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Market Commentary
The Day Ahead for Friday 17 April 2015

U.S Stocks closed mildly lower on Thursday as stocks struggled to hold gains from higher oil prices amid investor focus on earnings. The Dow Jones Industrial Average and the S&P500 lost 0.04% and 0.08% respectively for the session. Asian markets are trading mixed this morning after a soft finish on Wall Street soured sentiment. The Nikkei is trading lower by 1.13% whilst the Hang Seng has added half a percent for the session. China’s Shanghai Composite index has advanced a further 2% clinching a new multi-year high whilst the Australian ASX is lower by just under half a percent. Tencent is trading marginally above the flatline, stronger by 0.25% whilst BHP Billiton has retreated by 1.5% thus far. Traders can expect a flat start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Thursday 16 April 2015

Our local bourse started its trading session in positive territory following on from the US and Asian Markets which ended higher overnight. The JSE All share index continued to rally throughout the day hitting new all time highs above the 54000 mark, adding 1.01% for the session to bring the total gain for 2015 to just under 9%. Our Industrials were strong on the day advancing 1.5% with the likes of heavyweights Naspers and MTN adding 4.67% and 3.88% respectively. Our market witnessed selling in the Retail sector with the index dropping 1.41% as participants took profit from the recent rally in these counters. Mr Price and Foschini erased 3.4% and 2.81% respectively. On the Data front, Building permits out of the US decreased to 1.04 million compared to the previous number of 1.10 million whilst the number of people that filed for unemployment claims increased by 12k to 294k, missing expectations of 280k claims. The Philly fed manufacturing index showed that manufacturing activity in the region increased modestly in April to a reading of a 7.5 compared to a reading of 5 recorded in the prior period. On the company front, Astrapak released their audited financial statements for the year ended 28 February 2015 indicating that revenue increased by 7.8% to R1.4billion whilst recording a headline loss per share of 114 cents. Rebosis Properties released their unaudited results for the six months ended 28 February 2015 indicating that Distribution growth was up 8.2% whilst increasing assets under management by 12.4% over the prior comparative period. SABMiller released a trading update for the 12 months ended 31 March 2015 highlighting that Group net producer revenue for the full year grew by 4%, with total beverage volume growth of 1%. They indicated that topline performance was strong in the first quarter, driven by double digit revenue growth in Africa and sustained growth in the Latin American region. Value traded for the day came in at R19.9bn.

News Articles
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Fin24.com | Stage 2 load shedding in force since 8am
2015/04/18 10:29:54 AM

Eskom has started stage 2 load shedding and load curtailment from 08:00, and this is likely to continue until 22:00.

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Fin24.com | G20 sees better global growth prospects
2015/04/17 08:38:46 PM

The Group of 20 leading economies say risks to the global economy have diminished with improved growth prospects in rich nations, but it warned of challenges from exchange rate volatility.

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Fin24.com | Use French for business in Africa - forum
2015/04/17 08:30:50 PM

A French for Business in Africa forum has stimulated discussion on why it makes sense to promote the use of French as a business language and how to approach it in a practical way.

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Fin24.com | Former Sacob boss Wakeford to head Armscor
2015/04/17 06:17:14 PM

Former South African Chamber of Business chief executive Kevin Wakeford has been appointed the chief executive of Armscor.

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Fin24.com | US amendment turns up heat in 'chicken war' with SA
2015/04/17 05:27:47 PM

Two influential US senators have announced their intention to pursue amendments to Agoa to secure greater access for US poultry into the SA market.

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Fin24.com | RMB appoints new CEO
2015/04/17 05:26:05 PM

FirstRand has appointed a new chief executive for Rand Merchant Bank, a division of FirstRand Bank.

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Fin24.com | Why Brown chose Molefe to lead Eskom
2015/04/17 04:27:02 PM

Public Enterprises Minister Lynne Brown sheds light on why she asked Transnet CEO Brian Molefe to assume responsibility as Eskom's acting CEO.

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Fin24.com | UK unemployment rate at multi-year low
2015/04/17 03:48:38 PM

Britain's economy has created the largest number of new jobs in nearly a year and unemployment hit its lowest rate since mid-2008.

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Fin24.com | China's incredible shrinking factory
2015/04/17 03:15:05 PM

Taiwanese light manufacturer has winnowed its workforce to just 200 and leased most of its space to other firms such as lamp workshops, a mobile phone maker.

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Fin24.com | Radebe: Xenophobic violence hitting economy
2015/04/17 03:09:11 PM

Attacks on foreigners in SA may have dire consequences for South Africans operating businesses elsewhere in Africa, warns Minister in the Presidency Jeff Radebe.

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Fin24.com | Transnet CEO Brian Molefe now acting CEO of Eskom
2015/04/17 02:48:18 PM

Public Enterprises Minister Lynne Brown has appointed Brian Molefe as the acting Eskom CEO and announced that Dentons would conduct the inquiry into the state utility.

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Fin24.com | Eskom adds stage 4 to load shedding schedule
2015/04/17 02:37:42 PM

South Africans could soon experience their first-ever stage 4 load shedding, after Eskom confirmed that the stage allocation would be altered.

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Fin24.com | Nene: Public sector wage demands will cost R20bn
2015/04/17 02:01:24 PM

Wage demands by public sector unions would cost the government an extra R20bn, says Finance Minister Nhlanhla Nene, as workers threaten mass protests.

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Fin24.com | Attempt to create SA’s greenest student res
2015/04/17 01:35:07 PM

Stellenbosch University’s new student residence, which is currently under construction, has set its sights on being the greenest residence in Africa.

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Fin24.com | Zim needs $5bn to generate 3 500MW electricity
2015/04/17 01:28:52 PM

Zimbabwe plans to build new power stations to generate 3 500 megawatts at a cost of $5bn, in a bid to end chronic power cuts that have damaged the economy.

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Fin24.com | Eskom's R23bn fundraising plan questioned
2015/04/17 01:28:40 PM

SA is yet to appoint banks to manage state asset sales needed to fund its power utility, bringing into question a statement that almost R23bn will be raised within a “couple of weeks”.

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Fin24.com | Union to oppose jobs cuts in SAA restructuring
2015/04/17 01:10:58 PM

The UASA union "will take a stand against" any restructuring at SAA if it leads to job losses, after the acting CEO announced measures to improve SAA's performance.

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Fin24.com | No merger talks with China airlines, says SAA
2015/04/17 11:34:44 AM

South African Airways denies it is in talks to sell itself to an airline, despite a report that said it was in discussions with Air China and Hainan Airlines.

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Fin24.com | Amplats calls for fuel cell platinum in electric cars
2015/04/17 11:31:12 AM

Automakers must expand their offerings of fuel-cell vehicles or risk being pushed out of the burgeoning electric-car market, according to Anglo American Platinum.

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Fin24.com | BP shareholders back more disclosure on risks
2015/04/17 11:15:03 AM

BP shareholders have voted overwhelmingly in favour of a resolution that means the oil major will test its business strategy against climate change risks.

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ADH
Heads up: Advtech Holdings FY14 results - building for the future
2015/04/16

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PGL
Heads up: Pallinghurst Resources Limited FY14 results
2015/04/10

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PIK
Heads up: Pick n Pay Stores Ltd - trading statement
2015/04/10

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RES
Heads up: Resilient site visit - great assets, but steamy price
2015/04/07

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FSR
Heads up: FirstRand Limited - 1H15 results for the six months ended 31 December 2014
2015/04/07

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ASC
Heads up: Ascendis 1H15 results - on an aggressive growth strategy
2015/03/25

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NPN
Heads up: Naspers - Tencent FY14 results
2015/03/23

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ILA
Heads up: Iliad FY2014 results
2015/03/20

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CLR
Heads up: Clover 1H15 results - good results, headwinds remain
2015/03/20

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More

REM
Heads up: Remgro 1H15 results - uneventful six months
2015/03/17

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  17,843.05   -262.72  -1.5%
DJ Trans  8,643.37   -64.99  -0.7%
NASDAQ  4,929.16   -78.63  -1.6%
NYSE S and P500 INDEX  2,080.01   -24.98  -1.2%
FTSE 100  6,989.97   -70.48  -1.0%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  11,706.94   -291.92  -2.4%
HONG KONG HANG SENG INDEX  27,653.12   -86.59  -0.3%
NIKKEI 225 INDEX  19,652.88   -232.89  -1.2%
No Data at Present
Currencies
Name Value Move
ZAR/ / AUD  9.39   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.08   0.01 1.0%
ZAR/ / EUR  13.03   0.15 1.2%
USD/ / GB  1.50   0.01 0.9%
ZAR/ / GBP  18.04   0.18 1.0%
YEN/ / ZAR  9.89   9.79 9,751.8%
JPY/ / USD  119.05   0.08 0.1%
ZAR/ / USD  12.08   0.03 0.3%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  64.41   0.56 0.9%
Palladium  781.45   0.95 0.1%
Platinum  1,165.50   6.25 0.5%
Silver  16.31   0.00 0.0%
Gold  1,204.38   5.13 0.4%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
Seardel Inv Corp -N-  29.0
CENMAG HOLDINGS LTD  22.0
Indequity Group Ltd  21.7
Mine Restoration Inv L  16.7
Top 5 Losers -- Delayed
Sable Metals and Min L  -57.9
Imbalie Beauty Limited  -31.3
Forbes & Manhatt Coal  -16.7
Delta Int Prop Hldg L  -13.2
Visual International H  -9.7

PRICES (15 minute delay)

Imperial Holdings Ltd : IPL 19646  -145 | Investec plc : INP 10700  -56 | FTSE/JSE RAFI 40 : RAFI 6947  104 | Chemicals : CHES 14545  38 | GRINDROD DIVTRAX : DIVTRX 2952  -13 |

SENS (15 minute delay)