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Market Commentary
The Day Ahead for Friday 06 March 2015

U.S stocks closed higher on Thursday, breaking two days of losses amid details of quantitative easing in the euro zone and in anticipation of Friday’s nonfarm payrolls report. The S&P500 and the Dow Jones Industrial Averages ended 0.21% and 0.12% higher. Asian Markets are trading mixed this morning with the Nikkei once again printing a new fresh 15-year high on the back of a weaker yen. The Nikkei is currently higher just under a percent while the Hang Seng is trading just below the flat line, weaker by 0.03%. The Australian ASX is lower by 0.09% this morning. Tencent is trading weaker by 0.38% whilst BHP Billiton is under pressure, falling by 1.57% thus far. Traders can expect a flat to slightly negative start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Thursdayday 05 March 2015

Our local bourse started its trading session relatively unchanged after U.S stocks closed lower on Wednesday night amid a series of economic data that continued to show moderate growth ahead of Friday’s key jobs report. The JSE all share managed to climb steadily throughout the day eventually finishing higher by 0.75%. Our Banking sector advanced by 2.73% with Standard Bank rising 5.41% on the back of its provisional results which were released to the market while FirstRand also enjoyed a good session, adding 2.20%. Our Property shares continued to surge higher with Resilient, Hyprop and Redefine adding 4.31%, 4.21% and 4.31% respectively for the day, all reaching new all-time highs. Our platinum sector continued to slide, dropping 3.87% with the likes of Anglo Platinum and Impala Platinum shedding 3% and 4.51% for the day respectively. On the data front, The European Central bank kept interest rates unchanged at record lows whilst also committing to its first asset purchases next week in a program amounting to 60bn euros. Out of the US, unemployment claims increased by 7000 claims to 320k from 313k previously whilst Factory orders fell for the sixth straight month, sliding by 0.2% in January. On the company front, Exxaro released its results for the year ended 31 December 2014 showing its adjusted full-year earnings fell 6% due to an impairment charge of R5.8bn related to its iron project in the Congo Republic. Headline earnings per share came in at 1372 cents, down 6% from the previous period while also slashing their dividend by a third to 210c per share. Sanlam released their audited results for the year ended 31 December 2014 indicating that normalised headline earnings per share increased by 3% while also mentioning that they are working on acquisitions worth over R2bn in the rest of Africa and other emerging markets. Standard Bank released their provisional results for the year ended 31 December 2014 showing that headline earnings from continuing operations were up 20% and surprised investors by raising its dividend by 12%. Aspen issued their unaudited interim results for the six months ended 31 December 2014 indicating that they had increased gross revenue by 47% to R19.0bn whilst raising operating profit by 50% to R4.3bn supported by the contribution from acquisitions concluded in the prior year. Aspen said that normalised headline EPS came in at 569 cents compared to 468 cents a year earlier. Value traded for the day came in at R22.6bn.

News Articles
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Fin24.com | Sub-Sahara mobile money at $1.5bn by 2019
2015/03/06 03:55:30 PM

Sub-Sahara Africans are open to other financial products delivered using mobile phones, including loans and insurance, according to a report.

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Fin24.com | China's Fosun buys 5% stake in UK Thomas Cook
2015/03/06 03:30:04 PM

Fosun International has bought a 5% stake in Thomas Cook Group, deepening its interest Europe's tourism sector and will help the UK firm to compete with TUI Group.

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Fin24.com | New union not replacing Numsa - Cosatu
2015/03/06 02:58:54 PM

The new Liberated Metalworkers' Union of SA is not replacing expelled National Union of Metalworkers of SA, Cosatu says.

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Fin24.com | Euro tourism up on recovering economies, cheap oil
2015/03/06 02:30:01 PM

Travel and tourism companies are looking forward to a solid year in Europe thanks to recovering economies and a fall in oil prices.

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Fin24.com | SA miners in Zim encounter headwinds
2015/03/06 02:25:15 PM

Zimbabwe's mining output is declining as miners - including units of South African groups - grapple with low commodity prices and a challenging operating framework.

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Fin24.com | UK hiring for permanent jobs grows rapidly
2015/03/06 02:02:19 PM

Britons finding permanent jobs through recruitment agencies has grown at the fastest pace since October and stiff competition for candidates continues to push up starting salaries.

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Fin24.com | Taxpayers' money won't fund nuclear - Germany
2015/03/06 01:30:01 PM

German economy minister has lashed out at the UK's plans to finance new atomic generation, vowing not to use taxpayers' money to fund nuclear power.

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Fin24.com | World food prices continue to fall
2015/03/06 12:08:31 PM

Global food prices have fallen 1% in February to their lowest in more than four-and-a-half years, oils steady and only dairy prices rebounding sharply.

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Fin24.com | Airbus single-aisle A320 family still popular
2015/03/06 11:41:43 AM

Airbus' latest rolling orders and deliveries report shows the continuing popularity of its single-aisle A320 family, says the company.

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Fin24.com | Atlas Mara targets Africans ignored by others
2015/03/06 10:52:21 AM

Atlas Mara, the newest entrant to the African banking market, plans to target low-income earners in addition to multinationals and middle-class consumers.

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Fin24.com | Budding German holiday romance with Greece
2015/03/06 10:41:46 AM

German holidaymakers are flocking to Greece, leaving the acrimonious wrangling over Athens' debt mountain or fears of a "Grexit" to the politicians.

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Fin24.com | Brazil's Petrobras scandal widens
2015/03/06 10:32:17 AM

A scandal at state-run oil company Petrobras has entered a volatile new phase that could lead to jail for some of Brazil's politicians and business leaders.

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Fin24.com | Khulubuse Zuma: Unions' Aurora claims distorted
2015/03/06 10:31:51 AM

Khulubuse Zuma claims allegations levelled against him by trade unions distort the findings a 2013 inquiry into the affairs of Pamodzi Gold.

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Fin24.com | US banks pass capital hurdle in Fed stress test
2015/03/06 10:23:59 AM

US banks have passed a minimum hurdle for top-tier capital in an annual health check by the Federal Reserve, says the central bank.

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Fin24.com | BAT offers to buy out Souza Cruz stake
2015/03/06 10:14:59 AM

British American Tobacco is seeking to buy the 24.7% stake it does not already own in Brazil's Souza Cruz and to delist the company.

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Fin24.com | FirstRand appoints new chief executive
2015/03/06 10:02:14 AM

FirstRand has announced who will take over as its chief executive from Sizwe Nxasana, who is retiring after nine years at the helm of the group.

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Fin24.com | Eskom: Weekend load shedding unlikely
2015/03/06 09:57:00 AM

Support from customers and generators coming back online have curbed power cuts this week with load shedding unlikely on Friday and the weekend, says Eskom.

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Fin24.com | Net reserves fall in February
2015/03/06 08:59:51 AM

South Africa's net gold and foreign exchange reserves slipped to $41.923bn in February from $42.145bn in January, data from the Reserve Bank shows.

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Fin24.com | Khulubuse Zuma shirks blame in mineworkers' plight
2015/03/06 07:54:17 AM

Khulubuse Zuma has bemoaned statements by Cosatu and the National Union of Mineworkers blaming him for the plight of Pamodzi Gold's former mineworkers.

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Fin24.com | Don't sell state assets
2015/03/06 07:34:29 AM

Government must up its game and save state-owned firms, says Mzwandile Jacks.

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MMI
Heads up: MMI 1H15 results - steady performance
2015/03/06

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APN
Heads up: Aspen results for the six months ended 31 December 2014
2015/03/06

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SHF
Heads up: Steinhoff 1H15 results - The evolution continues
2015/03/06

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SNT
Heads up: Santam FY14 results - relief after weathering the storm
2015/03/05

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GRT
Heads up: Growthpoint 1H15 results- After the shopping spree
2015/03/05

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DSY
Heads up: Discovery 1H15 results - Building meaningful optionality globally
2015/03/04

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BVT
Heads up: Bidvest 1H2015 results
2015/03/04

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IMP
Heads up: Impala Platinum 1H15 - hard days ahead
2015/03/04

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BGA
Heads up: Barclays Africa FY14 results - Gradually moving in the right direction
2015/03/04

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SAC
Heads up: SA Corporate FY14 results- moving into apartments
2015/03/03

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  18,135.72   0.00  0.0%
DJ Trans  9,003.57   -13.54  -0.2%
NASDAQ  4,982.81   15.67  0.3%
NYSE S and P500 INDEX  2,101.04   2.51  0.1%
FTSE 100  6,945.46   -15.68  -0.2%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  11,554.05   50.04  0.4%
HONG KONG HANG SENG INDEX  24,164.00   -29.04  -0.1%
NIKKEI 225 INDEX  18,971.00   219.16  1.2%
Major JSE Indices*
Name Value Move
OVERALL  53276   -9.47  0.0%
TOP 40  47125   18.96  0.0%
ALL GOLD  1239   -30.86  -2.4%
INDUSTRIAL  67286   269.79  0.4%
FINANCIAL  17002   4.35  0.0%
RESOURCES  43342   -508.89  -1.2%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  9.35   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.09   -0.02 -1.8%
ZAR/ / EUR  12.98   -0.08 -0.6%
USD/ / GB  1.51   -0.01 -0.9%
ZAR/ / GBP  17.88   -0.08 -0.5%
YEN/ / ZAR  10.22   10.13 10,397.9%
JPY/ / USD  120.76   0.62 0.5%
ZAR/ / USD  11.94   0.16 1.3%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  61.01   0.33 0.5%
Palladium  824.82   -1.75 -0.2%
Platinum  1,170.38   -9.37 -0.8%
Silver  15.94   -0.28 -1.7%
Gold  1,184.86   -13.71 -1.1%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
Accentuate Limited  27.3
CENMAG HOLDINGS LTD  22.0
The Waterberg Coal Co  18.4
Insimbi Ref & Alloy Su  16.1
Top 5 Losers -- Delayed
Goliath Gold Mining Lt  -20.0
Forbes & Manhatt Coal  -16.7
Cargo Carriers Ltd  -13.6
Freedom Prop Fund Ltd  -13.2
Cognition Holdings Ltd  -11.8

PRICES (15 minute delay)

House Goods : J372 462  2 | Health Care : J540 11504  -7 | Resource 10 : J210 43342  -509 | Adcorp Holdings Limite : ADR 3200  0 | Brimstone Inv Corp Ltd : BRN 1750  0 |

SENS (15 minute delay)

| BILSTM : SCIB: The Standard Bank Of South Africa Limited ? Dividend announcement in relati| AON : Further trading statement| IVT : Directors dealing in securities| RTN : Further trading statement| ABL10A : ABL10A ABL10B ABLI03 - African Bank Limited (in Curatorship) maturing bonds| AON : Changes to the board of directors| RTN : Changes to the board of directors| OML : Public Opening Position Disclosure/Dealing Disclosure by a Person with Interests| MTNNNN : Didivend Announcement - MTNNNN| MTNNIK : DIvidend Announcement - MTNNIIK| ADI : Dealings in securities by a director| OML : Public Opening Position Disclosure/Dealing Disclosure by a Person with Interests| BILIHN : BILIHN - dividend announcement| BTI : Notification of transactions of directors, persons discharging managerial respons| BILNNH : Dividend Announcement - BILNNH| BILSTL : SCIB: The Standard Bank Of South Africa Limited ? Dividend announcement in relati| BILNIK : Dividend Announcement - BILNIK| INA524 : INA524 - New Instrument Listing| NED : Dealings in securities by executive directors: vesting of shares and options gra| GEN : Absa Bank Limited| SY1230 : New Financial Instrument Listing - SY1230| CSB : Dealing in securities by directors| PMM17 : New Financial Instrument Listing - PMM17| ING297 : ING297 - New Instrument Listing| GNDP : Dealing in securities by directors - allocation of forfeitable shares| CLN325 : Financial Instrument Partial De-listing Announcement - ?CLN325?| ABL12B : ABL12B - African Bank Limited (in Curatorship) maturing bond| CVN : Update in respect of the name change| BIL : Notice of Dividend Currency Exchange Rate (South African Rand) - 2015 Interim Div| FRJ25 : FRJ25 FRX30 - New Instrument Listing| IMRP4 : Preference Share Dividend Announcement - IMRP4| VIL : Posting of Circular and Notice of Scheme Meeting| CZA : Appendix 3B - Issue of shares| CZA : Issue of Shares and Secondary Trading Notice| NGPLT : NGPLT-Additional Listing of NewGold Platinum Debentures| NGPLT : NGPLT-Additional Listing of Newgold Platinum Debentures| RMH : Ordinary cash dividend declaration| BGREEN : Distribution announcement - BGREEN| BBET40 : Distribution announcement - BBET40| ASC : Trading Statement| ANG : Dealing in securities by the Company Secretary of AngloGold Ashanti Limited| HDC : Disclosure of disposal of securities| IVA511 : IVA511 - Full Capital Redemption| CRD : TR1: Notification of major interest in shares| FSR : Changes to the board: Sizwe Nxasana to retire as Chief Executive Officer of First| WSL : Director dealing in securities| FSR : Ordinary cash dividend declaration| APKP : Dividend declaration in respect of Astrapak's non-redeemable, non-participating,| ROC : Update in respect of the interim dividend for the six months ended 31 December 20| AER : Dealings in securities by company secretary| BEL : Trading statement| STXRAF : Announcement for February 2015 and Salient Dates for March 2015 - STXRAF| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details