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Market Commentary
The Day Ahead for Friday 23 September 2016

Wall Street ended the day in positive territory on Thursday with the Dow Jones Industrial Average and the S&P500 gaining 0.54% and 0.65% respectively, as investors continue to enjoy a relief rally spurred on by the Federal Reserve’s latest monetary policy decision. Eastern markets are trading in slightly negative territory this morning with the Nikkei and the Hang Seng index currently lower by 0.2% and 0.05% respectively. Tencent is trading in the black by 1.40% whilst BHP Billiton has gained 0.56% this morning. The Australian ASX is trading stronger by 0.90% thus far. Traders can expect a positive start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Thursday 22 September 2016

Our local bourse started the trading session in positive territory following a higher close in American markets, spurred on by the US Federal Reserve refraining from increasing interest rates. The market continued to strengthen as the morning progressed and remained resilient throughout afternoon trading. The All Share Index closed the day higher by 2.24%. The best performer for the day was the platinum mining sector, appreciating 4.06% by market close. Leading the upside were Lonmin Plc and Impala Platinum, climbing by 6.42% and 6.26% respectively. Our Listed Property sector also finished 2.41% higher, driven largely by Resilient which closed the day 3.15% stronger. On the company front, Stor-Age advised that the company had entered into a Memorandum of Understanding with the shareholders of Storage RSA Investments Proprietary Limited (“Storage RSA”) in terms of which Stor-Age will acquire 100% of the shares in Storage RSA (“the Proposed Acquisition”). In a trading statement from Sentula Mining, the company advised shareholders that for the 15 months period ended 30 June 2016 the company’s loss per share is expected to be between 39.52 cents and 43.95 cents (2015 loss of 49.18* cents per share), being a decrease in the loss per share of between 19% and 11% compared to the loss reported for the 12 months ended 31 March 2015. On the Economic front, The South African Reserve Bank kept its benchmark repo rate unchanged at 7% as expected, at its September 22nd meeting. Policymakers said the inflation outlook has improved, although the economy is unlikely to grow in the third quarter as in the previous period. The DG ECFIN flash estimate of the consumer confidence indicator in the Euro Area increased by 0.3 points to -8.2 in September 2016, recovering from a four-month low of -8.5 in the previous month and in line with market expectations. The number of Americans filing for unemployment benefits fell by 8,000 to 252,000 in the week ended September 17th 2016. It is the lowest figure in two months and below market expectations of 262,000. Sales of previously owned houses in the United States declined 0.9% to a seasonally adjusted annual rate of 5330 thousand in August of 2016. It is the second consecutive decline, missing market expectations of a 1.1% gain. Total value traded for the day was R20.76bn.

News Articles
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Fin24.com | Riven by rivalries, OPEC heads to key talks
9/25/2016 7:00:01 PM

Cartels only work when their members stick together -- but precious little unity is likely to be on show among OPEC producers at a key meeting in Algiers on Wednesday.

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Fin24.com | Numsa, Nactu to colloborate on key issues
9/25/2016 3:51:00 PM

Although expelled from Cosatu, the National Union of Metalworkers will still have an input to forums such as Nedlac where labour is represented by three trade union federations.

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Fin24.com | Sarb rates call gives SA ‘breathing space’ - Nafcoc
9/25/2016 2:24:15 PM

A decision by the South African Reserve Bank to keep the repo rate unchanged has given the country’s struggling economy breathing room.

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Fin24.com | Sasfin cautious about SOE lending
9/25/2016 9:45:20 AM

Sasfin was “very concerned” about state-owned enterprises (SOEs) and had turned some of them down for banking and financial services, Sasfin Group CEO Roland Sassoon said this week.

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Fin24.com | Spectrum auction postponed
9/25/2016 6:29:18 AM

The Independent Communications Authority of SA (Icasa) is trying to keep its controversial auction of prime radio frequency spectrum on track, despite the department of telecommunications and postal services’ court challenge.

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Fin24.com | Zimbabwe banking crisis
9/25/2016 6:29:17 AM

Zimbabwean companies face increasing problems in making international payments and getting their hands on foreign currency.

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Fin24.com | Steyn City sales slow to a trickle
9/25/2016 6:29:17 AM

While hype around the luxury residential estate has been waning, developers are adamant that the best is yet to come.

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Fin24.com | DBSA eyes Brics bank and diversification
9/25/2016 6:29:16 AM

The Development Bank of Southern Africa (DBSA), which largely funds municipal infrastructure, is on the fence about the New Development Bank planned by the Brics group of countries.

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Fin24.com | Friends and Fiction: Victory over adversity offers us a ray of hope
9/25/2016 6:29:15 AM

Stutterheim is a small town past Queenstown on your way to East London. I have driven through it many times, but its image refuses to stay in my mind

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Fin24.com | Self-service raises job-loss fears
9/25/2016 6:29:15 AM

Pick n Pay is offering customers the chance to become their own cashiers, but will this make cashiers redundant?

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Fin24.com | Bad stats confound sugar tax battle
9/25/2016 6:29:15 AM

Even the consultants producing the research that the soft drink industry has used in its campaign against the sugar tax don’t think the statistics are realistic.

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Fin24.com | No end to mine workers’ compensation woes
9/25/2016 6:29:14 AM

The regulations governing mining in South Africa are in desperate need of revision. This was brought to the fore again last week with the deaths and arrests of “zama-zama” artisanal mine workers and was underlined by word that government is seriously

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Fin24.com | Acsa’s BEE partners head to court
9/25/2016 6:29:13 AM

Two of the empowerment partners of Airports Company South Africa are heading to court because they claim the parastatal is holding them “economically hostage”.

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Fin24.com | The politics of tobacco
9/25/2016 6:29:13 AM

BAT SA is committed to fighting illegal cigarette trade and to helping SA reach its goal of economic growth and job creation, writes Soraya Zoueihid.

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Fin24.com | RBM fires five for fuelling protests
9/25/2016 6:29:13 AM

Five employees of Rio Tinto’s Richards Bay Minerals (RBM) mine, alleged to have been involved in fuelling community protests over jobs and contracts, have been dismissed following an investigation by the mining giant.

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Fin24.com | ‘Hold off on sugar tax’
9/25/2016 6:29:13 AM

Sugar industry pleads for more time to build case against Treasury’s proposed sugar tax as farmers and millers fear they will struggle to adapt

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Fin24.com | Who will pay for clean fuel?
9/25/2016 6:29:13 AM

SA refineries warn of job losses as battle with state over infrastructure investment continues.

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Fin24.com | Battle for Xolobeni's titanium heading for highest court
9/25/2016 6:25:24 AM

The fight for the soul of Xolobeni could go to the highest court in the land, according to the opponents of proposed titanium mining activities near Mbizana on the Wild Coast in the Eastern Cape.

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Fin24.com | Zuma's nephews' coal licences under fire
9/25/2016 6:11:41 AM

A company with links to relatives of President Jacob Zuma has been dragged to court over protected land.

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Fin24.com | Acsa should recruit more women - Dipuo Peters
9/23/2016 7:30:01 PM

Acsa can improve by attracting more women to the aviation sector, said Minister of Transport Dipuo Peters.

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SLM
Heads up: Sanlam 1H16 results - diversifying away from life insurance pays off
9/23/2016

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RMH
Heads up: RMH Limited - Solid FY16 results
9/23/2016

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REM
Heads up: Remgro FY16 results - Defensive performance, thanks to Mediclinic
9/22/2016

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MMI
Heads up: MMI FY16 results - low quality, but attractively priced
9/22/2016

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SNT
Heads up: Santam 1H16 results - base effects come through to bite, but still well positioned
9/22/2016

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AVL
Heads up: Advanced Health FY16 results - will patient investors be rewarded?
9/22/2016

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GPL
Heads up: Grand Parade FY16 results - Burger King making progress
9/21/2016

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FSR
Heads up: FirstRand Limited - Solid FY16 results
9/21/2016

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SOL
Heads up: Sasol FY16 results
9/19/2016

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APN
Heads up: Aspen results review for the year ended 30 June 2016
9/16/2016

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  18,343.56   -48.90  -0.3%
DJ Trans  7,954.38   -8.74  -0.1%
NASDAQ  5,327.56   -11.96  -0.2%
NYSE S and P500 INDEX  2,171.24   -5.94  -0.3%
FTSE 100  6,904.16   -7.24  -0.1%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  10,621.74   -52.44  -0.5%
HONG KONG HANG SENG INDEX  23,686.48   -73.32  -0.3%
NIKKEI 225 INDEX  16,754.02   -53.60  -0.3%
No Data at Present
Currencies
Name Value Move
ZAR/ / AUD  10.43   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.12   0.00 0.0%
ZAR/ / EUR  15.36   0.01 0.1%
USD/ / GB  1.30   0.00 0.0%
ZAR/ / GBP  17.71   -0.01 -0.1%
YEN/ / ZAR  7.40   7.27 5,378.8%
JPY/ / USD  101.01   0.22 0.2%
ZAR/ / USD  13.67   0.11 0.8%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  47.50   0.07 0.1%
Palladium  701.00   8.00 1.2%
Platinum  1,052.00   -1.00 -0.1%
Silver  19.72   -0.12 -0.6%
Gold  1,338.40   1.70 0.1%
Top 5 Gainers -- Delayed
Nutritional Holdings L  100.0
SABLE PLATINUM LTD  31.9
Tawana Resources NL  19.8
Adcock Ingram Hldgs Op  15.2
Silverbridge Holdings  13.2
Top 5 Losers -- Delayed
Forbes & Manhatt Coal  -16.7
WG Wearne Ltd  -12.5
Imbalie Beauty Limited  -10.0
Kibo Mining plc  -8.8
Randgold & Expl Co Ltd  -8.3

PRICES (15 minute delay)

WG Wearne Ltd : WEA  0 | Rafi All Share Capped : J283 9479  24 | Capital&Counties Prop : CCO 5118  18 | Imbalie Beauty Limited : ILE  0 | Mara Delta Prop Hldg L : MDP 1949  19 |

SENS (15 minute delay)