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Market Commentary
The Day Ahead for Friday 24 April 2015

U.S stocks closed stronger on Thursday, with the Nasdaq setting a new all-time closing high. The Dow Jones Industrial Average and the S&P500 advanced by 0.11% and 0.24% respectively. Asian markets are trading mixed this morning as investors booked profits after the region’s recent run-up to new highs. Uncertainty over a “Grexit” is back on the radar as the nation prepares for a meeting with the Eurogroup later in the day. The Nikkei is trading lower by 0.7% whilst the Hang Seng is weaker by 0.84% thus far. The Australian ASX is enjoying a strong session this morning taking its lead from the material and energy sectors which are higher on the back of support from firmer iron ore, gold and crude oil prices. Tencent is trading just under half a percent weaker whilst BHP Billiton has added gains of 3% thus far. Traders can expect a flat start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Thursday 23 April 2015

Our local bourse started its trading session in positive territory following on from the US markets which ended higher overnight. The JSE All share index continued to rally throughout the day, once again setting new all-time highs, with the index closing stronger by 0.75% for the session. Our resource index was responsible for much of the upside gaining 2.65% by market close. Iron Ore miners Kumba and Assore advanced by 8.29% and 2.39% respectively after iron ore prices had its biggest one-day jump since 2012. This was on the back of news that BHP Billiton is slowing the pace of its planned expansion in iron ore production in a bid to conserve cash as commodity prices slump and demand in China weakens. Our gold miners struggled to move into positive territory giving away 1.3% for the day as gold miner Anglogold dropped 3% for the session. On the data front, the Flash Manufacturing PMI in the Euro area came in at 51.9, which was lower than the forecasted figure of 52.6. Retail sales out of Britain indicated a 0.5% decrease mm compared to the previous figure of a 0.6% increase. Out of the US, Unemployment claims increased by 1k to 295k compared to the previous weeks figure of 294K. April data indicated slower growth in momentum for the U.S manufacturing sector, with production volumes and incoming new work both expanding at weaker rates than in the previous month. The Flash Manufacturing PMI index dropped to 54.2 from the previous number of 55.6. On the company front, MTN released their quarterly update for the period ended 31 March 2015. Highlights included a satisfactory growth of 1.8% QoQ, adding 4.1 million subscribers. Reported data revenue increased by 16.7% YoY, now contributing 20.8% to total revenue. Clicks also released their interim consolidated results for the six months ended 28 February 2015 indicating that group turnover was up by 14.1%, diluted headline EPS increased by 12.8% whilst managing a return on equity of 53.6%. The group indicated that trading conditions continued to be challenging over the past six months as consumers remained cash constrained and value conscious. Kumba Iron ore released their production and sales report for the quarter ended 31 March 2015 in which they showed that total production increased by 7% compared to Q1 2014 and was 2% lower compared to the previous quarter. Total export volumes increased by 22% compared to Q1 2014 and decreased by 2% compared to the previous quarter. Anglo American Platinum also released their production report for the first quarter of 2015, indicating that group equivalent refined platinum production increased to 536 koz, up 50% over the strike affected Q1 of 2014. Value traded for the day came in at R16.3bn.

News Articles
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Fin24.com | Double coup for V and A Waterfront green building
2015/04/27 06:07:22 PM

The Green Building Council of South AfricaIn has honoured the V and A Waterfront for its high-level environmentally friendly and sustainable operating efficiency.

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Fin24.com | Bank stocks get another look as climate improves
2015/04/27 05:45:01 PM

European banking shares are attracting interest again as the outlook for lending improves and valuations look to be bottoming out.

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Fin24.com | Women still carry burden of unpaid care work
2015/04/27 05:15:02 PM

In an era of unprecedented global wealth, millions of women are still consigned to work in low paid, poor quality jobs, according to a report.

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Fin24.com | Big UK banks face further misconduct charges
2015/04/27 05:00:02 PM

Britain's biggest banks face another $29bn of charges relating to past misconduct over the next two years, says ratings agency Standard and Poor's.

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Fin24.com | UK govt will oppose BP takeover - reports
2015/04/27 03:45:44 PM

The British government has warned oil giant BP that it would oppose a foreign takeover of the company, according to media reports.

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Fin24.com | Medupi: ANC makes millions
2015/04/27 03:29:21 PM

Chancellor House, the ANC's investment company, has allegedly earned R50m from shares in a company with huge contracts from Eskom, reports Netwerk24.

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Fin24.com | Atlas Mara to build top Rwandan bank
2015/04/27 03:00:02 PM

Atlas Mara, the African b, is in talks to invest $22.5m in Banque Populaire du Rwanda and merge it with its existing Rwandan bank.

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Fin24.com | Airbus upbeat on sales as A380 marks anniversary
2015/04/27 02:02:48 PM

Airbus has pledged to boost sales of its A380 Superjumbo, as the world's largest passenger jet prepares to celebrate a bitter-sweet 10-year anniversary.

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Fin24.com | Gauteng pays the best salaries
2015/04/27 01:42:13 PM

Salaries in Gauteng are on average still the best in South Africa, according to the latest salary review by Career Junction.

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Fin24.com | Ford recall because door could 'fly open'
2015/04/27 12:33:34 PM

Ford has issued a safety recall for certain models due to a door latch issue that creates the potential for a door to unlatch while driving.

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Fin24.com | Zim a very difficult environment - Old Mutual
2015/04/27 11:25:13 AM

Old Mutual Zimbabwe says vacancies at its properties have grown to 19% as the operating environment in the country continues to deteriorate.

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Fin24.com | We need a change of culture
2015/04/27 10:19:39 AM

The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

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Fin24.com | Eskom breaks load shedding streak
2015/04/26 07:26:45 PM

Eskom has kept the weekend free of power cuts as it started a massive maintenance drive to improve the performance and reliability of its power generating units.

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Fin24.com | Serbia seals deal for Dubai-style waterfront
2015/04/26 06:13:18 PM

Serbia has sealed a deal with an Abu Dhabi investor for a multi-billion-dollar development that has drawn fire from locals worried over the scale and cost of the project.

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Fin24.com | Outcry over Molefe's plan to solve Eskom woes
2015/04/26 05:14:54 PM

A suggestion that Eskom supply electricity directly to all South Africans, bypassing municipalities, would in effect destroy local government and derail service delivery.

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Fin24.com | Ramaphosa steps in at SARS
2015/04/26 03:03:29 PM

Deputy President Cyril Ramaphosa is reportedly brokering an exit deal between suspended deputy commissioner Ivan Pillay and the SA Revenue Service head, Tom Moyane.

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Fin24.com | Two South Africans in UK rich list
2015/04/26 01:40:31 PM

Two South Africans have made it into the respected Sunday Times Rich List , with Ukrainian businessman Len Blavatnik taking the top spot with a personal wealth of R240bn.

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Fin24.com | Solar power shaking up global energy
2015/04/26 01:25:06 PM

A crash in the prices of photovoltaic panels and improved technology that harnesses more power from the sun has placed solar on the cusp of a global boom, analysts say.

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Fin24.com | Presidency, Glencore slam Ramaphosa Eskom claims
2015/04/25 10:08:36 PM

Mining company Glencore and the Presidency have slated claims that Deputy President Cyril Ramaphosa may have benefited from Eskom's coal buying deals.

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Fin24.com | No load shedding planned for rest of day - Eskom
2015/04/25 08:29:11 PM

Eskom says there is no planned load shedding for the rest of the day, but the company repeated its call for restrained electricity use.

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CLS
Heads up: Clicks 1H15 results - Another solid set of results
2015/04/23

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PSG
Heads up: PSG FY15 results
2015/04/22

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PIK
Heads up: Pick n Pay Stores Ltd - results for the 52 weeks ended 1 March 2015
2015/04/22

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REB
Heads up: Rebosis 1H15 results- solid portfolio performance
2015/04/21

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ADH
Heads up: Advtech Holdings FY14 results - building for the future
2015/04/16

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PGL
Heads up: Pallinghurst Resources Limited FY14 results
2015/04/10

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PIK
Heads up: Pick n Pay Stores Ltd - trading statement
2015/04/10

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RES
Heads up: Resilient site visit - great assets, but steamy price
2015/04/07

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FSR
Heads up: FirstRand Limited - 1H15 results for the six months ended 31 December 2014
2015/04/07

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

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  18,131.16   51.02  0.3%
DJ Trans  8,856.85   -23.32  -0.3%
NASDAQ  5,102.66   10.57  0.2%
NYSE S and P500 INDEX  2,121.38   3.69  0.2%
FTSE 100  7,087.00   16.30  0.2%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  12,030.18   219.33  1.9%
HONG KONG HANG SENG INDEX  28,433.59   372.61  1.3%
NIKKEI 225 INDEX  19,983.32   -36.72  -0.2%
Major JSE Indices*
Name Value Move
OVERALL  55188   501.80  0.9%
TOP 40  48965   554.34  1.1%
ALL GOLD  1298   -36.50  -2.7%
INDUSTRIAL  69888   665.70  1.0%
FINANCIAL  17911   15.24  0.1%
RESOURCES  44222   1,156.36  2.7%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  9.42   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.09   0.02 1.6%
ZAR/ / EUR  13.07   -0.03 -0.2%
USD/ / GB  1.52   0.02 1.3%
ZAR/ / GBP  18.23   -0.11 -0.6%
YEN/ / ZAR  9.98   9.88 9,752.0%
JPY/ / USD  119.10   0.20 0.2%
ZAR/ / USD  11.99   -0.23 -1.9%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  64.60   -0.68 -1.0%
Palladium  784.25   11.95 1.5%
Platinum  1,148.75   24.25 2.2%
Silver  16.42   0.67 4.3%
Gold  1,202.41   22.82 1.9%
Top 5 Gainers -- Delayed
Erin Energy Corporatio  87.1
SABLE PLATINUM LTD  31.9
CENMAG HOLDINGS LTD  22.0
Mine Restoration Inv L  16.7
BSI Steel Limited  16.0
Top 5 Losers -- Delayed
Northam Platinum Ltd N  -18.9
Forbes & Manhatt Coal  -16.7
African Dawn Capital L  -12.5
Tawana Resources NL  -11.1
Efficient Group Ltd  -9.6

PRICES (15 minute delay)

MYRIAD MEDICAL HLDGS L : MYD 117  0 | Imperial Holdings Ltd : IPL 19799  339 | Coal of Africa Ltd : CZA 47  -1 | GOLD REEF RESORTS LTD : GDF 1570  -25 | Nonlife Insurance : NLIF 41984  128 |

SENS (15 minute delay)