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Market Commentary
The Day Ahead for Monday 25 July 2016

US markets closed in positive territory on Friday with the Dow Jones Industrial Average and the S&P500 adding 0.29% and 0.46%, respectively. Eastern markets are trading mixed this morning with the Nikkei currently higher by 0.33%, while the Hang Seng index is weaker by 0.17%. Tencent is trading in the black by 0.7%, whilst BHP Billiton has lost 0.36% this morning. The Australian ASX is stronger by 0.59% thus far. Traders can expect a positive start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Friday 22 July 2016

shareholders that the company is still feeling the effects of tough trading conditions compounded by the oversupply in the steel industry and, consequently, that the loss per share for the six months ended 30 June 2016 is expected to increase from 28 cents to a loss range of between 42 and 46 cents per share, a 50% to 64% change. The headline loss per share is also expected to increase from 27 cents to a headline loss per share range of between 43 and 47 cents per share, which is a 59% to 74% change. Life Healthcare, which has a R2.1bn investment in its Polish operation, Scanmed SA, advised shareholders that the majority of Scanmed’s revenue is currenly derived from contracts with the National Health Fund (NFZ) in Poland, which has announced updated tariffs in respect of cardiology procedures. This medical discipline accounts for approximately 45% of Scanmed’s revenue and the impact to Scanmed of the updated tariffs is on average a reduction of 20%, effective 1 July 2016. This change in tariff will not have a material impact on the group’s operating result for the 2016 financial year. Anglogold Ashanti showed in a trading statement for the six months ended 2016 that there is reasonable certainty that headline earnings and headline earnings per share are both expected to be between 167% and 177% higher than the corresponding prior period. On the economic front, The UK Manufacturing PMI came in at 49.1 in July, lower than the 52.1 in the previous month, but better than market expectations of 47.8, while the UK Services PMI fell sharply to 47.4 in July from 52.3 in June. The US Manufacturing PMI was much better than expected at 52.9 in July, up from 51.3 in the previous month, while the German Manufacturing PMI also exceeded market expectations with a reading of 53.7 in July. Total value traded for the day was R15.3bn.

News Articles
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Fin24.com | Anglo American coal bidders in talks for deal financing
7/25/2016 9:00:00 PM

Bidders for Anglo American’s Australian metallurgical coal assets, including Coronado Coal and AMCI Capital, are in talks with banks for acquisition financing.

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Fin24.com | Jeff Zidel new president of SA’s shopping centre council
7/25/2016 8:49:02 PM

Property developer and investor Jeff Zidel has been appointed president of the South African Council of Shopping Centres.

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Fin24.com | Randgold seeks to increase reserves at Senegal deposit
7/25/2016 8:30:00 PM

Randgold Resources needs to add an extra 1 million ounces of reserves to make the development of its Massawa resource in Senegal feasible, says its CEO.

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Fin24.com | Momentous day for black-owned IPP gas company
7/25/2016 8:27:44 PM

A 670 MW independent power producer open cycle gas turbine plant has started commercial operation, signalling a new era for a black-owned power producer.

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Fin24.com | Standard Bank awarded banking license in Ivory Coast
7/25/2016 8:00:00 PM

Standard Bank has been awarded a banking license in Ivory Coast, one of Africa's fastest growing economies, extending its reach to 20 countries on the continent.

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Fin24.com | Abil concludes agreement with BEE shareholders
7/25/2016 7:58:30 PM

African Bank Investments has advised shareholders regarding settlement agreements concluded between Abil and empowerment shareholders.

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Fin24.com | Trevor Manuel: Firms do too little for transformation
7/25/2016 7:42:42 PM

Firms are key in driving transformation across society and should take more responsibility to educate and impart values in workers, says Trevor Manuel.

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Fin24.com | Mastercard buys majority stake in VocaLink
7/25/2016 7:30:00 PM

Mastercard has agreed to buy a controlling stake in VocaLink Holdings, which handles most payroll and household bill processing in the UK.

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Fin24.com | Mining industry supports unclaimed benefits efforts - lung disease group
7/25/2016 7:25:22 PM

The Occupational Lung Disease Working Group says it actively supports national departments to ensure former mineworkers can claim all their benefits.

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Fin24.com | World needs 31 000 new pilots a year - Boeing
7/25/2016 7:00:01 PM

Global airlines will need an average of 31 000 new pilots every year for the next two decades as the air transport industry expands, says Boeing.

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Fin24.com | Ryanair clings to profit target as it navigates Brexit
7/25/2016 6:47:45 PM

Ryanair has surprised investors by reiterating its fiscal 2017 profit forecast, while warning that targets may come under pressure due to the Brexit decision.

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Fin24.com | Insurance sector vital for sustainable economy - Treasury
7/25/2016 5:58:57 PM

The insurance sector plays a critical part in supporting a sustainable economy, says Dr Reshma Sheoraj, director of insurance in the financial sector policy unit at Treasury.

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Fin24.com | Panama firm accused of secretly helping oil, mining crooks in Africa
7/25/2016 4:16:20 PM

Mossack Fonseca is a major provider of secrecy to companies involved in Africa’s extractive industries, the latest leak in the Panama Papers scandal has revealed.

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Fin24.com | Pick n Pay hits new high on ownership vote
7/25/2016 2:30:27 PM

Minority shareholders at Pick n Pay have voted in favour of changing the ownership structure to increase its free float in a bid to boost demand for its stock.

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Fin24.com | Parliament's authority on SAA lifeline questioned
7/25/2016 1:42:46 PM

The stalemate between Finance Minister Pravin Gordhan and SAA board chairperson Dudu Myeni is rapidly driving SAA to total collapse, the DA has charged.

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Fin24.com | FDI into Africa declines to $71.3bn
7/25/2016 11:37:33 AM

Business services, automotive, cleantech and life sciences are becoming the likely ‘next wave’ for investors, an EY report shows.

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Fin24.com | Amplats sees limited platinum-supply growth as profits dive
7/25/2016 10:30:04 AM

Anglo American Platinum says growth in supplies of the metal will be limited this year as capital spending is constrained amid low prices.

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Fin24.com | Draghi composed on Brexit as aftershock data awaited
7/25/2016 10:00:01 AM

Mario Draghi hasn’t flinched since the Brexit vote. This week he’ll get the strongest clues yet whether he’s right to keep calm and carry on.

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Fin24.com | Brexit chaos may erase R23 trillion from global M and A - study
7/25/2016 7:53:09 AM

A disorderly exit by the UK from the European Union could wipe as much as $1.6trn from future mergers and acquisitions, a new study says.

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Fin24.com | Why the SA economy needs to grow by at least 5%
7/25/2016 7:21:57 AM

South Africa’s economy needs to start expanding, and by a much higher rate, if it hopes to make any dent in poverty, says local economist Dawie Roodt.

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OMN
Heads up: Omnia Ltd FY16 results to March 2016 - weathering the bottom of the cycle
7/15/2016

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RDF
Heads up: Redefine Accelerated Bookbuild
7/13/2016

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NEP
Heads up: NEPI Accelerated Bookbuild
7/13/2016

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KEH
Heads up: Keaton Final results to 31 March 2016
7/8/2016

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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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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  18,477.27   -93.58  -0.5%
DJ Trans  7,904.67   -61.31  -0.8%
NASDAQ  5,092.27   -7.89  -0.2%
NYSE S and P500 INDEX  2,163.71   -11.32  -0.5%
FTSE 100  6,695.88   -34.60  -0.5%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  10,174.61   27.15  0.3%
HONG KONG HANG SENG INDEX  21,993.44   29.17  0.1%
NIKKEI 225 INDEX  16,620.29   -6.96  0.0%
Major JSE Indices*
Name Value Move
OVERALL  53293   287.30  0.5%
TOP 40  46545   259.43  0.6%
ALL GOLD  2636   -114.38  -4.2%
INDUSTRIAL  71771   545.87  0.8%
FINANCIAL  15241   162.10  1.1%
RESOURCES  30818   -271.67  -0.9%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  10.72   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.10   0.00 -0.4%
ZAR/ / EUR  15.78   0.11 0.7%
USD/ / GB  1.31   -0.01 -0.8%
ZAR/ / GBP  18.83   0.06 0.3%
YEN/ / ZAR  7.41   7.27 5,415.6%
JPY/ / USD  106.10   -0.10 -0.1%
ZAR/ / USD  14.38   0.16 1.1%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  44.83   -0.86 -1.9%
Palladium  682.00   0.00 0.0%
Platinum  1,082.00   0.00 0.0%
Silver  19.60   0.01 0.1%
Gold  1,319.80   -2.30 -0.2%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
Sekunjalo Inv Ltd  13.0
WG Wearne Ltd  12.5
MTN Zakhele (RF) Ltd  12.1
ANOORAQ RESOURCES CORP  11.6
Top 5 Losers -- Delayed
Adcock Ingram Hldgs Op  -59.0
Mine Restoration Inv L  -50.0
Ascendis Health Ltd NP  -44.3
Forbes & Manhatt Coal  -16.7
Tawana Resources NL  -12.7

PRICES (15 minute delay)

STANLIB SA Property ET : STPROP 6715  15 | Shoprite Holdings Ltd : SHP 19934  80 | Satrix 40 Portfolio : STX40 4647  17 | Nonlife Ins : J853 59980  1973 | Gen Industry : J272 187  2 |

SENS (15 minute delay)