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Market Commentary
The Day Ahead for Monday 06 July 2015

US markets were closed on Friday as a result of Independence Day weekend. Eastern markets are trading in the red this morning, after Greeks voted against bail out terms in Sunday’s referendum. The Nikkei is softer by 2.40% while the Hang Seng is weaker by 3.18%. Tencent is trading in the red by 6.96% and BHP Billiton is softer by 2.11% in Australia this morning. The Australian ASX is trading in negative territory, down 1.40% thus far. European markets are set to open lower. Traders can expect a negative start to our local bourse this morning.

Market Commentary
Market Commentary for Friday 03 July 2015

The All Share Index opened weaker on Friday morning and continued to slip lower for the rest of the day as investors nervously awaited the outcome of Greece’s crucial Sunday referendum. General Miners struggled, dropping 1.49% at the close, with Kumba Iron Ore and Assore posting losses of 5.72% and 5.18% respectively. Gold miners flourished, adding 2.15% on the day, driven largely by Sibanye Gold and Goldfields who each added 4.28% and 3.08% respectively. It was a relatively quiet day on the company front, Brimstone Investment Corporation released a trading statement advising shareholders that they expect EPS and HEPS for the six months ended 30 June 2015 to decrease by more than 100%. This was on the back of downward fair value adjustments to investments. Sun International advised shareholders that it was withdrawing the application for the proposed restructure of the shareholding in Sunwest International Proprietary Limited and Worcester Casino. On the economic front, better than expected retail sales out of the EU was not enough to lift stocks, as European markets closed out their worst week this year. Total value traded for the day was R9.21 bn

News Articles
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Fin24.com | What's next? as Greece stumbles toward euro exit
2015/07/06 08:12:26 PM

Greece is at the last chance saloon, thirsty and out of credit. Next stop could be the badlands of euro exit.

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Fin24.com | Prof Tsakalotos named new Greece finance minister
2015/07/06 08:09:49 PM

Greece has named economist Euclid Tsakalotos, its top negotiator in the stalled EU-IMF talks, as the country's new finance minister, the president's office says.

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Fin24.com | Buffett $2.85bn closer in plan to give away wealth
2015/07/06 08:00:04 PM

Warren Buffett on Monday donated about $2.84bn of Berkshire Hathaway stock to charities, as part of the billionaire's plan to give away nearly all of his wealth.

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Fin24.com | 10 days in the Greek debt crisis
2015/07/06 07:43:03 PM

Greek voters' defiant rejection of the terms of an international bailout in Sunday's referendum capped a dramatic week for the country in its standoff with EU-IMF creditor.

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Fin24.com | Greece to extend banking shut down - bankers
2015/07/06 05:36:04 PM

Greece's government plans to extend the closure of banks beyond Monday by at least a few more days, four banking sources say.

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Fin24.com | Brics bank to launch at summit this week
2015/07/06 05:04:50 PM

The Brics emerging economies will launch a development bank at a summit this week, which may reduce Western dominance of world financial institutions.

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Fin24.com | Argentine president celebrates Greek 'no' vote
2015/07/06 03:59:06 PM

While world markets tremble at the decision by Greek voters to reject conditions of a rescue deal from creditors, the Argentine president boldly welcomes the referendum result.

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Fin24.com | Rolls Royce cuts profit forecasts, CEO takes helm
2015/07/06 03:00:24 PM

British engineer Rolls-Royce has cut profit expectations for the third time in nine months, increasing the challenge for its new chief executive.

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Fin24.com | Greece can't take more austerity - UN
2015/07/06 01:36:49 PM

Greece cannot take any more austerity as it will cause more social unrest and lessen the chance of an economic recovery, a UN debt expert says.

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Fin24.com | Gold wage offer 'needs work' - union
2015/07/06 12:52:10 PM

SA union UASA says while gold producers tabled a “good opening offer” in pay negotiations last week, it still needs work.

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Fin24.com | Russia hopes Greece reaches deal soon
2015/07/06 12:49:59 PM

Russia hopes Greece will reach a deal with its international creditors as soon as possible, says a Kremlin spokesperson.

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Fin24.com | Top 10 cartoons that poke fun at Greek tragedy
2015/07/06 11:47:11 AM

The Greeks might have rejected conditions of a rescue package from creditors, but cartoonists have been having a field day with the inventors of democracy.

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Fin24.com | Thousands celebrate Greece's 'No' vote
2015/07/06 10:18:44 AM

Having squarely rejected the terms of new financial aid for their cash-strapped country, Greece wakes up to an uncertain future.

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Fin24.com | Greek 'No' brings joy, 'Europe is dying' - EU opponents
2015/07/06 10:17:35 AM

If Greece's 'No' vote has shocked eurozone leaders, it brought delight to opponents of the European Union who said it shows the entire European project is dying.

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Fin24.com | Greek finance minister quits after 'no' to bailout terms
2015/07/06 09:28:33 AM

Greece's outspoken Finance Minister Yanis Varoufakis has resigned, removing a major obstacle to any last-minute deal to keep Athens in the eurozone.

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Fin24.com | Greeks defy Europe with overwhelming 'No'
2015/07/06 08:23:14 AM

The vote leaves Greece in uncharted waters: risking a banking collapse that could force it out of the euro.

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Fin24.com | Tsipras has caused a disaster - German lawmaker
2015/07/06 07:58:43 AM

Greek Prime Minister Alexis Tsipras has caused a disaster and must see how to pick up the pieces, says a senior German conservative lawmaker.

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Fin24.com | Will Putin pay for SA's R1trn nuclear plan?
2015/07/06 07:28:03 AM

Russia is seen as the frontrunner to win the right to build South African nuclear power plants that may be worth as much as R1 trillion.

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Fin24.com | ECB to keep tight funding grip on Greek banks after 'No' - sources
2015/07/06 06:40:23 AM

The European Central Bank is likely to maintain emergency funding for Greek banks at its current restricted level, a move that will see lenders run out of cash soon.

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Fin24.com | Greece poll likely to herald more turbulence
2015/07/05 09:00:01 PM

Whether Greeks accept or reject the tough terms of an aid offer to stave off financial collapse, it is certain to come with more challenges.

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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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TFG
Heads up: The Foschini Group - results review for the year ended 31 March 2015
2015/06/05

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MPC
Heads up: Mr Price Group Limited - Results for the 52 weeks ended 28 March 2015
2015/06/04

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ADR
Heads up: Adcorp Ltd - FY15 results to 28 February 2015 - offshore strategy paying off
2015/06/02

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VKE
Heads up: Vukile Property Fund FY15 Results - A bigger fund
2015/05/27

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ILV
Heads up: Illovo Sugar FY15 results - Disappointing performance, and expected to get weaker
2015/05/27

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  17,890.36   -75.71  -0.4%
DJ Trans  8,239.58   -70.43  -0.8%
NASDAQ  5,112.19   -10.22  -0.2%
NYSE S and P500 INDEX  2,102.31   -6.27  -0.3%
FTSE 100  6,773.00   -34.82  -0.5%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  11,465.45   -7.68  -0.1%
HONG KONG HANG SENG INDEX  26,663.87   -481.88  -1.8%
NIKKEI 225 INDEX  20,706.15   -65.25  -0.3%
Major JSE Indices*
Name Value Move
OVERALL  51381   -585.86  -1.1%
TOP 40  45732   -623.18  -1.3%
ALL GOLD  1025   19.77  2.0%
INDUSTRIAL  66082   -1,050.29  -1.6%
FINANCIAL  16544   -76.20  -0.5%
RESOURCES  38313   -355.78  -0.9%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  9.32   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.12   0.00 0.0%
ZAR/ / EUR  13.63   0.02 0.2%
USD/ / GB  1.57   0.00 0.1%
ZAR/ / GBP  19.11   0.06 0.3%
YEN/ / ZAR  10.20   10.11 10,398.0%
JPY/ / USD  123.69   0.05 0.0%
ZAR/ / USD  12.18   0.03 0.2%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  63.19   -0.17 -0.3%
Palladium  676.60   -2.15 -0.3%
Platinum  1,073.56   -9.82 -0.9%
Silver  15.82   -0.06 -0.4%
Gold  1,172.55   -1.18 -0.1%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
African Equity Emp Inv  29.0
Chrometco Ltd  25.0
CENMAG HOLDINGS LTD  22.0
Sekunjalo Inv Ltd  13.0
Top 5 Losers -- Delayed
Goliath Gold Mining Lt  -33.3
Spanjaard Limited  -20.0
Verimark Holdings Ltd  -18.3
Forbes & Manhatt Coal  -16.7
Nictus Ltd  -16.7

PRICES (15 minute delay)

All Africa 40 Index Ra : JA0R 117  -1 | NEWFUNDS ILBI ETF : NFILBI 6106  -21 | Master Drilling Grp Lt : MDI 1400  0 | STANLIB SA Property ET : STPROP 6122  36 | Discovery Ltd : DSY 12772  22 |

SENS (15 minute delay)