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Market Commentary
Market Commentary for Monday 21 August 2017.

The All Share Index opened higher by 98.1 points or 0.18% as the Rand drifted marginally weaker. Our local bourse traded sideways to close the trading session 0.26% in the black. Financials edged higher to close the day in positive territory by 0.13%, with the likes of Absa and Firstrand trading higher by 0.72% and 0.63% respectively. Resources were the best performing sector with the index closing 0.76% higher, led by Anglo American and BHP Billiton which ended the day firmer by 1.16% and 1.08% respectively. The Gold miners bucked the trend by declining 0.48%, led by AngloGold Ashanti and Harmony which closed the trading session lower by 2.59% and 0.68% respectively. The Iron Ore producers closed strong with Assore and Kumba Iron higher by 5.55% and 2.00% respectively. On the company front, Bidvest announced a trading update for the full year ended 30 June 2017 and advised shareholders that HEPS from continuing operations are expected to be between R10.96 and R11.17, being an increase of between 4% and 6% when compared to the R10.54 reported for the prior comparative period. The increase in HEPS is primarily due to fair value capital gains arising from an increase in the market values of associate companies Adcock Ingram and Comair. The stock closed the trading session higher by 0.96%. AngloGold Ashanti announced their Q2 production figures and production was 1.748Moz at a total cash cost of $796oz for the six months ended 30 June 2017, compared to 1.745Moz at $706oz in the first half of last year. Advtech released their results for the half year ended 30 June 2017 and the salient features were a 22% rise in revenue, a 28% rise in trading operating profit, whereas normalised EPS were up 23%. The company declared a gross dividend of 15c, and the stock closed unchanged for the day. African Rainbow Minerals released a trading statement for the full year ended 30 June 2017 advising that the company’s HEPS will be at least 20% higher than those of the previous corresponding period. The increase came as a result of higher average US Dollar commodity prices realized for all of the commodities which ARM produces, which was partly offset by a stronger R$ exchange rate. The company closed 2.41% higher. On the economic front, the month-on-month all inventories activity in Japan increased 0.4% compared to a 0.8% decline in the previous month and below consensus of a 0.5% increase. The Chicago Fed National Activity Index in the United States fell to -0.01 in July 2017 from an upwardly revised 0.16 in June, but way below and missing market expectations of 0.13. Total value traded for the day was recorded at R16.31bn.

Market Commentary
The Day Ahead for Tuesday 22 August 2017.

Most US stocks gained, while the dollar edged lower amid growing unease about persistent low inflation and as investors await central bank speeches at Jackson Hole. The S&P500 eked out an advance in the final hour of trading to close 0.12% in the black. The Dow Jones Industrial Average closed firmer by 0.13% whilst the Nasdaq was lower by 0.05%. Tencent is trading higher by 0.55% in Hong Kong this morning whilst the Hang Seng is stronger by 0.96% thus far. BHP Billiton is trading higher by 1.15% in Australia as the Australian ASX is trading 0.37% firmer so far. European markets are set for a stronger open and traders can expect a bullish start to trading on our local bourse this morning.

News Articles
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Fin24.com | UK asks EU to leave legal relationships untouched by Brexit
8/22/2017 2:22:14 PM

The UK wants to keep London at the centre of European commercial legal disputes after Brexit. Except, without the European Court of Justice.

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Fin24.com | Energy minister on clean-up mission at department
8/22/2017 12:06:05 PM

Energy Minister Mmamoloko Kubayi is on a clean-up mission at the Department of Energy, amid a period of high vacancies and allegations of corruption.

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Fin24.com | Zim investors use Old Mutual to repatriate funds outside country
8/22/2017 11:45:30 AM

Investors are using Old Mutual as a way of repatriating their investments outside the country, buying stocks and then moving them to either London or the JSE, say analysts.

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Fin24.com | Eskom IPP signing date to be revealed this month - minister
8/22/2017 11:22:04 AM

Energy Minister Mmamoloko Kubayi says the date for the signing of Eskom’s power purchase agreements relating to the renewable energy IPPs will be announced by the end of August.

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Fin24.com | More than 50% of SA’s population is living in poverty
8/22/2017 10:48:10 AM

More than half of the South African population is living in poverty, data from Statistics South Africa revealed.

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Fin24.com | Shoprite resilient despite rand, recession woes
8/22/2017 10:43:02 AM

Despite a constrained trading environment, Shoprite Holdings is healthy and doing well across multiple brands and regions, according to CEO Pieter Engelbrecht.

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Fin24.com | KPMG’s questionable behaviour goes beyond Gupta companies
8/22/2017 10:18:39 AM

Yet another scandal means it’s time for some changes in the auditing industry.

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Fin24.com | Zuma should face ANC inquiry - Sisulu
8/22/2017 7:49:10 AM

The ANC should initiate disciplinary action over allegations that President Jacob Zuma and members of a family in business with his son have looted state coffers, says Lindiwe Sisulu.

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Fin24.com | Nowhere to hide from taxman as D-Day for offshore disclosure looms
8/21/2017 9:00:01 PM

The window period for taxpayers to disclose offshore assets and income to SARS as part of its special voluntary disclosure programme will soon close.

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Fin24.com | Zuma signs Twin Peaks Bill into law
8/21/2017 6:57:50 PM

The Financial Sector Regulation Act - also known as Twin Peaks - has now been signed into law.

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Fin24.com | Only 4 in 10 people of working age have a job – report
8/21/2017 4:18:02 PM

Only 43.3% of South Africans of working age are employed, says Gabriela Mackay, employment analyst at the Institute for Race Relations (IRR).

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Fin24.com | New Cape Town hotel to welcome pets
8/21/2017 4:06:16 PM

More travelling pet owners are demanding pet-friendly accommodation in the hospitality industry, says the curator of the new Radisson RED Hotel V and A Waterfront.

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Fin24.com | Boost for commercial property management
8/21/2017 2:49:32 PM

The SA Institute of Black Property Practitioners has launched a property manager certification by the acclaimed US-based Institute of Real Estate Management.

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Fin24.com | Ghana to cut 2017 spending as it struggles to raise revenue
8/21/2017 2:36:11 PM

Ghana plans to cut spending this year as weak revenue collections are the 'Achilles’ heel' in getting its accounts to balance, says Finance Minister Ken Ofori-Atta.

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Fin24.com | Immigration, tight economy impact solid ADvTECH performance
8/21/2017 12:29:32 PM

Although ADvTECH reported a strong performance in its interim financial results, its schools division was impacted by the underperforming economy.

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Fin24.com | Britain and EU clash over Brexit timetable for trade deal
8/21/2017 12:21:44 PM

Britain and the European Union are at odds over how soon the Brexit talks can pivot towards a trade deal just a week before negotiations are set to resume.

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Fin24.com | Sasol says $11bn Louisiana project three-quarters complete
8/21/2017 10:51:10 AM

Sasol says its Lake Charles chemical project in the US is 74% complete and in line with the revised estimate.

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Fin24.com | Rhino-horn auction by world's biggest breeder to go ahead
8/21/2017 10:30:26 AM

An auction of rhino horns from the stockpiles of the world’s biggest private breeder will go ahead after the Constitutional Court in South Africa ordered that the government release permits for them.

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Fin24.com | AngloGold makes strong second-quarter recovery
8/21/2017 9:41:25 AM

AngloGold Ashanti achieved a strong operating recovery in its second quarter, setting new safety records and keeping all its brownfield projects on budget and on schedule.

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Fin24.com | Sasol blames recession and strong rand as profits drop
8/21/2017 8:35:32 AM

Sasol's headline earnings per share dropped by 15%, despite reporting record sales volumes. A strong rand and challenging macroeconomic environment were the main culprits, Sasol has said.

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CLH
Heads up: City Lodge FY17 results - Occupancies down 3% as business travel stalls
8/22/2017

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TRU
Heads up: Truworths - Review of FY17 results
8/22/2017

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RES
Heads up: Resilient FY17 results- Still resilient and more diversified
8/18/2017

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FFB
Heads up: Fortress FY17 results- Betting on listed assets and developments
8/18/2017

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AFE
Heads up: AECI 1H17 results
8/17/2017

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MPT
Heads up: Mpact 1H17 results - short term earnings under pressure
8/15/2017

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OML
Heads up: Old Mutual 1H17 results - managed separation on track
8/15/2017

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GLN
Heads up: Glencore 1H17 results - Business as usual
8/11/2017

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NED
Heads up: Nedbank 1H17 results for the six months ended 30 June 2017
8/10/2017

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JSE
Heads up: JSE 1H17 results - Now a binary outcome?
8/7/2017

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  21,703.75   29.24  0.1%
DJ Trans  9,121.93   26.62  0.3%
NASDAQ  6,213.13   -3.40  -0.1%
NYSE S and P500 INDEX  2,428.37   2.82  0.1%
FTSE 100  7,368.64   49.76  0.7%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  12,158.03   92.04  0.8%
HONG KONG HANG SENG INDEX  27,401.67   246.99  0.9%
NIKKEI 225 INDEX  19,383.84   -9.29  0.0%
Major JSE Indices*
Name Value Move
OVERALL  55943   492.36  0.9%
TOP 40  49534   505.04  1.0%
ALL GOLD  1385   -18.98  -1.4%
INDUSTRIAL  75603   596.87  0.8%
FINANCIAL  15656   157.28  1.0%
RESOURCES  34944   550.74  1.6%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  10.44   0.00 0.0%
ZAR/ / CHF  13.76   -0.01 -0.1%
USD/ / EUR  1.18   0.00 0.0%
ZAR/ / EUR  15.53   0.06 0.4%
USD/ / GB  1.28   0.00 -0.3%
ZAR/ / GBP  16.90   0.00 0.0%
YEN/ / ZAR  8.32   0.02 0.2%
JPY/ / USD  109.39   0.44 0.4%
ZAR/ / USD  13.20   0.06 0.4%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  52.08   0.38 0.7%
Palladium  935.32   -3.53 -0.4%
Platinum  975.80   -5.09 -0.5%
Silver  17.01   0.01 0.0%
Gold  1,286.28   -4.67 -0.4%
Top 5 Gainers -- Delayed
Ferrum Crescent Limite  50.0
SABLE PLATINUM LTD  31.9
eXtract Group Limited  20.0
Ecsponent Limited  15.4
Newfunds MAPPS Protect  14.8
Top 5 Losers -- Delayed
Forbes & Manhatt Coal  -16.7
Silverbridge Holdings  -13.7
ELB Group Ltd  -7.4
Delta Africa Prop Hldg  -7.0
Howden Africa Hldgs Lt  -6.7

PRICES (15 minute delay)

CoreShares DivTrax : DIVTRX 2890  25 | Equity Investment Inst : EQII 2354  18 | DRD Gold Ltd : DRD 427  -3 | Unicorn Capital Pnr Lt : UCP 25  1 | Coal Mining : COAL 24916  -266 |

SENS (15 minute delay)

| APF01 : APF01 - Partial Capital Repurchase| KDV : Summarised unaudited interim results for the six months ended 30 June 2017| TTO : No change statement and notice of AGM| MMH : Renewal of Cautionary Announcement| RES : Results of accelerated bookbuild| OML : Form 8.3 - Public Opening Position Disclosure ? Worldpay Group Plc| SLI3 : Symbol [SLI3]| TAW : Appendix 3B New issue announcement,| RES : Accelerated book build ? Increase in capital raise| SPDA10 : Symbol [SPDA8]| MUR : Acquisition of a further interest in Bombela Concession Company (RF) (Proprietary| NRP : Unaudited condensed consolidated financial results for NEPI and Rockcastle for th| HMN : Dividend Currency Conversion Announcement| LBH : Dealings in Securities by a Director| LGL03 : Symbol [LGL06]| AIP : Post Group Financial Results announcement conference call for stakeholders to be| ART : General Repurchase of Ordinary Shares| SOV : Further irrevocable support for the Offer| BVT : Voluntary Announcement: Finalisation of the Acquisition of Noonan| EPS : Eastplats Receives Notice To Terminate Share Purchase Agreement And Request For R| BEL : Retirement of independent non-executive director| KBO : Mbeya Coal to Power Project (?MCPP?) - Update| IMP : Trading Statement for the year ended 30 June 2017| STXEMG : Listing Of Additional Satrixemg Securities-STXEMG| STXWDM : Listing Of Additional SATRIXWDM Securities - STXWDM| GRF : Audited group results for the year ended 30 June 2017| HUG : Renewal of cautionary announcement| RES : Accelerated Book Build| SHP : Shoprite Holdings : Results for the year ended 2 July 2017| BIL : BHP Results for the Year Ended 30 June 2017| BIL : BHP launches U.S. bond repurchase plan| ITE : Update on Acquisition of Ceramic Industries Proprietary Limited ("Ceramic")| BIL : BHP Results Presentation Year Ended 30 June 2017| IPL : Symbol [IPL]| BIL : BHP launches euro bond repurchase plan| AFT : Update - Diro Manganese Proprietary Limited And Diro Iron Ore Proprietary Limited| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details