, following an 8.1% rise in the previous month and missing expectations of 7.2%. The US economy expanded an annualised 0.5% in the first quarter of 2016 which was below market expectations and lower than the 1.4% expansion in the previous quarter. The number of Americans filing for unemployment benefits was 257 000 in the week ended April 23rd, better than market expectations of 260 000 and an increase of 9000 from the previous week. The German inflation rate is expected to increase by 0.1% year-on-year in April, which is lower than a 0.3% increase in the previous period. The Euro Area Business Confidence indicator rose marginally to 0.13 in April from 0.12 in March. Total value traded for the day was R20.3bn.

News Articles
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Fin24.com | SA's mines dispute takes a twist
4/29/2016 9:30:01 PM

The National Empowerment Fund wants to take part in a legal dispute over black ownership of mines - a move which could possibly further postpone the case.

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Fin24.com | Water risks strand projects worth billions
4/29/2016 8:03:12 PM

Economists and financial analysts are identifying powerful signals of economic distress - this time in the energy, mining, power-producing and farm industries.

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Fin24.com | Oil profits plunge as industry eyes a bottom
4/29/2016 8:00:01 PM

Plunging oil prices have battered oil giants' profits in the first quarter, another blow following credit downgrades, layoffs and drilling cutbacks in the wake of a long rout.

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Fin24.com | Tiger Brands CFO steps down
4/29/2016 7:51:33 PM

South Africa's largest food producer Tiger Brands has announced the resignation of Funke Ighodaro as chief financial officer and executive director.

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Fin24.com | Starbucks plans 150 stores in South Africa
4/29/2016 7:45:01 PM

US coffee chain Starbucks plans to open up to 150 stores in South Africa, founder and chief executive Howard Schultz says.

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Fin24.com | Starbucks to pump R130m in South Africa
4/29/2016 7:42:39 PM

Starbucks will invest R130m in South Africa over the next two years as the company starts its expansion in the continent’s most developed economy.

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Fin24.com | Kenya aims to complete $2.1bn pipeline by 2021
4/29/2016 7:23:18 PM

Kenya will start a search for companies to design a crude oil export pipeline costing some $2.1bn and which should be completed by 2021.

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Fin24.com | Malawi leaves benchmark lending rate unchanged
4/29/2016 7:19:38 PM

Malawi's central bank hs kept its benchmark lending rate unchanged at 27% in the midst of a severe drought that has ravaged its key agriculture sector.

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Fin24.com | Eurozone growth fails to stir stock markets
4/29/2016 7:05:59 PM

A strong eurozone growth spurt has failed to stir stock markets, as concerns about the US economy gnawed at investor confidence.

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Fin24.com | Mall of Africa rush shows consumer 'delusion'
4/29/2016 6:33:18 PM

Consumers rushing to the opening of the Mall of Africa prompts the question of the extent to which they are actually tightening their belts, says an expert.

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Fin24.com | Gordhan cheers Lungisa Fuzile's reappointment
4/29/2016 5:53:36 PM

The move to retain Treasury director general Lungisa Fuzile will ease market fears about government’s fiscal policies, says Finance Minister Pravin Gordhan.

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Fin24.com | Household credit growth reflects subdued economy
4/29/2016 5:18:13 PM

Consumers are expected to experience increased financial pressure this year, which will impact their credit-risk profiles and vulnerability, caution experts.

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Fin24.com | SA records R2.9bn trade surplus in March
4/29/2016 5:04:01 PM

SA recorded a trade surplus of R2.92bn in March, which includes trade data with Botswana, Lesotho, Namibia and Swaziland, says Sars.

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Fin24.com | Lungisa Fuzile gets another term as Treasury head
4/29/2016 3:40:12 PM

Lungisa Fuzile will stay on as the Treasury's director general, a decision that's likely to soothe market fears over the management of the country’s finances.

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Fin24.com | Exxon posts smallest profit since 1999
4/29/2016 3:15:02 PM

Exxon Mobil has posted its weakest quarterly profit in more than a decade amid tumbling energy prices that have already cost its sterling credit rating.

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Fin24.com | Radebe: Govt talks on banks' Gupta decision 'ongoing'
4/29/2016 2:37:31 PM

The ministers involved in the stand-off between the big four banks and Gupta-owed Oakbay investments will report back in two weeks, Planning Minister Jeff Radebe says.

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Fin24.com | Capitec trailblazing its way to the top
4/29/2016 12:09:30 PM

Capitec Bank is poised to become one of the country's largest banks in terms of customer numbers, according to rating agency Standard and Poor's.

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Fin24.com | AB InBev to sell more SABMiller assets to win EU nod
4/29/2016 9:51:39 AM

Anheuser-Busch InBev is planning sell SABMiller beer brands around Europe to win European Union regulatory approval for its £74.3bn acquisition.

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Fin24.com | Gazprom profits up fivefold in 2015
4/29/2016 7:57:49 AM

Russian gas giant Gazprom says its net profit grew almost fivefold in 2015 despite the falling oil price, partly due to a rise in exports and the rouble's plunge in value.

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Fin24.com | Marikana killings: Widows plead for $9.1m from BASF
4/29/2016 7:39:11 AM

Widows of mineworkers at Lonmin’s platinum mine at Marikana will ask Germany-based BASF to pay $9.1m into a fund to support the families of dead miners.

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CLS
Heads up: Clicks 1H16 results - Resilient, but not cheap
4/25/2016

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REB
Heads up: Rebosis 1H16 result- Solid core business
4/20/2016

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KST
Heads up: PSG Konsult - FY16 results
4/18/2016

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BIL
Heads up: BHP Billiton 1H16 results
4/13/2016

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GPL
Heads up: Grand Parade 1H16 results
4/8/2016

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MDI
Heads up: Master Drilling FY15 results - delivering in a tough industry
4/8/2016

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CPI
Heads up: Capitec Bank Holdings Limited - FY16 results
4/8/2016

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MTA
Heads up: Metair FY15 results - Short-term outlook remains challenging
4/6/2016

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ADH
Heads up: Advtech Holdings - FY15 results
4/4/2016

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GLN
Heads up: Glencore FY15 results - underpinned by marketing again
3/23/2016

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  17,694.44   -136.32  -0.8%
DJ Trans  7,844.28   -121.76  -1.5%
NASDAQ  4,752.00   -53.29  -1.1%
NYSE S and P500 INDEX  2,063.44   -12.37  -0.6%
FTSE 100  6,273.42   -48.98  -0.8%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  10,089.84   -231.31  -2.2%
HONG KONG HANG SENG INDEX  21,067.05   -320.98  -1.5%
NIKKEI 225 INDEX  16,666.05   -624.44  -3.6%
No Data at Present
Currencies
Name Value Move
ZAR/ / AUD  10.83   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.15   0.01 1.1%
ZAR/ / EUR  16.31   -0.01 -0.1%
USD/ / GB  1.46   0.01 0.7%
ZAR/ / GBP  20.80   -0.11 -0.5%
YEN/ / ZAR  7.52   7.39 5,648.2%
JPY/ / USD  106.79   -1.34 -1.2%
ZAR/ / USD  14.25   -0.17 -1.2%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  47.95   0.03 0.1%
Palladium  634.00   13.00 2.1%
Platinum  1,078.00   27.00 2.6%
Silver  17.88   0.35 2.0%
Gold  1,293.10   26.70 2.1%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
Ferrum Crescent Limite  20.0
Labat Africa Ltd  18.4
Middle East Diamond Re  16.7
Sekunjalo Inv Ltd  13.0
Top 5 Losers -- Delayed
Chrometco Ltd  -20.0
Forbes & Manhatt Coal  -16.7
Visual International H  -11.8
Atlatsa Resources Corp  -9.1
Diamondcorp plc  -8.3

PRICES (15 minute delay)

Sappi Ltd : SAP 6170  228 | IL REDEEMABLEPREF1 MAR : ILRP1 100625  0 | Interwaste Hldgs Ltd : IWE 89  5 | Niveus Investments Ltd : NIV 2495  -5 | Cartrack Holdings Ltd : CTK 930  0 |

SENS (15 minute delay)