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Market Commentary
The Day Ahead for Monday 03 August 2015

Wall Street ended the day in negative territory on Friday with the Dow Jones Industrial Average and the S&P500 dropping 0.32% and 0.22% respectively, as investors digested energy earnings misses and soft data that could push an initial rate hike out further. Eastern markets have followed suit this morning with the Nikkei and the Hang Seng index lower by 0.46% and 1.07% respectively, as weaker energy prices and fresh manufacturing data out of China sapped risk appetite. Tencent is trading in the red by 0.41% whilst BHP Billiton has slipped 1.4% this morning. The Australian ASX is trading slightly weaker by 0.43% thus far. Traders can expect a flat to slightly negative start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Friday 31 July 2015

Our local bourse started the trading session in the black on Friday but lost ground very early on in the session. Some buying support pushed our market back into positive territory in late afternoon trade and our market eventually managed to finish the day up by 0.54%. Our Telecommunications Index was the best performer for the day appreciating 2.68% by the close of trading. Leading the upside was Telkom, Vodacom and MTN advancing by 7.86%, 3.19% and 2.38% at the close. The Gold mining sector bucked the trend, closing 1.42% lower, driven largely by AngloGold, which finished the day 3.59% softer. On the company front, ArcelorMittal Ltd released their consolidated financial statements for the six months ended 30 June 2015 showing total sales volumes were down 7% compared to the comparative period, driven by a 29% decrease in export sales due to unfavourable export prices. The headline loss was R109 million compared to a headline loss of R6 million in the comparative period. Telkom Ltd released a trading and operational update which showed the company increased net operating revenue by 1.7% compared to the comparative period, as a result of the strong performance by mobile on data revenue and higher fixed-line subscription revenue. On the Economic front, Consumer Confidence in the United Kingdom decreased to 4 in July from 7 in June of 2015, below market expectations. The inflation rate In the Euro Area was recorded at 0.20% in July of 2015 and the Unemployment Rate in the Euro Area remained unchanged at 11.10% in June 2015. The South African trade surplus increased to R5.80 billion in June of 2015 from a downwardly revised R4.94 billion surplus a month earlier. Chicago PMI in the United States increased to 54.70 Index Points in July from 49.40 Index Points in June of 2015. Consumer Confidence in the United States decreased to 93.10 in July from 96.10 in June of 2015. Total value traded for the day was 21.2bn.

News Articles
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Fin24.com | Tourism can do well despite visa issues - minister
2015/08/03 06:10:04 PM

The SA tourism and events industry must do what it does well regardless of challenges like the new visa regulations, says Minister of Tourism Derek Hanekom.

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Fin24.com | Maternity leave: who qualifies?
2015/08/03 04:40:02 PM

When does a man qualify for maternity leave? It’s a complicated issue as a recent case has demonstrated.

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Fin24.com | Some NUM members snub gold wage offer
2015/08/03 04:25:55 PM

Some members of the National Union of Mineworkers have rejected a pay hike of up to 17% by gold producers, a union source says.

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Fin24.com | Greece's battered economy threatens to sink further
2015/08/03 03:52:15 PM

Greece's bruising fight with global creditors has sent economic sentiment to its lowest level in three years and knocked manufacturing activity down to record lows.

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Fin24.com | Eskom to implement stage 2 load shedding
2015/08/03 02:47:44 PM

Due to increased electricity demand and a shortage of generation capacity Eskom will implement stage 2 load shedding it says.

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Fin24.com | Still far too few women in electricity sector - official
2015/08/03 02:23:41 PM

The Johannesburg City Power MD says it is unacceptable that 21 years into democracy, women still play a miniscule role in a sector critical to economic growth.

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Fin24.com | Ascendis buys stake in Spanish drug firm
2015/08/03 11:19:35 AM

Ascendis Health has made its first international acquisition with the purchase of a 49% stake in Spanish pharmaceutical group Farmalider.

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Fin24.com | Greek factory output collapses as banks close
2015/08/03 11:15:02 AM

Greek manufacturing activity in July plunged to the lowest level on records going back 16 years, due to a dive in new orders and a three-week bank shutdown.

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Fin24.com | China July factory activity shrinks most in 2 years
2015/08/03 11:00:10 AM

China's factory activity has shrunk more than estimated in July, contracting by the most in two years as new orders fell, dashing hopes of a steadying economy.

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Fin24.com | Amcu snubs higher wage offer
2015/08/03 09:54:10 AM

Union Amcu has rejected a pay offer made by operators including AngloGold Ashanti, stopping short of calling a strike.

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Fin24.com | Low international prices hit Zimplats earnings
2015/08/03 09:12:16 AM

Impala Platinum's Zimbabwe-based unit Zimplats has reported a 41% revenue drop for the quarter ended June 30 on depressed international prices.

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Fin24.com | Emigration knocks growth of SA's rich
2015/08/03 08:55:39 AM

While South Africa and Egypt remain Africa’s biggest wealth centres, growth in the numbers of the rich has been held back by emigration, a report shows.

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Fin24.com | Emigration knocks growth in SA's rich
2015/08/03 07:26:00 AM

While South Africa and Egypt remain Africa’s biggest wealth centres, growth in the numbers of the rich have been held back by emigration, a report shows.

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Fin24.com | Losses predicted for reopened Greek stock market
2015/08/03 06:00:03 AM

Greek traders expect a torrid day of losses when the Athens stock market opens after being shuttered as part of attempts to stop Greece's financial collapse.

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Fin24.com | Global economy: The week ahead
2015/08/03 05:00:02 AM

Federal Reserve chief Janet Yellen has made it clear she's looking for "some" improvement in the job market before voting for the first Fed interest rate rise.

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Fin24.com | Floating power stations can tide SA over during electricity crisis
2015/08/02 08:38:57 PM

Despite a serious push from powership and barge operators to use floating power stations as a stopgap for South Africa’s power crisis, operators have been told to get in line with a host of companies offering to help the country overcome its energy crisis.

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Fin24.com | Off-grid rural electrification 'pivotal for SA economy'
2015/08/02 07:17:16 PM

Trina Solar, a global leader in photovoltaic modules, solutions, and services reports that solar has become a sustainable option for rural and remote areas.

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Fin24.com | Gearing up for the nuclear age
2015/08/02 06:30:03 PM

Multinationals competing in South Africa for lucrative contracts are sweetening the deal with comprehensive technology transfer arrangements.

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Fin24.com | Concerns over Croatia tourism
2015/08/02 06:00:01 PM

As Croatia gears up for exploration of oil and gas in the Adriatic sea, green groups have raised concerns about the environment and economy of the tourism-dependant country.

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Fin24.com | Madagascar mess-ups keep tourist 'paradise' marooned
2015/08/02 05:15:02 PM

Tour operators blame the latest drop in visitor numbers on mass cancellations that followed a month-long Air Madagascar strike that has grounded all internal flights.

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BGA
Heads up: Barclays Africa 1H15 results - Solid, but room for further improvement
2015/07/31

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BTI
Heads up: BTI 1H15 interim results - guidance maintained
2015/07/30

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MDC
Heads up: Mediclinic International - rights offer
2015/07/22

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CPF
Heads up: Capital Property Fund- The last chapter
2015/07/22

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WHL
Heads up: Woolworths Holdings Limited - trading update for the 52 weeks to 28 June 2015
2015/07/15

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OMN
Heads up: Omnia Ltd - FY15 results to 31 March 2015
2015/07/03

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NPN
Heads up: Naspers - Naspers FY15 results
2015/07/02

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KEH
Heads up: Keaton FY 15 results...an unfortunate stumble
2015/07/01

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INL
Heads up: Investec group - FY15 results for the twelve months ended 31 March 2015
2015/06/12

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INP
Heads up: Investec group - FY15 results for the twelve months ended 31 March 2015
2015/06/12

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  17,637.78   -52.08  -0.3%
DJ Trans  8,451.13   59.17  0.7%
NASDAQ  5,135.74   7.46  0.1%
NYSE S and P500 INDEX  2,104.16   0.32  0.0%
FTSE 100  6,683.33   -12.95  -0.2%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  11,436.88   127.89  1.1%
HONG KONG HANG SENG INDEX  24,411.42   -224.86  -0.9%
NIKKEI 225 INDEX  20,548.11   -37.13  -0.2%
Major JSE Indices*
Name Value Move
OVERALL  51630   -423.60  -0.8%
TOP 40  46121   -436.44  -0.9%
ALL GOLD  774   -22.78  -2.9%
INDUSTRIAL  67206   -484.47  -0.7%
FINANCIAL  17052   8.75  0.1%
RESOURCES  34806   -1,329.74  -3.7%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  9.23   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.10   0.00 0.3%
ZAR/ / EUR  13.91   0.03 0.2%
USD/ / GB  1.56   0.00 0.0%
ZAR/ / GBP  19.76   -0.01 0.0%
YEN/ / ZAR  9.81   9.71 9,578.0%
JPY/ / USD  123.99   0.06 0.0%
ZAR/ / USD  12.69   -0.01 0.0%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  50.69   -1.52 -2.9%
Palladium  613.00   0.15 0.0%
Platinum  972.93   -9.72 -1.0%
Silver  14.64   -0.16 -1.1%
Gold  1,090.65   -5.50 -0.5%
Top 5 Gainers -- Delayed
Adcock Ingram Hldgs Op  106.7
Beige Holdings Limited  50.0
SABLE PLATINUM LTD  31.9
Jubilee Platinum plc  20.0
PSV Holdings Ltd  15.8
Top 5 Losers -- Delayed
WG Wearne Ltd  -18.2
Forbes & Manhatt Coal  -16.7
Eqstra Holdings Ltd  -11.1
Bauba Platinum Limited  -11.1
Interwaste Hldgs Ltd  -10.1

PRICES (15 minute delay)

Discovery Ltd : DSY 13550  -80 | Electronic : J273 16060  101 | General Financial : GENF 2383  30 | Astral Foods Ltd : ARL 17200  238 | Sekunjalo Inv Ltd : SKJ 339  24 |

SENS (15 minute delay)

| STPROP : Index Rebalance Announcement| ACS : Results of Annual General Meeting of Shareholders held on Friday, 31 July 2015| JSE : Labat Africa (South Africa): Shares in Issue and Investability Weight| JSE : Ellies Holdings Ltd (South Africa): Shares in Issue and Investability| ABLS2A : Resignation of company secretary| CSP : Notice to apply for termination of business rescue proceedings and to place the C| ABLP : Resignation of company secretary| NIV : Acceptance of options by a Director| BEL : Trading statement| CIL : Dealings in securities by a director of a major subsidiary of Consolidated Infras| ADH : Resignation by Mteto Nyati as an Independent Non-Executive Director| HCI : Reminder of General Meeting| TBS : Quarterly results for Dangote Flour Mills Plc| OML : Form 8.3 - Public Opening Position Disclosure| PRE1A2 : Precinct Funding 1 (RF) Limited - Investor report| GRH1A2 : Investor report - GRH1A2, GRH1A3, GRH1B, GRH1C| AGL : Total voting rights| OML : Form 8.3 - Public Opening Position Disclosure| FRS118 : FRS118 - Full Capital Redemption| BTC062 : New Financial Instrument Listing Announcement| BSS : Dealing in securities| ACT : Posting of circular and notice of general meeting| OML : Form 8.3 - Public Opening Position Disclosure| OML : CANCELLATION OF S360664 DTR 3 - Notification of Transactions of Directors| BTI : Voting Rights and Capital| OML : Form 8.3 - Public Opening Position Disclosure| SY1256 : SY1256 - Synthesis Funding Limited - New Financial Instrument| TTO : Dealings in securities| AHL : Voluntary announcement -acquisition of winplas packaging by the holding company o| WNH : Dealings in Securities by a Director| WCC : Paarl Waste Water Treatment Plant Agreement| GAM : Renewal of cautionary announcement| SAB : Notification of transactions of directors, persons discharging managerial respons| ARL : Director's dealing in securities| FSE : Paarl Waste Water Treatment Plant Agreement| VOD : Share dealings| DBXUS : Listing of Additional Securities - DBXUS| NGPLT : NGPLT-Additional Listing of NewGold Platinum Debentures| GEN : GEN - General - ZCI LIMITED| ASC : Acquisition of Initial 49% of Farmalider S.A a Spanish Pharmaceutical Group| OML : Form 8.3 - Public Opening Position Disclosure| OML : CANCELLATION OF S360650 Form 8.3 - Public Opening Position Disclosure| JSE : Suspension - ZCI - Please wait, downloading details| FSE : June 2015 Quarterly Activities Report| NT1 : Net1 signs Second Addendum to the Facility Letter with Nedbank in South Africa| SSK : No Change Statement and Notice of Annual General Meeting| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details