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Market Commentary
Market Commentary for Monday 19 November 2018

Our local bourse opened the day in unchanged territory with the Rand seeing marginal gains against all major currencies during early trade but buying across all sectors saw the All-Share quickly trade higher by 1% during the morning session, with market heavyweight Naspers gaining as much as 2.9%. Quiet afternoon trading saw the market hold on to the majority of the day’s gains to eventually finish higher by 0.63%, the Rand however retreated back into unchanged territory at R 14.01 against the Greenback at market close. The best performer for the day was the platinum mining sector, appreciating 3.73% by market close. Leading the upside were Impala and Anglo American platinum, climbing by 8.13% and 2.74% respectively. Our healthcare sector bucked the trend and finished 0.59% lower, driven largely by Mediclinic which closed the day 4.45% softer. On the company front, salient points from Netcare’s group results for the year ended 30 September included a 5.9% increase in normalised Group EBITDA to R 4.2 billion a 0.6% increase in adjusted HEPS from continuing operations to 171.6 cents and a 17.8% increase in cash generated from SA operations to R 4.3 billion. The final dividend of 60 cents per share was an increase of 5.3% and a special dividend of 40 cents was declared. Barloworld released its results for the year ended 30 September. Highlights included HEPS from continuing operations increasing by 18% to 1 151 cents free cash of R 3.6 billion was generated return on equity was printed at 11.4%, up from 10.5% return on invested capital increased from 11.2% to 12.3% and a dividend per share of 462 cents was declared. The disposal of Equipment Iberia generated R 2.5 billion in cash during the period and the proposed B-BBEE transaction was approved by the company’s Board. Pioneer Food Group’s financial statements for the year ended 30 September pointed to an increase in revenue of 3% to R 20.1 billion adjusted operating profit increased by 26% to R 1.6 billion the earnings per share of 575 cents depicted a 47% increase HEPS was higher by 33% to 545 cents and a final gross dividend per share of 260 cents was declared. On the Economic front, Japan recorded a trade deficit of JPY 449 billion in October 2018 compared to a JPY 278.6 billion surplus in the same month a year ago, much worse than market expectations of a JPY 70 billion gap. Imports surged 19.9% (vs 7.0% in September) and exports advanced at a slower 8.2% (vs -1.3% in September). The current account surplus in the Euro Area narrowed to EUR 24.1 billion in September 2018 from EUR 47.5 billion in the same month of the previous year. The goods surplus declined sharply to EUR 16.5 billion from EUR 33.4 billion and the services surplus fell to EUR 12.8 billion from EUR 13.4 billion. Additionally, the primary income surplus decreased to EUR 6.5 billion from EUR 12.1 billion a year earlier and the secondary deficit widened to EUR 11.7 billion from EUR 11.4 billion. Construction output In the Euro Area increased 4.6% in September of 2018 over the same month in the previous year. Total value traded for the day was R 14.99bn.

Market Commentary
The Day Ahead for Tuesday 20 November 2018

Wall Street ended the day in deeply negative territory on Monday with the Dow Jones Industrial Average and the S&P500 slipping 1.56% and 1.66% respectively, as Apple slid 4% after a report said the company recently cut production orders for all three IPhone models launched in September. Eastern markets are also trading in negative territory this morning with the Hang Seng index currently lower by 1.83%, and Nikkei lower by 1.05%. Tencent is trading in the red by 3.16% whilst BHP Billiton has gained 0.69% this morning. The Australian ASX is trading weaker by 0.51% thus far. Traders can expect a negative start to trading on our local bourse this morning.

News Articles
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Fin24.com | No land grabs in SA, your investments are safe - Ramaphosa tells German counterpart
11/20/2018 2:23:11 PM

President Cyril Ramaphosa, at a joint media briefing with German President Frank-Walter Steinmeier, said there will be no land grabs in South Africa and that foreign investments in the country are safe.

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Fin24.com | IMF urges Reserve Bank to act against rising inflation
11/20/2018 2:12:20 PM

The International Monetary Fund has urged the SA Reserve Bank to keep inflation at its mid-point target goal of 4.5% to preserve price stability and central bank credibility.

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Fin24.com | New stage 8 load shedding 'nothing to panic about', says Eskom
11/20/2018 1:21:16 PM

The power utility has expanded its load shedding plan to eight stages - allowing for up to 8 000 MW to be shed from the national grid - but a spokesperson says the risk of stages 5-8 being implemented is "very low".

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Fin24.com | Apple nears bear territory as iPhone demand concern mounts
11/20/2018 12:20:08 PM

Apple shares dropped close to bear market territory Monday on concern consumers are no longer clamoring for its cornerstone product, the iPhone.

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Fin24.com | Momentum CEO: This is why we were right to reject the R2.4m life policy claim
11/20/2018 11:51:21 AM

Momentum Life CEO Johann le Roux says that, based on the outrage following the insurance company's rejection of a R2.4m payout, it is clear that the public is not as informed as they would have hoped.

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Fin24.com | Mozambique banking outage wreaks revenue havoc for business
11/20/2018 10:34:29 AM

Mozambican companies are facing a collapse in revenue because of an interbank-payments system outage that began last week, according to the country’s biggest business association.

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Fin24.com | Airbnb to remove Israeli settlement listings
11/20/2018 10:26:10 AM

Airbnb says it will stop renting out homes in Jewish settlements of the West Bank, a move that drew sharp rebukes from Israeli officials.

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Fin24.com | Fate of world's biggest car alliance hangs on one word: Ghosn
11/20/2018 9:46:30 AM

The world’s biggest car alliance is facing its biggest challenge yet, with the arrest of its iconic chairman threatening to upend the union of automakers he forged almost two decades ago.

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Fin24.com | Land reform unlikely to influence S and P ratings decision - analysts
11/20/2018 7:39:44 AM

Analysts have mixed expectations for Standard and Poor's upcoming ratings action on SA's sovereign debt, expected to be announced on Friday.

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Fin24.com | INFOGRAPHIC: Here's where you're most likely to find a job
11/20/2018 7:12:59 AM

Not sure where to look for a job or which field to pursue? CareerJunction's latest survey has revealed the most wanted skills, the sectors currently growing, and which jobs are trending.

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Fin24.com | Bid to topple British PM Theresa May falters as Tory lawmaker revolt struggles
11/20/2018 6:30:10 AM

Evidence is mounting that the plot to oust UK Prime Minister Theresa May is faltering.

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Fin24.com | Cage-free eggs are out, pastured ones in as tastes change, again
11/20/2018 5:45:02 AM

The bar is rising for what’s considered a happy chicken, sparking the hottest trend in the market: the pasture-raised egg.

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Fin24.com | 8 things to know about Gordhan's first day at the state capture inquiry
11/19/2018 10:39:06 PM

Denel, nuclear, hiring and firing all made an appearance in Public Enterprise Minister Pravin Gordhan's first day of testimony. Here is a roundup of eight key themes that emerged.

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Fin24.com | New Steinhoff CEO 'largely untainted by the stink' - author of Steinhoff book
11/19/2018 9:57:04 PM

Danie van der Merwe's decision to step down as Steinhoff's acting CEO is long overdue, James-Brent Styan, author of the book Steinhoff: Inside SA's Biggest Corporate Crash, tells Fin24.

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Fin24.com | Dis-Chem plans for festive season amid warning of 'intensifying' strike
11/19/2018 8:45:23 PM

Dis-Chem has made provisions to ensure stores and its distribution centres continue to operate ahead of the busy festive season amid warnings of intensifying strike action.

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Fin24.com | Netcare to boost local infrastructure after UK exit
11/19/2018 8:27:01 PM

Private hospital group Netcare says it has set aside R1.6bn for expansion projects in the country for 2019, with upgrades for Milpark Hospital and St Augustine's.

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Fin24.com | Cryptocurrencies falter as Bitcoin tumbles toward $5 000 level
11/19/2018 8:17:05 PM

Cryptocurrencies resumed their slump, with Bitcoin falling toward $5 000 in the wake of a split of one of the largest major tokens.

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Fin24.com | SA, German cooperation part of shaping globalisation more fairly - German Federal president
11/19/2018 8:14:42 PM

Without multilateral cooperation it will not be possible to master the major global challenges, German Federal President Frank-Walter Steinmeier said during a visit to the Apartheid Museum in Johannesburg.

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Fin24.com | Flipkart disposal impacts Naspers interim earnings per share
11/19/2018 7:23:31 PM

Naspers is finalising its condensed consolidated interim report for the six months ended 30 September 2018.

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Fin24.com | Momentum confirms it will reimburse family's premiums, but not pay out policy
11/19/2018 6:56:34 PM

Financial services and insurance group Momentum says it will reimburse the life insurance premium of a Durban man whose policy payout it rejected on the basis that he failed to disclose an existing health condition.

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NTC
Heads up: Netcare NTC FY18 results review
11/20/2018

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MEI
Heads up: Mediclinic interim results review
11/16/2018

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CFR
Heads up: Richemont Interim Results Review
11/13/2018

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TFG
Heads up: Foschini Group Interim Results Review
11/13/2018

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TFG
Heads up: Review of The Foschini Group`s 1H19 results
11/12/2018

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AEL
Heads up: Altron 1H19 results
11/1/2018

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IMP
Heads up: Impala Platinum FY18 Results Review
11/1/2018

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ADR
Heads up: Adcorp - Self-help turnaround in motion
10/19/2018

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PSG
Heads up: PSG 1H19 results - Business as usual
10/19/2018

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MEI
Heads up: Mediclinic trading update for the interim period to 30 September 2018
10/17/2018

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  25,017.44   -395.78  -1.6%
DJ Trans  10,534.46   -49.14  -0.5%
NASDAQ  7,028.48   -219.39  -3.0%
NYSE S and P500 INDEX  2,690.73   -45.54  -1.7%
FTSE 100  6,969.39   -31.50  -0.4%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  11,145.97   -98.57  -0.9%
HONG KONG HANG SENG INDEX  25,840.34   -531.66  -2.0%
NIKKEI 225 INDEX  21,583.12   -238.04  -1.1%
Major JSE Indices*
Name Value Move
OVERALL  51693   -730.47  -1.4%
TOP 40  45381   -808.22  -1.8%
ALL GOLD  1150   8.02  0.7%
INDUSTRIAL  61210   -1,528.21  -2.4%
FINANCIAL  16329   -220.33  -1.3%
RESOURCES  39716   -230.29  -0.6%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  10.23   0.00 0.0%
ZAR/ / CHF  14.18   0.06 0.4%
USD/ / EUR  1.14   0.00 -0.2%
ZAR/ / EUR  16.08   0.00 0.0%
USD/ / GB  1.29   0.00 0.0%
ZAR/ / GBP  18.08   0.03 0.1%
YEN/ / ZAR  7.99   -0.03 -0.3%
JPY/ / USD  112.42   -0.14 -0.1%
ZAR/ / USD  14.06   0.02 0.1%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  66.43   -0.47 -0.7%
Palladium  1,141.70   -2.20 -0.2%
Platinum  855.00   -1.10 -0.1%
Silver  14.45   0.04 0.3%
Gold  1,226.02   1.90 0.2%
Top 5 Gainers -- Delayed
Renergen Limited NPL  2,900.0
MC Mining Limited  66.2
Group Five Ltd  39.5
SABLE PLATINUM LTD  31.9
Verimark Holdings Ltd  21.7
Top 5 Losers -- Delayed
Bauba Platinum Limited  -16.7
Forbes & Manhatt Coal  -16.7
Coal of Africa Ltd  -14.3
Huge Group Ltd  -12.6
Premier Fishing Brands  -11.2

PRICES (15 minute delay)

FTSE/JSE SHARIAH TOP 4 : STOP 2937  59 | Ashburton Inflation ET : ASHINF 2004  17 | UBS MMIEA 22Aug23 : UMMIEA 9006  0 | NEWFUNDS SHARIA TOP40 : NFSH40 297  13 | Tawana Resources NL : TAW 225  0 |

SENS (15 minute delay)

| SYGP : Index Constituent Change-SYGP| TSH : Trading Statement for the six months ended 30 September 2018| IPLSBA : SCIB: The Standard Bank Of South Africa - adjustment to terms of standard bank wa| RLO : Audited preliminary summarised consolidated results & cash dividend declaration f| NIV : Trading Statement| TDH : Granting and Acceptance of Options by Directors| MEI : Director declaration| TMT : Dealing in securities by associate of director| DLT : Finalisation announcement for the Dividend Reinvestment Alternative| CBL17 : Interest Payment Notification - CBL17| AECI01 : Symbol [AECI04]| BIL : Finalisation Announcement| EXG : TRP121: Notification of a disposal of beneficial interest in securities| GLN : GLN: Transactions In own Shares-19 November 2018| IAP : Distribution Update| RPL : Finalisation announcement in respect of the cash dividend for the year ended 31 A| T15OM3 : Symbol [TH15C3]| AGL : Anglo American rough diamond sales value for De Beers? ninth sales cycle of 2018| BTI : Notification and public disclosure of transactions by persons discharging manager| HMN : Transaction in Own Shares| KAP008 : Symbol [KAP008]| S32 : Daily Share Buy-Back Notice| NVE : Unaudited Interim Results for the 6 months ended 31 August 2018 & Interim Dividen| NGPLD : NGPLD/ NGNPLD - Partial delisting of NewGold Palladium Debentures| NGPLT : NGPLT/ NGNPLT - Partisal delisting of NewGold Platinum Debentures| ETFWLD : Listing Of Additional ETFWORLD Securities| SYG4IR : Listing of Additional Securities-SYG4IR| EPF014 : EPF014 - Interest Payment Notification| TCII : TransCapital Investments Limited| TCII : TransCapital Investments Limited| TCP : Audited results and dividend declaration| SSS : Condensed Unaudited Consolidated Interim Results| CML : Reviewed Preliminary Condensed Consolidated Financial Results For The Year Ended| RFG : Preliminary audited summarised consolidated results & cash dividend declaration f| BIL : Change of name to BHP Group| BIL : Change of name to BHP Group| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details