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Market Commentary
The Day Ahead for Wednesday 23 April 2014

Wall Street closed in the black on Tuesday with the Dow Jones Industrial Average and S&P 500 advancing 0.40% and 0.41% respectively boosted by strong corporate earnings reports. Eastern markets are trading mixed this morning with the Nikkei gaining 0.73% and the Hang Seng is weaker by 0.84% after data showed that China’s manufacturing data contracted for a 4th straight month. Tencent is trading in the black by 1.91% and BHP Billiton is firmer by 0.62% in Australia this morning. The Australian ASX is trading in positive territory by 0.62% thus far. European markets are set to open slightly higher. Traders can expect a flat start to our local bourse this morning

Market Commentary
Market Commentary for Tuesday 22 April 2014

Our local bourse started its trading session in the black on Tuesday morning playing catch-up after the Easter holiday. Top40 counters such as Steinhoff [SHF] and British American Tabacco [BTI] rallied 2.90% and 1.63% on the back of a weaker Rand. The Rand lost ground against the greenback throughout the trading session as tensions in the Ukraine and the strikes in our platinum sector dampened investor sentiment. On the company front, Sekunjalo Investments [SKJ] said that their group revenue increased 7% with their Net asset value coming in at 100.23c for the interim period ended 28 February 2014 when compared to the 93.79c reported in the previous corresponding period. Value traded came in at R10.63bn.

News Articles
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US new-home sales dive
2014/04/23 06:15:02 PM

US new-home sales have dived in March, the second month in a row of slower sales, adding to signs of weakness in the housing market.

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Rolls-Royce wins $400m Azul contract
2014/04/23 06:00:01 PM

Rolls-Royce has won a $400m contract with Azul Brazilian Airlines to service Rolls-Royce engines.

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No breakthrough yet in mine strike talks
2014/04/23 05:54:46 PM

Talks to end the protracted wage strike in the platinum sector have continued behind closed doors, with no indication of how it is proceeding.

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Ericsson posts strong quarterly profit
2014/04/23 05:49:47 PM

Swedish telecom equipment maker Ericsson announced a sharp rise in its first quarter net profit despite falling sales.

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Foreign majority in Zim banks OK for now
2014/04/23 05:42:17 PM

Zimbabwe will let foreigners keep majority stakes in banks for now, because locals have no money to buy shares, says the finance minister.

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SANDF needs more money, says minister
2014/04/23 05:41:13 PM

The defence force does not deploy itself, Defence Minister Nosiviwe Mapisa-Nqakula has said in asking for a bigger budget for the SANDF.

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Travellers plan to spend more on holidays
2014/04/23 05:39:28 PM

South African respondents in the latest TripAdvisor TripBarometer study are planning to spend to R34 163.68 on their holidays in 2014.

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Travellers planning to spend more
2014/04/23 05:38:13 PM

South African respondents in the latest TripAdvisor TripBarometer study are planning to spend to R34 163.68 on their holidays in 2014.

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FNB takes disciplinary action over tweet
2014/04/23 05:21:38 PM

FNB says that disciplinary processes are under way following an offensive tweet that sparked a backlash against the bank.

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FNB takes action after tweet bomb-out
2014/04/23 04:54:12 PM

FNB says that disciplinary processes are under way following an offensive tweet that sparked a backlash against the bank.

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Solid CMH results in challenging environment
2014/04/23 04:48:04 PM

From revenue which exceeded R10bn for the first time, retail motor group Combined Motor Holdings reports a 10% increase in operating profit.

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FNB takes action after tweet bomb out
2014/04/23 04:44:11 PM

FNB says that disciplinary processes are under way following an offensive tweet that sparked a backlash against the bank.

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World Cup rush leaves gaps in Brazil cell network
2014/04/23 04:29:09 PM

While Rio de Janeiro's legendary Maracanã stadium was in a frenzy, about 73 000 soccer fans could scarcely send a text message to celebrate.

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Arabella golf course undergoes R10m upgrade
2014/04/23 04:03:52 PM

Upgrades of R10m have been completed at the Arabella Hotel and Spa's championship golf course.

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Chinese factory activity shrinks
2014/04/23 03:45:02 PM

Chinese factory activity waned, while private businesses across the eurozone enjoyed their best month in nearly three years, surveys show.

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Carrim: Costs of communicating have to drop
2014/04/23 03:41:39 PM

The government remains fully supportive of Icasa's work, because the costs of communicating have to drop, says Communications Minister Yunus Carrim.

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UK warns banks about executive pay
2014/04/23 02:56:32 PM

The British Business Secretary has warned banks and other major companies to rein in excessive executive pay or face tighter rules.

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Burger King opens manufacturing plant in SA
2014/04/23 02:44:07 PM

Burger King South Africa has opened its first meat manufacturing plant in SA by establishing a joint venture with a local meat manufacturer and distributor.

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Tech bubble talk
2014/04/23 02:30:30 PM

After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

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Greek deficit lower than expected
2014/04/23 01:39:29 PM

The deficit of crisis-battered Greece has risen less than expected last year, new data shows.

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PIK
Pick n Pay: reviewing the investment case
2014/04/23

Our original positive investment thesis in 2012 for Pick n Pay Stores Limited (JSE: PIK, market cap: R26.2bn) hinged on .....

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DLT
Heads up: Delta Property Fund Private Placement
2014/04/15

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GRT
Heads up: Growthpoint acquires units in Acucap and Sycom
2014/04/15

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SYC
Heads up: Growthpoint acquires units in Acucap and Sycom
2014/04/15

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ACP
Heads up: Growthpoint acquires units in Acucap and Sycom
2014/04/15

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PIK
Heads up: Pick n Pay Stores - FY14 results review
2014/04/15

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CIL
Heads up: Consolidated Infrastructure Group Limited (CIL) 1H2014 results
2014/04/14

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ITU
Heads up: Intu Properties Plc scrip dividend alternative
2014/04/11

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ZED
Heads up: Zeder FY14 results - upgrade to BUY
2014/04/10

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FPT
Heads up: Fountainhead Property Trust 1H14 results & potential Redefine merger
2014/04/10

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  16,485.09   -29.28  -0.2%
DJ Trans  7,765.23   30.33  0.4%
NASDAQ  4,135.39   -26.07  -0.6%
NYSE S and P500 INDEX  1,875.78   -3.77  -0.2%
FTSE 100  6,673.58   -8.18  -0.1%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  9,559.82   -40.27  -0.4%
HONG KONG HANG SENG INDEX  22,509.64   -221.04  -1.0%
NIKKEI 225 INDEX  14,546.27   157.50  1.1%
Major JSE Indices*
Name Value Move
OVERALL  48648   4.31  0.0%
TOP 40  43648   -62.95  -0.1%
ALL GOLD  1522   33.27  0.0%
INDUSTRIAL  55227   2.85  0.0%
FINANCIAL  13696   -66.08  0.0%
RESOURCES  57046   -31.22  0.0%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  9.85   -0.01 -0.1%
ZAR/ / CHF  12.11   0.13 1.1%
USD/ / EUR  1.38   0.00 0.1%
ZAR/ / EUR  14.67   0.20 1.4%
USD/ / GB  1.68   0.00 -0.1%
ZAR/ / GBP  17.77   0.19 1.1%
YEN/ / ZAR  9.67   9.57 9,353.7%
JPY/ / USD  102.24   -0.35 -0.3%
ZAR/ / USD  10.61   0.12 1.1%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  109.11   -0.22 -0.2%
Palladium  785.10   2.10 0.3%
Platinum  1,401.70   4.20 0.3%
Silver  19.43   0.05 0.3%
Gold  1,284.07   0.92 0.1%
Top 5 Gainers -- Delayed
SABLE PLATINUM LTD  31.9
CENMAG HOLDINGS LTD  22.0
Trustco Group Hldgs Lt  20.2
Santova Logistics Ltd  18.3
WG Wearne Ltd  14.3
Top 5 Losers -- Delayed
Goliath Gold Mining Lt  -51.7
IB GOLDEN ETN OCT17  -23.4
Mine Restoration Inv L  -18.2
African Eagle Res plc  -16.7
Firestone Energy Limit  -12.5

PRICES (15 minute delay)

Telecommunication : TELE 67893  422 | Mob Telecoms : J657 352  -3 | Compu Clearing Outs Lt : CCL 410  0 | Huge Group Ltd : HUG 150  -10 | Anglo American plc : AGL 27341  85 |

SENS (15 minute delay)

| CMH : Headline Earnings Reconciliation for the year 28 February 2014| OLG : Acquisition of additional shares in a subsidiary from a related party and caution| ITU : Notification of Interests of Directors and PDMRs| CNL : Joint finalisation announcement: fulfilment or waiver (as applicable) of scheme c| JDH : Renewal of Cautionary Announcement| PNC : Clarification of Director's dealing SENS announcements| LHC : Trading statement| TKG : Further Cautionary Announcement| AVL : Results of offer and listing of Advanced Health| CLN377 : The Standard Bank of South Africa Limited| WBO : Notification of Interest in Shares| PSG : Dealing in PSG Group Limited securities| OML : Notification of Transactions of Directors/Persons Discharging Managerial Responsi| ETFPLD : ETFPLD - Listing of Additional - AfricaPalladium debentures| SBAEI : SBAEI- Rebalancing of Standard Bank Africa Total Return Index ? SBAFRITR| BAW12 : BAW12 and BAW13-Interest Rate Reset| HWAY20 : Additional Listings| CMH : Abridged Group Financial Results For The Year Ended 28 February 2014| RBA : Renewal of cautionary announcement| NGPLD : NGPLD-Additional Listing of NewGold Palladium Debentures| NGPLT : NGPLT-Additional Listing of NewGold Platinum Debentures| GLD : GLD-Additional Listing of NewGold Debentures| UBU : Dealing in Ububele Holdings Limited securities by an associate of a director| TWC052 : New Financial Instrument Listing - TWC052| FMC : Notice of change of financial year end| SEP : Resignation of non-executive director| MRF : Report for the quarter ended 31 March 2014| GPL : Sun International & Grand Parade - Renewal of joint cautionary announcement| DBXUS : Listing of additional securities - DBXUS| MAQ052 : New Financial Instrument Listing: MAQ052| DBXWD : Listing of additional securities - DBXWD| SLM : Sanlam Emerging Markets to acquire 51% of MCIS Zurich Insurance Berhad in Malaysi| BTI : Share buy back