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Market Commentary
The Day Ahead for Monday 27 March 2017

US markets as well as the dollar closed lower on Friday after Trump’s failed healthcare deal with the Dow Jones Industrial Average and the S&P500 losing 0.29% and 0.08%, respectively. Eastern markets are mostly weaker this morning with the Nikkei currently lower by 1.5%, while the Hang Seng index has added 0.06%. Tencent is trading in the black by 0.36%, whilst BHP Billiton has dropped 2.93% thus far. The Australian ASX is weaker by 0.12%. Traders can expect a negative start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Friday 24 March 2017

The All Share Index started the trading session relatively flat on Friday, but gradually slipped in morning trade as investors awaited the delayed vote by the US Congress on Trump’s healthcare bill later in the day. Our market remained weak throughout the day and eventually closed in the red by 0.41%. The Platinum miners led the decline, driven by an 8.13% fall in Lonmin, while Northam Platinum lost 2.44%. Assore, City Lodge and Life Healtcare were also among the biggest losers on the day with losses of 4.37%, 3.3% and 3.17%, respectively. On the positive side we saw our Gold miners advancing by 0.81%, led by a 2.03% climb in Anglogold Ashanti. On the company front, Brait SE advised shareholders that the Maltese Registry of Companies issued a transfer certificate on 23 March 2017, completing the formalities required in Malta for the proposed transfer of the Company’s registered office from Malta to the UK. They further announced that the Board remains convinced of the long term benefits of a transfer to the UK and a premium listing on the London Stock Exchange, but due to the timing and form of Brexit and the potential impact on capital markets they have determined not to proceed with the transfer and premium listing at this time. Rhodes Food Group made an announcement regarding the acquisition of Ma Baker Companies in which they indicated that the necessary conditions have been fulfilled and the acquisition has become unconditional. The effective date of the acquisition is 28 February 2017 and the purchase consideration has been reduced by R4.5m to R207.74m, less the outstanding balance in respect of third party debt at the closing date. Capitec advised shareholders that it has long expressed the desire to internationalise at the right opportunity and has found a suitable investment opportunity in Cream Finance Holding Ltd (“Creamfinance”), a globally expanding online lending group. Creamfinance is registered in Cyprus and provides online consumer loan products in a number of countries, including Poland, Latvia, Georgia, the Czech Republic, Mexico and Denmark. On the economic front, the GDP growth rate in France advanced 0.4% quarter-on-quarter in the December quarter of 2016 with a 1.1% expansion over the same quarter of the previous year. Germany’s manufacturing PMI rose to 58.3 in March from 56.8 in February and came in above market expectations of 56.5. The number of loan approvals for house purchases in the UK decreased to 42 600 in February from 44 100 in the previous month and below market expectations of 44 900. In the Eurozone, the manufacturing PMI rose to 56.2 in March, beating market forecasts of 55.3, while the services PMI rose to 56.5. In the US, new orders for manufactured durable goods went up 1.7% month-over-month in February, following a 2.3% jump in January and beating market expectations of a 1.2% rise. The US manufacturing PMI fell to 53.4 in March and was well below expectations of 54.8. Total value traded for the day was R13.2bn.

News Articles
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Fin24.com | Zuma's threat to Gordhan can't be shrugged off: Gadfly
3/28/2017 5:34:46 PM

Recalling Finance Minister Pravin Gordhan in the midst of a high profile international roadshow with investors, President Jacob Zuma has sent an unmistakable and profoundly negative signal about South Africa's attractiveness as a place to invest.

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Fin24.com | LIVE: Treasury entourage shows courtroom support for Gordhan
3/28/2017 5:01:23 PM

The Treasury has come out in full support of Finance Minister Pravin Gordhan when they arrived in numbers at the North Gauteng High Court.

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Fin24.com | LIVE: PICS - Treasury entourage shows courtroom support for Gordhan
3/28/2017 4:49:43 PM

The Treasury has come out in full support of Finance Minister Pravin Gordhan when they arrived in numbers at the North Gauteng High Court.

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Fin24.com | SARS boss Moyane: Judge Davis attacked, affronted us
3/28/2017 4:44:46 PM

Judge Dennis Davis who heads up the Davis Tax Committee has attacked and affronted SARS and therefore there has been a breakdown in trust, according to Commissioner Tom Moyane.

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Fin24.com | Treasury entourage shows courtroom support for Gordhan
3/28/2017 4:39:12 PM

Finance Minister Pravin Gordhan's arrival at the North Gauteng High Court in Pretoria with an entourage from Treasury is seen as a strong show of support for the minister.

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Fin24.com | Malawian bank targets Barclays Bank Zimbabwe
3/28/2017 4:16:36 PM

First Merchant Bank Malawi says it has approached Barclays Bank and is now in talks for the possible acquisition of a controlling shareholding in Barclays Bank of Zimbabwe.

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Fin24.com | LIVE: PICS - Treasury backs Gordhan in show of force at court
3/28/2017 3:58:38 PM

The Treasury has come out in full support of Finance Minister Pravin Gordhan when they arrived in numbers at the North Gauteng High Court.

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Fin24.com | LIVE: PICS - Treasury supports Gordhan in show of force at court
3/28/2017 3:53:25 PM

The Treasury has come out in full support of Finance Minister Pravin Gordhan when they arrived in numbers at the North Gauteng High Court.

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Fin24.com | Capitec earnings rise on record client growth
3/28/2017 3:43:24 PM

Capitec Bank achieved a record growth of 1.3 million new clients for its financial year to February 2017, and reported 18% growth in headline earnings to R3.8bn.

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Fin24.com | BREAKING: Pics - Gordhan, Jonas arrive at court
3/28/2017 3:24:54 PM

Judge President Dunstan Mlambo will meet the legal counsel of the different respondents, including 14 Gupta-owned firms, Treasury, SARB governor, the FIC director, the registrar of Banks, and SA's big four banks.

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Fin24.com | LIVE: Gordhan lawyers say no deal in #GordhanGupta case
3/28/2017 2:59:55 PM

Judge President Dunstan Mlambo will meet the legal counsel of the different respondents, including 14 Gupta-owned firms, Treasury, SARB governor, the FIC director, the registrar of Banks, and SA's big four banks.

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Fin24.com | LIVE: Gupta lawyer tells Gordhan to drop the case
3/28/2017 2:45:32 PM

Judge President Dunstan Mlambo will meet the legal counsel of the different respondents, including 14 Gupta-owned firms, Treasury, SARB governor, the FIC director, the registrar of Banks, and SA's big four banks.

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Fin24.com | LIVE:Ruling takes political sting out of #GordhanGupta case
3/28/2017 2:40:35 PM

Judge President Dunstan Mlambo will meet the legal counsel of the different respondents, including 14 Gupta-owned firms, Treasury, SARB governor, the FIC director, the registrar of Banks, and SA's big four banks.

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Fin24.com | Gordhan squeezed in talks with ratings agencies
3/28/2017 2:30:08 PM

Finance Minister Pravin Gordhan has met with three ratings agencies, including 50 investors before he left the UK.

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Fin24.com | LIVE: #GordhanGupta: Not too late for Gordhan, Oakbay to settle - judge
3/28/2017 2:25:45 PM

Judge President Dunstan Mlambo will meet the legal counsel of the different respondents which includes 14 companies owned by the Guptas, National Treasury, the Reserve Bank governor, the FIC director, the registrar of Banks, Standard Bank, Nedbank, Absa and FNB.

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Fin24.com | Not too late for Gordhan/Oakbay to settle – Mlambo
3/28/2017 2:17:14 PM

Judge President Dunstan Mlambo will meet with legal counsel of both Oakbay and Finance Minister Pravin Gordhan and he says it is not too late for the parties to settle.

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Fin24.com | Lufthansa warns Brexit to hit UK airlines
3/28/2017 2:12:18 PM

Lufthansa CEO expects France and Germany to take a hard line against the UK aviation industry in Brexit negotiations, threatening to disrupt flight connections.

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Fin24.com | LIVE: #GordhanGupta: Storm brewing at Treasury over Gordhan's job?
3/28/2017 2:04:35 PM

The North Gauteng High Court has dismissed the application by Gupta-owned Sahara for Finance Minister Pravin Gordhan to be present at court as it failed to show cause for the late filing and merit for the application.

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Fin24.com | FIC certificate not proof transactions are suspicious - Oakbay
3/28/2017 1:52:45 PM

The relevance of the FIC certificates to the Gordhan/Oakbay matter is being challenged, according to Oakbay's legal counsel, Advocate C Pukrin.

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Fin24.com | Moyane lashes out at SARS critics
3/28/2017 1:39:55 PM

SARS commissioner Tom Moyane has come out guns blazing against “unwarranted and unsubstantial attacks”, which he says are having a negative impact on taxpayer confidence.

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YRK
Heads up: York Timber 1H17 results - "an investment where money does grow on trees"
3/27/2017

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REM
Heads up: Remgro 1H17 results - Nowhere to hide
3/23/2017

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GPL
Heads up: Grand Parade 1H17 results - Betting on Burger King
3/20/2017

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MND
Heads up: Mondi Limited FY16 results - focus on product, geographic and low cost asset base enhancement
3/16/2017

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SOL
Heads up: Sasol 1H17 results
3/15/2017

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TOR
Heads up: Torre Industries 1H17 results - Bottom fishing - are we there yet?
3/15/2017

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OML
Heads up: Old Mutual FY16 results - Progressing with the managed separation
3/13/2017

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APN
Heads up: Aspen results review for the six months ended 31 December 2016
3/13/2017

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OML
Heads up: Old Mutual FY16 results - Progressing with the managed separation
3/13/2017

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SLM
Heads up: Sanlam FY16 results - Sanlam Personal Finance surprises - again
3/13/2017

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  20,645.79   94.81  0.5%
DJ Trans  9,072.25   137.14  1.5%
NASDAQ  5,855.58   15.20  0.3%
NYSE S and P500 INDEX  2,347.14   5.55  0.2%
FTSE 100  7,337.04   43.54  0.6%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  12,125.43   129.36  1.1%
HONG KONG HANG SENG INDEX  24,345.87   152.17  0.6%
NIKKEI 225 INDEX  19,202.87   217.28  1.1%
Major JSE Indices*
Name Value Move
OVERALL  52309   584.31  1.1%
TOP 40  45215   554.46  1.2%
ALL GOLD  1380   -14.98  -1.1%
INDUSTRIAL  68443   756.19  1.1%
FINANCIAL  15233   10.01  0.1%
RESOURCES  31324   749.38  2.5%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  9.86   0.00 0.0%
ZAR/ / CHF  13.19   0.15 1.2%
USD/ / EUR  1.09   0.00 0.0%
ZAR/ / EUR  14.00   -0.03 -0.2%
USD/ / GB  1.25   0.00 0.0%
ZAR/ / GBP  16.10   -0.04 -0.3%
YEN/ / ZAR  8.59   8.47 7,280.6%
JPY/ / USD  110.37   -0.28 -0.3%
ZAR/ / USD  12.87   -0.02 -0.1%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  51.41   0.61 1.2%
Palladium  793.65   -1.03 -0.1%
Platinum  960.32   -6.18 -0.6%
Silver  18.16   0.10 0.6%
Gold  1,256.86   2.97 0.2%
Top 5 Gainers -- Delayed
WG Wearne Ltd  33.3
SABLE PLATINUM LTD  31.9
Tawana Resources NL  30.5
Adcock Ingram Hldgs Op  22.0
Nictus Ltd  15.6
Top 5 Losers -- Delayed
Distr and Warehousing  -25.0
Forbes & Manhatt Coal  -16.7
Alaris Holdings Ltd  -11.6
Marshall Monteagle plc  -10.5
Go Life International  -8.3

PRICES (15 minute delay)

Italtile Ltd : ITE 1325  0 | Anglo American plc : AGL 19650  -200 | Chrometco Ltd : CMO 30  2 | Newfunds MAPPS Protect : MAPPSP 3351  -76 | Zeder Inv Ltd : ZED 797  -4 |

SENS (15 minute delay)

| TEX : Changes in the directorate| CCO : Notification of transactions of persons discharging managerial responsibilities| AGL : Anglo American Capital plc announces final results and pricing of Tender Offers f| JSE : PBT Group Limited (South Africa): ICB Classification Change| BRN : Symbol [BRN]| GFI : Gold Fields publishes 2016 Integrated Annual Report| TRE : Textainer releases 2016 annual report on Form 20-F| OML : Form 8.3 Disclosure - Redrow plc| MTN : No Change Statement and Notice of Annual General Meeting| LHC : Publication of circular and details regarding trading update| RCL : Dealings in share appreciation rights (?SARs?) by a director, company secretary a| RLO : Notification in terms of Section 122(3) of the Companies Act and Paragraph 3.83(b| BUC : Management Discussion and Analysis| BUC : Consolidated financial statements for the years ended 31 December 2016 and 31 Dec| SLM : Sanlam Limited ? Changes to the Executive Committee| PEM : Results of Offer and Listing of Pembury Lifestyle Group Limited| SEA : Acquisition Of 15 On Orange Hotel Clarification| BAW : Symbol [BAW]| MST : Repurchase of ordinary shares in Mustek| ANG : Dealing in Securities by the Company Secretary of AngloGold Ashanti Limited| CLN467 : New Financial Instrument Listing Announcement - ?CLN467?| SBT101 : SBT101-New Financial Instrument Listing| ACT : Interim results and dividend declaration| ANH : Anheuser-Busch InBev Commits to a 100% Renewable Electricity Future| OML : Form 8.3 Disclosure - Exova Group| RFG : Disclosure of significant holding of RFG ordinary shares| ASHT40 : Listing of Additional Ashburton Top 40 ETF Securities -ASHT40| DBRMIG : Deutsche Bank AG - DBRMIG - Distribution Announcement| GPL : General Repurchase of Ordinary Shares| EPP : Update to tax considerations in respect of the maiden dividend for the four month| AGL : Anglo American Capital plc announces indicative results of Tender Offers for cert| SHPCB : Redemption finalisation announcement - SHPCB| MPT : No change statement and notice of annual general meeting| TBG : Notification Of Major Interest In Shares| LPDM01 : LPDM01 - Notice of Expiry of Long Equity Investment Plan Security| JSE : Trading Halt - Please wait, downloading details| CSP500 : Listing of 133 616 additional CSP500 Securities| HLM : Dealings in securities by a director of a major subsidiary and by the Hulamin Lim| TAW : Completion of Acquisition of Cowan Lithium Project| DAW : Change to the board of directors| EOH : Dealings in Securities by a Director| GAI : Change in Company Secretary| PLL : Renewal of Cautionary Announcement| MDP : Cautionary Announcement (Rights Offer) And Listing Of New Subsidiary On The Stock| CPI : Symbol [CPI]| CPI : Symbol [CPI]| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details