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Market Commentary
The Day Ahead for Tuesday 28 July 2015

Yesterday, US markets closed in the red with the Dow Jones Industrial Index and the S&P500 both declining by 0.73% and 0.58% respectively. Asian markets are trading higher this morning with the Nikkei and the Hang Seng up 0.19% and 1.59% thus far. Tencent is trading in the black by 1.1% whilst BHP Billiton has lost 0.2% in Australia this morning. The Australian ASX is trading higher by 0.05% thus far. Traders can expect a flat to positive start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Monday 27 July 2015

Monday saw broad selling as markets reacted to the largest one-day sell off in more than eight years for Shanghai equities, which dropped 8.48%, on the back of weak manufacturing data and figures showing that the country’s industrial firms’ profits declined by 0.3% year on year in June. By the close of trade, the All-Share Index finished lower by 0.11%. On the company front, Hulamin released its unaudited results for the half-year ended 30 June 2015. The results showed that operating profit decreased 34% on 16% lower sales. CEO, Richard Jacob, commented that lower production volumes hurt by electricity supply curtailments, quality rework and planned maintenance shutdowns, constrained sales of rolled products for the six months under review. He also stated that the sharp fall in the aluminium price during the reporting period led to a R55 million metal price lag charge. He also commented that corrective measures which have been implemented, including the installation of electricity generator sets, are expected to benefit production and sales in the second half of the year. Group Five released a trading statement indicating that for the year ended 30 June 2015, the company expects headline earnings per share to be between 45% and 53% lower and earnings per share to be 40% and 50% lower than the previous comparable period. The total value traded for the day was R15.18bn.

News Articles
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Fin24.com | eThekwini Municipality strikes deal with Nedbank
2015/07/28 12:04:00 PM

The eThekwini Municipality has signed a five year agreement with Nedbank to provide banking services from October 1 2015.

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Fin24.com | Mondi sees first-half earnings advancing as much as 28%
2015/07/28 11:39:58 AM

Mondi, the largest producer of kraft paper and industrial bags in Europe, says first-half profit climbed as much as 28%.

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News24.com | Air China confirms direct flight to SA
2015/07/28 11:09:08 AM

Air China is set to launch a direct service between Beijing and Johannesburg after previously putting the route on hold due to SA's new visa rules and xenophobic violence.

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Fin24.com | Heineken, Diageo end joint ventures in SA, Namibia
2015/07/28 11:07:33 AM

Heineken and spirits maker Diageo have agreed to end their 11-year cooperation in South Africa and Namibia in a series of deals to disentangle joint ventures.

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Fin24.com | Advtech to face investors at AGM amid Curro offer
2015/07/28 10:33:47 AM

Investors upset by Advtech's decision to reject a proposed takeover by competitor Curro Holdings will get a chance to protest at an annual shareholders’ meeting.

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Fin24.com | Noticeable changes in commercial property sector
2015/07/28 10:32:08 AM

There have been changes in the commercial property sector with even greater emphasis on secure tenants and well-positioned properties, says an expert.

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Fin24.com | Appeals court dismisses apartheid case against Ford, IBM
2015/07/28 09:05:35 AM

A federal appeals court has declined to revive a lawsuit against Ford and IBM in which the companies were accused of aiding human rights abuses in South Africa decades ago.

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Fin24.com | Union slams employment equity's 'flawed' report
2015/07/28 07:41:32 AM

The Commission for Employment Equity’s “fixation” on top management in its annual report has been criticised by a trade union Solidarity, who says its report is flawed.

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Fin24.com | Focus on SOE crises, not individuals, ANC tells govt
2015/07/27 09:05:38 PM

The ANC wants the government to focus on the apparent crises within its state-owned companies, secretary general Gwede Mantashe says.

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Fin24.com | City of CT warns against illegal house sales
2015/07/27 08:30:08 PM

The City of Cape Town urges potential buyers of State-subsidised houses to make sure that the house they are buying can be sold legally.

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Fin24.com | Sharp drop in liquidations, fewer insolvencies
2015/07/27 07:40:44 PM

During the first six months of 2015, the number of liquidations have reflected a year-on-year decrease, says Stats SA.

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Fin24.com | Philosopher: Want to save lives? become a banker
2015/07/27 07:30:02 PM

According to one of the world's most famous living philosophers, becoming a hot shot in finance may be the best way for a bright graduate to help the global poor.

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Fin24.com | Curro defends intentions with Advtech bid
2015/07/27 06:30:06 PM

Curro Holdings will not change the names or ethos of Advtech schools and Curro’s vision for Advtech is clear, says Curro CEO Dr Chris van der Merwe.

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Fin24.com | Future of retail in spotlight at congress
2015/07/27 05:11:04 PM

The annual SACSC congress will see shopping centres and retailers shine a light on the opportunities and challenges of the current market.

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Fin24.com | Pace of transformation in SA remains slow
2015/07/27 04:34:57 PM

The pace of transformation in top management in South Africa remains slow, the Commission for Employment Equity’s annual report reveals.

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Fin24.com | ANC asks mining firms to reconsider job cuts
2015/07/27 04:34:21 PM

The ANC is asking mining companies who have announced retrenchments to reconsider going this route, saying it would be 'unpatriotic'.

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Fin24.com | Prasa's head of engineering quits
2015/07/27 03:39:56 PM

Prasa says it will proceed with its criminal case against its head of engineering services, Daniel Mthimkhulu.

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Fin24.com | Group Five falls most in 8 months, profit halves
2015/07/27 03:39:44 PM

Group Five has plunged the most since November 17 after saying fiscal full-year profit fell as much as 50%.

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Fin24.com | New Greek bailout talks start
2015/07/27 03:03:33 PM

Talks between Greece and its international creditors on a third bailout have begun in Athens but the lenders want to see more reforms turned into law.

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Fin24.com | More support for NPOs after Zuma exposé
2015/07/27 02:53:08 PM

FNB has joined a consortium to help the NPO sector following a revelation that more than half of the nearly 140 000 registered non-profits are not compliant.

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MDC
Heads up: Mediclinic International - rights offer
2015/07/22

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CPF
Heads up: Capital Property Fund- The last chapter
2015/07/22

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WHL
Heads up: Woolworths Holdings Limited - trading update for the 52 weeks to 28 June 2015
2015/07/15

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OMN
Heads up: Omnia Ltd - FY15 results to 31 March 2015
2015/07/03

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NPN
Heads up: Naspers - Naspers FY15 results
2015/07/02

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KEH
Heads up: Keaton FY 15 results...an unfortunate stumble
2015/07/01

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INL
Heads up: Investec group - FY15 results for the twelve months ended 31 March 2015
2015/06/12

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INP
Heads up: Investec group - FY15 results for the twelve months ended 31 March 2015
2015/06/12

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TFG
Heads up: The Foschini Group - results review for the year ended 31 March 2015
2015/06/05

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MPC
Heads up: Mr Price Group Limited - Results for the 52 weeks ended 28 March 2015
2015/06/04

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  17,440.59   -127.94  -0.7%
DJ Trans  8,059.64   -12.93  -0.2%
NASDAQ  5,039.78   -48.85  -1.0%
NYSE S and P500 INDEX  2,067.64   -12.01  -0.6%
FTSE 100  6,568.88   63.75  1.0%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  11,207.64   151.24  1.4%
HONG KONG HANG SENG INDEX  24,503.94   151.98  0.6%
NIKKEI 225 INDEX  20,328.89   -21.21  -0.1%
Major JSE Indices*
Name Value Move
OVERALL  51410   108.05  0.2%
TOP 40  45904   134.97  0.3%
ALL GOLD  832   -32.36  -3.7%
INDUSTRIAL  66510   8.85  0.0%
FINANCIAL  17097   132.20  0.8%
RESOURCES  35386   146.34  0.4%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  9.19   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.11   0.01 0.7%
ZAR/ / EUR  13.88   0.03 0.2%
USD/ / GB  1.56   0.01 0.7%
ZAR/ / GBP  19.56   0.02 0.1%
YEN/ / ZAR  9.90   9.80 9,597.3%
JPY/ / USD  123.75   0.52 0.4%
ZAR/ / USD  12.56   -0.01 -0.1%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  52.93   -0.02 0.0%
Palladium  619.95   6.00 1.0%
Platinum  983.60   0.35 0.0%
Silver  14.64   0.06 0.4%
Gold  1,094.92   -0.09 0.0%
Top 5 Gainers -- Delayed
Beige Holdings Limited  50.0
SABLE PLATINUM LTD  31.9
Tawana Resources NL  16.7
Randgold & Expl Co Ltd  13.5
Sekunjalo Inv Ltd  13.0
Top 5 Losers -- Delayed
Forbes & Manhatt Coal  -16.7
Trans Hex Group Ltd  -12.7
Chrometco Ltd  -7.7
Keaton Energy Hldgs Lt  -5.1
Gold Fields Ltd  -5.1

PRICES (15 minute delay)

Platinum Mine : J153 22  0 | Labat Africa Ltd : LAB 116  0 | Santam Limited : SNT 21800  -424 | CSG Holdings Ltd : CSG 164  0 | Steinhoff Inv Hldgs Pr : SHFF 8060  0 |

SENS (15 minute delay)

| TEX : Posting of the Circular and Notice of General Meeting| AFE : Announcement: results presentation| OMN : No Change Statement and Notice of Annual General Meeting| AGLNNI : Dividend Announcement - AGLNNI| AGLNIK : Dividend Announcement - AGLNIK| SPP : Dealing in securities by The SPAR Group Limited Employee Share Trust| IPFC07 : New Financial Instrument Listing - IPFC07| NGPLT : NGPLT-Additional Listing of NewGold Platinum Debentures| ASN077 : ASN077-New Listing| NGPLT : NGPLT-Additional Listing of NewGold Platinum Debentures| CSG : Dealing in securities| MTN : Trading Statement for the six-month period ended 30 June 2015| SBK : Trading statement in respect of the six months ended 30 June 2015| FSRP : Dividend declaration of 363.93010 cents per variable rate non-cumulative,non-rede| SCV : Annual report and audited financial statements| MND : Mondi Group: Trading Statement| AQP : Production results to 30 June 2015| AFE : Condensed consolidated unaudited interim financial results and cash dividend decl| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details