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Market Commentary
The Day Ahead for Tuesday 27 September 2016

US markets closed lower on Monday night, this as investors eyed the first presidential debate that took place after the market closed. The Dow Jones Industrial Average lost 0.91%. The S&P 500 finished lower by 0.86%, while the Nasdaq experienced losses of 0.91% on the day. Asian markets are trading mostly mixed this morning. The Hang Seng is currently trading in positive territory, up 1.15%. The Nikkei is firmer by 0.27%. BHP Billiton is softer by 0.56% in Australia this morning. The Australian ASX is trading in negative territory, down by 0.50% thus far. European markets are set for a flat to higher open. Traders can expect a flat to positive start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Monday 26 September 2016

The All Share Index followed global markets lower to begin the week on a negative note, shedding 1.00% by the close on Monday. Losses were broad based, Financials came under pressure shedding 1.06%, Capitec, Remgro and Rand Merchant Investments (RMI) all gave back 2.64%, 2.37% and 1.63% by the end of trading. Industrials were unable to escape the selloff, dropping 0.95% by the end of the session. Aspen and Mediclinic both recorded losses of 3.32% and 2.06% respectively. It was a quiet day in terms of company announcements. Sovereign Food Investments announced to the market in a trading statement that sales volume for the six months ended 31 August 2016, had increased by 35% over the period. The share ended the day unchanged. Jasco Electronics Holdings Ltd. published its audited results for the full year ended 30 June 2016. Highlights of the results included a decrease in net revenue of 4% to R1.076bn, while HEPS came in 164% higher to 6.3c. The firm also declared a dividend of 2c per share. Bowler Metcalf Ltd. released its consolidated results for the year ended 30 June 2016. The firm reported a decrease in basic and diluted HEPS of 10% over the period. Pinnacle Holdings announced to shareholders that a major subsidiary of the company, Pinnacle Micro, previously known as Pinnacle Africa, had been mentioned in the charging and court appearance of a member of the South African National Defence Force (SANDF) who is accused of favouring Pinnacle Africa in the awarding of business. The company’s share price fell 17.44% on the day. Total value traded for the day was recorded at R13.03bn.

News Articles
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Fin24.com | Zuma to repeal current preferential procurement act
9/28/2016 6:01:50 AM

President Jacob Zuma says a “flexible” preferential procurement programme will be introduced, that is responsive to government objectives.

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Fin24.com | Robust rand defies the odds
9/27/2016 11:40:52 PM

The rand's run comes amid the absence of growth, rising political and regulatory uncertainty, and the real threat of losing our investment grade rating, says Overberg Asset Management.

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Fin24.com | Fizzy drinks maker bitter over sugar tax
9/27/2016 9:17:22 PM

Soft drinks giant AG Barr, maker of Scotland's famous Irn-Bru fizzy drink, has slammed the British government over its proposed sugar tax, as it reported falling sales.

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Fin24.com | Most SABMiller votes said to back AB InBev takeover bid
9/27/2016 3:47:12 PM

Most SABMiller investors voting by proxy have supported Anheuser-Busch InBev’s R1.4bn takeover offer in advance of a shareholder meeting.

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Fin24.com | Brown: Unless economy in hands of majority, it's going nowhere
9/27/2016 3:15:37 PM

The economy remains in the hands of the few and a shift must happen through State Owned Enterprises, says Public Enterprise Minister Lynne Brown.

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Fin24.com | Credit Suisse seeks further cost cuts at global markets
9/27/2016 3:12:45 PM

Credit Suisse chief executive officer says the bank is mulling further cost reductions at the global markets unit that blindsided him with losses earlier this year.

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Fin24.com | Govt departments spent whopping R35bn despite Gordhan's cost cut plans
9/27/2016 2:42:50 PM

Despite Finance Minister Pravin Gordhan’s stringent cost cut measures, government departments continue to spend vast amounts of money on consultants, travel, catering and entertainment.

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Fin24.com | WTO downgrades Africa amid dramatic slowing of trade growth
9/27/2016 1:02:58 PM

Africa has received one of the biggest downgrades of -2.8% in the World Trade Organisation's latest estimates of world merchandise trade volume.

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Fin24.com | Bar for SA interest rate cut stays high - Mminele
9/27/2016 12:21:44 PM

The bar for interest rate cuts in South Africa remains high even as the Reserve Bank may be close to the end of its policy tightening cycle, says deputy governor Daniel Mminele.

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Fin24.com | Capitec adds over 100 000 clients a month
9/27/2016 12:19:30 PM

Capitec Bank says 648 000 new clients have joined the bank in the past six months, and that it now has 7.9 million active clients.

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Fin24.com | VW scandal spreading to Audi
9/27/2016 10:30:01 AM

Volkswagen’s attempts to contain the fallout from the emissions cheating have suffered a setback after Audi lost a key engineer tainted by the scandal.

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Fin24.com | New US president can't kick SA out of Agoa - Coons
9/27/2016 10:05:27 AM

Whether the next US president is former first lady Hilary Clinton or business magnet Donald Trump, the African Growth and Opportunity Act will remain in place until 2025.

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Fin24.com | Capitec profits jump 19% as bank lures more clients
9/27/2016 9:31:33 AM

Capitec Bank Holdings, provider of unsecured loans and low-cost accounts, says fiscal first-half profit has risen 19% after attracting more clients and opening new branches.

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Fin24.com | Investors eye nuclear vs political power in SA
9/27/2016 9:20:50 AM

Nuclear tendering will likely consume political capital into year-end as it grinds forwards, says an emerging markets economist.

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Fin24.com | Protesting students not other people's problems - Nxesi
9/27/2016 7:18:09 AM

Public Works Minister Thulas Nxesi has urged people to have empathy for angry young people who have become impatient with inequality.

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Fin24.com | Sale of SA oil reserves 'careless' - regulator
9/26/2016 8:11:20 PM

South Africa’s Strategic Fuel Fund has failed to notify the National Treasury of a sale of crude oil reserves and to properly safeguard the assets, the Auditor-General has said.

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Fin24.com | NUM backs Ramaphosa as next ANC president
9/26/2016 6:22:35 PM

The National Union of Mineworkers says it will back Cyril Ramaphosa to be president of the ANC after Jacob Zuma.

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Fin24.com | Fixation on politics hampers transformation - Zulu
9/26/2016 6:13:18 PM

The country's fixation with political stability has been detrimental to economic transformation, says Small Business Development Minister Lindiwe Zulu.

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Fin24.com | SA won't grow if we listen to rating agencies - Gqubule
9/26/2016 6:12:12 PM

South Africa has a growth problem and structural reforms proposed by Moody’s is not a solution for now, says the founder of the Centre of Economic Development and Transformation.

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Fin24.com | Sales of new homes in US remain strong
9/26/2016 6:02:53 PM

Sales of new houses in the US have remained strong, with pent-up demand continuing to absorb everything builders can offer, reports the Commerce Department.

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CHP
Heads up: Choppies FY16 results - Rapid expansion weighs on earnings
9/27/2016

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SLM
Heads up: Sanlam 1H16 results - diversifying away from life insurance pays off
9/23/2016

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RMH
Heads up: RMH Limited - Solid FY16 results
9/23/2016

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REM
Heads up: Remgro FY16 results - Defensive performance, thanks to Mediclinic
9/22/2016

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MMI
Heads up: MMI FY16 results - low quality, but attractively priced
9/22/2016

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SNT
Heads up: Santam 1H16 results - base effects come through to bite, but still well positioned
9/22/2016

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AVL
Heads up: Advanced Health FY16 results - will patient investors be rewarded?
9/22/2016

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GPL
Heads up: Grand Parade FY16 results - Burger King making progress
9/21/2016

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FSR
Heads up: FirstRand Limited - Solid FY16 results
9/21/2016

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SOL
Heads up: Sasol FY16 results
9/19/2016

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  18,228.30   133.47  0.7%
DJ Trans  7,981.09   66.40  0.8%
NASDAQ  5,305.71   48.22  0.9%
NYSE S and P500 INDEX  2,159.93   13.83  0.6%
FTSE 100  6,807.67   -10.37  -0.2%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  10,361.48   -32.23  -0.3%
HONG KONG HANG SENG INDEX  23,421.91   -149.99  -0.6%
NIKKEI 225 INDEX  16,417.50   -266.43  -1.6%
Major JSE Indices*
Name Value Move
OVERALL  50900   0.00  0.0%
TOP 40  44397   0.00  0.0%
ALL GOLD  2071   0.00  0.0%
INDUSTRIAL  67309   0.00  0.0%
FINANCIAL  14529   0.00  0.0%
RESOURCES  30765   0.00  0.0%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  10.33   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.12   0.00 -0.4%
ZAR/ / EUR  15.10   -0.33 -2.1%
USD/ / GB  1.30   0.00 0.2%
ZAR/ / GBP  17.48   -0.28 -1.6%
YEN/ / ZAR  7.50   7.36 5,490.0%
JPY/ / USD  100.66   0.26 0.3%
ZAR/ / USD  13.47   -0.23 -1.7%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  46.13   -0.11 -0.2%
Palladium  699.00   1.00 0.1%
Platinum  1,022.00   -2.00 -0.2%
Silver  19.01   -0.11 -0.6%
Gold  1,325.20   -1.80 -0.1%
Top 5 Gainers -- Delayed
African Dawn Capital L  200.0
Stratcorp Ltd  100.0
E Media Holdings Ltd  37.1
SABLE PLATINUM LTD  31.9
WG Wearne Ltd  14.3
Top 5 Losers -- Delayed
Nutritional Holdings L  -50.0
Adcock Ingram Hldgs Op  -42.1
Forbes & Manhatt Coal  -16.7
Esor Limited  -10.0
Delta Africa Prop Hldg  -7.0

PRICES (15 minute delay)

Astrapak Limited Pref : APKP 7500  0 | Sasfin Holdings Ltd : SFN 6900  -100 | Cons Infrastructure Gr : CIL 2530  30 | Woolworths Holdings Lt : WHL 7895  -76 | Pharm & Biotech : J457 31459  140 |

SENS (15 minute delay)

| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details