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Market Commentary
The Day Ahead for Wednesday 29 June 2016

Yesterday, US markets closed well in the black with the Dow Jones Industrial Average and the S&P500 closing higher by 1.57% and 1.78% respectively. Asian markets are also trading stronger this morning with the Nikkei and the Hang Seng higher by 1.92% and 0.61% respectively. Tencent is trading higher by 0.18% whilst BHP Billiton has gained 2.16% in Australia this morning. The Australian ASX is trading higher by 0.97% thus far. Traders can expect a positive start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Tuesday 28 June 2016

Yesterday saw the JSE push against the tide of large declines as the All-Share Index managed to rally throughout the course of trading to end the day higher by 2.11%. With investors piling back into shares, we saw a combination of speculators covering short positions and investors desperately trying to find an opportunity to buy into what has ultimately been an expensive market from a valuation point of view. The gains were wide spread with most sectors, save the Gold Mining Index managing to close well into positive territory. On the company front, Omnia Holdings released its audited results for the year ended 31 March 2016. The highlights showed that revenue remained flat at R16.8 billion, operating profit was down 19% to R1 189 million, profit before tax of R1 012 million was down 24% and profit after tax of R702 million was down 25%. The market reacted well to these results and Omnia closed the day 13.28% higher. Anglo American plc announces the value of rough diamond sales for De Beers’ fifth sales cycle of 2016, amounting to $560 million, compared with the $636 million value of the fourth sales cycle of 2016. Mediclinic International plc announced the completion of the refinancing of the Mediclinic Bridge Facility associated with the Company’s combination with Al Noor Hospitals Group plc. The new facilities include a South African senior bank loan totalling ZAR1.2 billion at an interest rate of JIBAR +1.69% with a 3-year term expiring in June 2019, South African unsecured preference share funding totalling ZAR1.5 billion at a rate of 73% of the prime overdraft interest rate with a 4-year term expiring in June 2020, United Arab Emirates bank loans of USD54.5 million and USD100.0 million at an interest rate of LIBOR + 2.75% with respective 4-year and 5-year amortising terms, expiring in June 2020 and May 2021. The remainder of the GBP266 million drawn down from the Mediclinic Bridge Facility has been satisfied by a USD64.5 million payment from existing cash resources. The total value traded for the day was R21.93bn.

News Articles
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Fin24.com | SA offers to buy Chevron Refinery, other assets
6/29/2016 8:00:38 PM

South Africa’s state-owned Strategic Fuel Fund has expressed interest in buying Chevron’s Cape Town oil refinery, retail-fuel stations, and other assets.

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Fin24.com | Aviation industry aiming to move people more quickly - Iata
6/29/2016 7:58:41 PM

The International Air Transport Association has expressed outrage at the attack at Atatürk Airport Istanbul, Turkey.

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Fin24.com | Google does case study for Nedbank
6/29/2016 7:50:06 PM

Google has released their first official case study for banking in SA for a Nedbank Insurance campaign.

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Fin24.com | West Africa economies losing out to illegal fishing - report
6/29/2016 7:30:00 PM

"Catastrophic" levels of illegal fishing in West Africa are costing the region millions in lost revenue and hundreds of thousands of jobs, says a development think tank.

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Fin24.com | Don’t rush to petrol stations, there’s no petrol strike - Sapra
6/29/2016 7:05:32 PM

There is no need for motorists to rush to fill their vehicles' tanks up with petrol, says the SA Petroleum Retailers.

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Fin24.com | Growthpoint’s Greenovate scoops up top property innovation award
6/29/2016 6:39:28 PM

Growthpoint Properties’ Greenovate Awards Programme has claimed the SA Property Owners Association Excellence Award for Innovation.

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Fin24.com | Proudly SA seeks new CEO as Leslie Sedibe's contract ends
6/29/2016 6:24:08 PM

The future of Proudly South African boss Leslie Sedibe at the organisation hangs in the balance after the board decided not to renew his contract, which ends in August.

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Fin24.com | German consumer morale shrugs off Brexit fears - survey
6/29/2016 6:00:01 PM

Consumer confidence in Germany is on the rise as households feel that robust domestic demand, rising wages and low inflation will keep it on a growth path.

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Fin24.com | Consumer spending in US ticks up 0.4% in May
6/29/2016 5:15:01 PM

Consumer purchases have moderated last month after the biggest advance since August 2009 as American households realigned outlays with slower income growth.

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Fin24.com | Brexit will see demise of throttling regulations – Hart
6/29/2016 5:01:00 PM

Economic commentator Chris Hart believes Brexit is the beginning of a global trend that will see the soaring levels of regulations and taxes being cut back.

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Fin24.com | EU to Britain: No access to single market without migration
6/29/2016 4:45:01 PM

If British business wants to keep access to Europe's single market, the country must accept European workers, say European Union leaders.

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Fin24.com | Airport blasts slam Turkey's struggling tourism industry
6/29/2016 4:30:00 PM

Turkey's already limping tourism industry is suffering a fresh grievous blow after the latest in a series of attacks targeted at tourists, analysts say.

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Fin24.com | EU leaders: 'No single market a la carte' for UK
6/29/2016 4:01:11 PM

EU leaders have agreed that Britain cannot have access to the single market after leaving the union without accepting the bloc's rules on free movement.

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Fin24.com | Ryanair puts UK in holding pattern after Brexit shock
6/29/2016 3:41:35 PM

Irish no-frills airline Ryanair will put the brakes on new UK connections for the coming months given the uncertainty caused by the British vote to leave the EU.

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Fin24.com | Chris Hart: Brexit a wonderful cover up for SA's economy ‘stuff up’
6/29/2016 3:40:13 PM

Economic commentator Chris Hart says he fears Brexit will be used to cover up South Africa’s poor economic performance, which he says is self-inflicted.

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Fin24.com | Brexit economic fallout worries Americans - poll
6/29/2016 2:46:37 PM

Over a third of US voters see the UK’s decision to leave the EU as damaging to the American economy.

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Fin24.com | Analyst warns of UK recession this year over Brexit
6/29/2016 1:58:00 PM

The UK can be expected to fall into recession in the second half of the year, which would likely cause unemployment to rise with a lag, warns an analyst.

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Fin24.com | Transnet to shut down coal export line for maintenance
6/29/2016 1:46:42 PM

Transnet will shut down its coal export line for 14 days of routine maintenance from July 11.

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Fin24.com | Salaries take up bulk of municipal costs
6/29/2016 1:15:58 PM

The bulk of municipal expenditure went towards employee costs, which include salaries and benefits, the latest financial census of municipalities shows.

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Fin24.com | Toyota recalls 3.4m cars over airbags, fuel tanks
6/29/2016 12:57:10 PM

Toyota Motor is recalling about 3.4 million cars to repair separate flaws involving leaky fuel tanks and curtain air bags that may crack and injure occupants.

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SSS
Heads up: Stor-Age REIT FY16 results- Better than expected
6/21/2016

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MTN
Heads up: MTN update on the Nigerian fine
6/15/2016

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PIK
Heads up: Pick n Pay Stores Ltd & Pick n Pay Holdings Ltd - Elimination of PWK pyramid structure
6/14/2016

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PWK
Heads up: Pick n Pay Stores Ltd & Pick n Pay Holdings Ltd - Elimination of PWK pyramid structure
6/14/2016

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PFG
Heads up: Pioneer Foods 1H16 results - Solid performance during testing times
6/13/2016

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TFG
Heads up: The Foschini Group - results review for the year ended 31 March 2016
5/31/2016

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HCI
Heads up: HCI FYH16 results
5/31/2016

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TSH
Heads up: Tsogo Sun FY16 results - Expansions, refurbs and acquisitions
5/30/2016

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VKE
Heads up: Vukile Property Fund FY16 results- Solid core
5/27/2016

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REI
Heads up: Reinet FY16 results - slowly diversifying
5/26/2016

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  17,607.71   197.99  1.1%
DJ Trans  7,408.78   156.15  2.2%
NASDAQ  4,756.25   64.38  1.4%
NYSE S and P500 INDEX  2,061.36   25.27  1.2%
FTSE 100  6,304.96   164.57  2.7%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  9,582.46   135.18  1.4%
HONG KONG HANG SENG INDEX  20,436.12   263.66  1.3%
NIKKEI 225 INDEX  15,566.83   243.69  1.6%
Major JSE Indices*
Name Value Move
OVERALL  51890   749.28  1.5%
TOP 40  45732   625.32  1.4%
ALL GOLD  2372   71.57  3.1%
INDUSTRIAL  70687   834.83  1.2%
FINANCIAL  14533   182.14  1.3%
RESOURCES  30178   709.43  2.4%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  11.04   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.11   0.01 0.9%
ZAR/ / EUR  16.48   -0.53 -3.1%
USD/ / GB  1.35   0.03 2.3%
ZAR/ / GBP  20.02   -0.34 -1.7%
YEN/ / ZAR  6.94   6.80 4,604.9%
JPY/ / USD  102.70   0.04 0.0%
ZAR/ / USD  14.83   -0.60 -3.9%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  49.67   0.97 2.0%
Palladium  584.00   17.00 3.0%
Platinum  1,008.00   30.00 3.1%
Silver  18.33   0.58 3.3%
Gold  1,323.70   12.20 0.9%
Top 5 Gainers -- Delayed
Nutritional Holdings L  100.0
Beige Holdings Limited  50.0
Tawana Resources NL  32.3
SABLE PLATINUM LTD  31.9
Ascension Prop Ltd A  28.9
Top 5 Losers -- Delayed
Adcock Ingram Hldgs Op  -44.3
Bauba Platinum Limited  -28.6
Visual International H  -16.7
Middle East Diamond Re  -16.7
Forbes & Manhatt Coal  -16.7

PRICES (15 minute delay)

Investec Ltd Pref : INPR 7950  85 | Top 40 : J200 45732  625 | Trellidor Hldgs Ltd : TRL 475  0 | Accelerate Prop Fund L : APF 630  -4 | Quantum Foods Hldgs Lt : QFH 250  8 |

SENS (15 minute delay)

| BDX141 : Availability of Annual Financial Statements| JSE : Disposal of shares by JSE LTIS 2010 trust (the ?Trust?)| MTN : Dealing in securities by a director of MTN Group Limited| VKE08 : Interest Rate Reset: VKE08| VKC16 : Interest Rate Reset: VCK16| CRP : Director shareholding| MIX : Filing of Annual Report on Form 20-F with the United States Securities Exchange C| GAM : Proposed issue of shares to African Rainbow Capital Proprietary Limited| DMCCB : Availability of Annual Financial Stateemnts| MFI : Condensed Abridged Audited Results for the Period Ended| LDO : No statement and notice of annual general meeting| NT1 : Net1 announces adoption of $50 million 10b5-1 plan| EMI : Change in company secretary| MBSA02 : Availability of Annual Financial Statements| MND : Regulatory Report on Payments to Governments in respect of Logging Industries for| GPL : Sunwest And Worcester Transaction: Results Of The General Meeting And Conditions| BG22A2 : Availability of Annual Financial Statements| BTC114 : Availability of Annual Financial Statements| ISA : Results of Annual General Meeting| IWE : Directors dealings in securities| OML : Form 8.3 - Public Opening Position Disclosure ? London Stock Exchange Group| OML : Form 8.3 - Public Opening Position Disclosure - Deutsche Boerse AG| ITU : Notification of Transactions of Directors/Persons Discharging Managerial Responsi| STP : Dealings in securities by an associate of a director of Stenprop| BSS : DEALING IN SECURITIES BY DIRECTORS AND THE COMPANY SECRETARY| PGL : Results of Annual General Meeting| MAS : Masonite transaction approval by the competition commission| T13A12 : The Thekwini Fund 13 (RF) Limited Audited Annual Financial Statements| TH12A3 : The Thekwini Fund 12 (RF) Limited Audited Annual Financial Statements| TH11A3 : The Thekwini Fund 11 (RF) Limited Audited Annual Financial Statements| CSG : dealing in securities| PCT : Audited Summary Financial Results for the year ended 31 March 2016 and Cash Divid| CFRIHE : Breached Barrier Announcement - CFRIHE| TOPSBD : SCIB: Notice of expiry of Standard Bank Warrants - TOPSBD/TOPSBY| KST : Dealings In Securities By An Associate Of A Director| KIOSBF : SCIB: The Standard Bank Of South Africa: Notice of expiry of Standard Bank Warran| BAYA06 : Capital Redemptions| AGL : Director Declaration| FGL : Results of annual general meeting| HLM : Purchase of shares by Hulamin Long Term Incentive Plan ? 2007| SEP : Provisional audited financial results for the year ended 31 March 2016| MNP : Mondi Ltd\Mondi Plc - Notification of Major Interests in Shares| KCCGLD : Redemption of Krugerrand Custodial Certificates - KCCGLD| SOH : No Change Statement and Notice of Annual General Meeting| THE9A2 : Audited Annual Financial Statements| TWC167 : Audited Annual Financial Statements - TWC067 - TWC183| SNH : Public Dealing Disclosure By A Party To An Offer Or Person Acting In Concert| SNH : Public Opening Position Disclosure By A Party To An Offer| AHF3A3 : Audited Annual Financial Statements - AHF3A3 - AHF3C3| AHF2A2 : Audited Annual Financial Statements| STXFIN : Partial Delisitng of Satrix Fini Securities - STXFIN| STX40 : Partial Delisting of Satrix 40 Securities - STX40| HIL : Disclosure of significant holding of ordinary shares| APF03 : Availability of Annual Report| CLS : Dealing in securities by non-executive director| SGI003 : Placing Document - SGI003| GLN : Payments to Government Report 2015| STAN40 : Distribution Announcement - STAN40| SRE : Notification Of Major Interest In Shares| MNY : Dealings in Securities by a Director| SAB : Final Dividend Timetable ? Revised last date to trade with dividend in South Afri| STANSX : Distribution Announcement - STANSX| STPROP : Distribution Announcement - STPROP| BG22A2 : Full Redemption of Callable Notes| ART : Abridged Audited Consolidated Results For The Year Ended 31 March 2016 And Notice| SY1297 : Audited financial statements for the year ended 31 December 2015| CSG : Dealing in securities by associates of directors and a director of a major subsid| CLN452 : The Standard Bank of South Africa Limited| REMIHK : Expiry Announcement - BTIIHE, NPNIHD and REMIHK| GLD : GLD/ NGNGLD - Listing of additional NewGold Debentures| NGPLD : NGPLD/ NGNPLD - Listing of additional NewGold Palladium Debentures| MFI : Cautionary Announcement| EFG : Cautionary Announcement| SAB : Rule 2.10 announcement| CGR : Dealings in securities by a director| ETFPLT : Listing of additional AfricaPlatinum debentures - ETFPLT| GRP : Changes to the board of directors| EPS : Hebei Zhongheng Tianda Platinum Co. Limited To Purchase The Crocodile River Mine| ASN156 : ASN156 - New Financial Instrument Listing| SRE : Notification Of Major Interest In Shares| ACL137 : ACL137 - Interest Rate Reset| ASN128 : ASN128/ ASN129 and ASN130 - Interest Rate Resets| ASN119 : ASN119 - Interest Rate Reset| ASN098 : ASN098 - Interest Rate Reset| ASN069 : ASN069 - Interest Rate reset| ASN061 : ASN061 - Interest Rate Reset| ASN059 : ASN059 - Interest Rate Reset| ASN036 : ASN036 - Interest Rate Reset| ASN058 : ASN058 - Interest Rate Reset| ABN91 : ABN91 - Interest Rate Reset| ABN92 : ABN92 - Interest Rate Reset| ABFN16 : ABFN16 - Interest Rate Reset| GAM : Unaudited Interim Results for the Six Month Period Ended 31 May 2016| ABFN15 : ABFN15 - Interest Rate Reset| ABFN13 : ABFN13 and ABFN14 - Interest Rate Resets| ABFN10 : ABFN10 - Interest Rate Reset| AB08 : AB08 - Interest Rate Reset| AB010 : AB010 and AB011 - Interest Rate Resets| SCD : Acquisition Of Two Grocery Retail Investments Located In Rennes And Anglet (Near| JSE : [06:31:00]: Start of Day. 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