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Market Commentary
The Day Ahead for Friday 27 March 2015

U.S stocks extended their losing streak to the 4th day closing mildly lower as investors weighed geopolitical events ahead of earnings season. The Dow Jones Industrial Average and the S&P500 lost 0.23% and 0.24% respectively for the session. Asian markets are trading mixed this morning with the Nikkei retreating 1.80% whilst the Hang Seng is marginally weaker by 0.06% thus far. The Australian ASX has bounced back this morning with a gain of 0.56% thus far. Tencent is trading higher by 0.28% whilst BHP Billiton has struggled to gain traction this morning, lower by 0.32% thus far. With US markets bouncing off their lows last night, traders can expect a positive start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Thursday 26 March 2015

Our local bourse started its trading session in negative territory following on from the sharp selloff seen on Wall Street overnight as well as concerns over escalating political chaos in Yemen which weighed further on market sentiment. The All share trended lower for most of the day to eventually close 1.36% weaker. Our general retail sector was the worst hit falling by 2.95%, driven largely by Mr Price and Woolworths which ended the session lower by 3.99% and 3.23% respectively. Gold miners were the stand out sector on the day advancing by 3.01% supported by geopolitical tensions which drew investors to the safe-haven status of the yellow metal. DRD Gold and AngloGold took the lead finishing the day stronger by 3.77% and 4.08% respectively. On the data front, Retail sales out of the UK region rose 0.7% in February compared to the forecasted number of a 0.4% increase. Out of the US, the number of people that filed for unemployment claims dropped by 9000 to 282 000 in the seven days ended 21 March whilst the Flash services PMI figure came in 58.6 which beat the forecasted number of 57.2. Locally, South African PPI figures for final manufactured goods slowed to 2.6% year-on-year in February from 3.5% in January. The South African Reserve Bank kept interest rates unchanged at 5.75% whilst increasing their inflation forecast to 4.8% in 2015. On the company front, Metair released their audited results for the year ended 31 December 2014 in which they stated that operating profit increased by 86% whilst cash generated from operations amounted to R847mil. Quantum Foods released a trading statement advising shareholders that a reasonable degree of certainty exists that the earnings per share for the six month period ended 31 March 2015 are expected to be a minimum of 25.4 cents per share, being a minimum increase of 544% from the previous corresponding period. Value Traded for the day came in at R16.9bn.

News Articles
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Fin24.com | Impact of SA economy bigger than estimated
2015/03/28 07:00:06 AM

SA could get another GDP adjustment which may actually delay a ratings downgrade by a few years, according to economist Mike Schussler.

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Fin24.com | Risk-shy banks, firms keep eurozone credit on tight leash
2015/03/27 09:30:10 PM

The eurozone credit cycle is a whisker away from turning positive but don't expect a rapid recovery and bank lending to the private sector fell 0.1% in February.

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Fin24.com | Q and A: SA poultry responds to US senator
2015/03/27 09:15:06 PM

The stalemate between the South African and US poultry industries continues as the deadline to the renewal of the African Growth and Opportunity Act looms.

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Fin24.com | BoE, stung by scandals, flags market concerns
2015/03/27 09:00:07 PM

The Bank of England has warned about possible frequent irregularities in financial markets in an attempt to address problems relating to recent scandals.

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Fin24.com | Shell to cut more UK North Sea jobs in 2015
2015/03/27 08:15:23 PM

Royal Dutch Shell is planning more job cuts in its UK North Sea oil and gas business, a week after a package of tax cuts to encourage growth in the industry.

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Fin24.com | DA: How SA can overcome the Eskom crisis
2015/03/27 07:37:27 PM

The DA has tabled a 9-point rescue plan for SA's power supply as leader Helen Zille challenged President Jacob Zuma on the suspensions of top Eskom executives.

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Fin24.com | SAA completes 90-day action plan
2015/03/27 05:38:17 PM

South African Airways has completed the 90-day action plan on which it has focused the past few months.

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Fin24.com | Power restored after outage hits Amsterdam
2015/03/27 05:35:12 PM

Power has been restored at Amsterdam's Schiphol airport after a major outage hit the Dutch capital and surroundings.

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Fin24.com | Massive petrol price hike for motorists
2015/03/27 04:04:14 PM

Petrol will go up by up to R1.62 a litre next Wednesday, the Department of Energy has announced.

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Fin24.com | NZ vintners pioneer low-alcohol techniques
2015/03/27 03:30:10 PM

New Zealand's cooler climate is giving its winemakers an edge as they seek to exploit growing global demand for lighter, premium wines.

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Fin24.com | PPC terminates merger talks with Afrisam
2015/03/27 03:08:58 PM

SA's biggest cement maker PPC has ended merger talks with unlisted rival Afrisam, the firm says, sending its shares nearly 5% higher.

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Fin24.com | BoE rates likely to rise: Carney
2015/03/27 01:30:12 PM

The Bank of England expects its next move in interest rates to be an increase not a cut despite record low inflation, says Bank of England Governor Mark Carney.

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Fin24.com | Zuma appoints new Sarb deputy governor
2015/03/27 12:58:31 PM

President Jacob Zuma has appointed Kuben Naidoo as a deputy governor of the South African Reserve Bank with effect from April 1.

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Fin24.com | Fed market gurus prep rate hike amid anxieties
2015/03/27 12:30:06 PM

The New York Federal Reserve officials tasked with prying interest rates off the floor have been meeting with bankers and traders to plot how best to do it.

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Fin24.com | Tsotsi: Zuma told me to investigate Eskom rot
2015/03/27 12:25:50 PM

President Jacob Zuma himself backed a plan to set up an inquiry to investigate “rot” at Eskom, claims chairperson Zola Tsotsi.

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Fin24.com | Eskom CEO fails to lift suspension
2015/03/27 12:19:06 PM

Labour Court Judge Benita Witcher has struck the application of Eskom CEO Tshediso Matona to have his suspension lifted off the roll.

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Fin24.com | Brazilian central bank expects recession in 2015
2015/03/27 12:00:05 PM

The Brazilian Central Bank says it expects the world's seventh-largest economy to contract by 0.5% in 2015.

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Fin24.com | UK lawmakers slam financial watchdog
2015/03/27 11:30:07 AM

Britain's financial regulator has broke its own rules by failing to keep markets orderly when it mishandled the announcement of a review into life insurance policies.

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Fin24.com | UK house price growth slows again in March
2015/03/27 10:30:03 AM

British house prices have risen in March by the smallest annual amount since September 2013, adding to signs the country's housing market is cooling.

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Fin24.com | Public sector pay talks head towards deadlock
2015/03/27 10:02:09 AM

With five days to go before the current wage agreement expires, talks between the government and the public sector unions seem to be heading for stalemate.

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ASC
Heads up: Ascendis 1H15 results - on an aggressive growth strategy
2015/03/25

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NPN
Heads up: Naspers - Tencent FY14 results
2015/03/23

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ILA
Heads up: Iliad FY2014 results
2015/03/20

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CLR
Heads up: Clover 1H15 results - good results, headwinds remain
2015/03/20

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REM
Heads up: Remgro 1H15 results - uneventful six months
2015/03/17

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MFL
Heads up: Metrofile Holdings Limited 1H15 results….good dividend underpin
2015/03/16

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SOL
Heads up: Sasol 1H15 results - GTL shelved, ethane cracker proceeding
2015/03/16

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EOH
Heads up: EOH 1H15 results - ways surprising on the up
2015/03/16

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EXX
Heads up: Exxaro FY14 results
2015/03/12

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AVI
Heads up: AVI 1H15 results - Another solid performance from this quality operation
2015/03/11

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  17,694.71   16.48  0.1%
DJ Trans  8,685.98   8.14  0.1%
NASDAQ  4,878.19   14.83  0.3%
NYSE S and P500 INDEX  2,059.56   3.41  0.2%
FTSE 100  6,857.69   -37.64  -0.5%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  11,895.62   51.94  0.4%
HONG KONG HANG SENG INDEX  24,486.20   -10.88  0.0%
NIKKEI 225 INDEX  19,285.63   -185.49  -1.0%
No Data at Present
Currencies
Name Value Move
ZAR/ / AUD  9.31   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.09   -0.01 -0.9%
ZAR/ / EUR  13.04   0.05 0.4%
USD/ / GB  1.49   0.00 0.0%
ZAR/ / GBP  17.86   0.25 1.4%
YEN/ / ZAR  9.97   9.87 9,900.1%
JPY/ / USD  119.21   -0.03 0.0%
ZAR/ / USD  12.02   0.18 1.5%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  57.69   -1.23 -2.1%
Palladium  746.40   -23.85 -3.1%
Platinum  1,145.50   -7.88 -0.7%
Silver  17.05   -0.04 -0.2%
Gold  1,199.13   -4.89 -0.4%
Top 5 Gainers -- Delayed
Buffalo Coal Corp  117.4
Nutritional Holdings L  100.0
SABLE PLATINUM LTD  31.9
CENMAG HOLDINGS LTD  22.0
Central Rand Gold Ltd  18.0
Top 5 Losers -- Delayed
Delrand Resources Ltd  -91.4
Forbes & Manhatt Coal  -16.7
Orion Real Estate Ltd  -12.9
African Dawn Capital L  -12.5
Liberty Hldgs 11c Pref  -11.3

PRICES (15 minute delay)

Finbond Group Ltd : FGL 314  0 | Putprop Ltd : PPR 590  0 | Nedbank Group Ltd : NED 23901  -299 | INDI 25 EQWI : J5EQ 9036  92 | Stefanuti Stck Hldgs L : SSK 536  -4 |

SENS (15 minute delay)