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Market Commentary
The Day Ahead for Wednesday 7 December 2016

Yesterday, US markets ended the day in positive territory with the Dow Jones Industrial Average and the S&P500 advancing 0.18% and 0.34% respectively, spurred by a weaker dollar. Asian markets are following suit this morning with the Hang Seng and Nikkei currently trading higher by 0.28% and 0.61% respectively. Tencent is up 0.16% whilst BHP Billiton has gained 0.98% in Australia this morning. The Australian ASX is higher by 0.89% on the day and traders can expect a positive start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Tuesday 6 December 2016

Yesterday was a tough day on the markets with just about every sector finishing in negative territory. The big loser on the day was the Resource Sector which gave back 2.68%, hurt by a stronger rand. The stronger currency helped take some pressure off the financial sector and saw it come through as one of the better performers on the day. However, it wasn’t enough to move it into the black and by the close of trade the Financial Sector had dipped 0.89%. The All-Share index declined 1.56% on a day which saw red across the board. On the company front, BHP Billiton today announced that it submitted the winning bid to acquire a 60% participating interest in and operatorship of blocks AE-0092 and AE-0093 containing the Trion discovery located in the deep-water Gulf of Mexico. PEMEX Exploration & Production Mexico (Pemex) will retain a 40% interest in the blocks. Pemex estimates the gross recoverable resource to be 485MMboe. Subject to satisfaction of conditions (including the obtaining of government approvals), it is anticipated that the relevant agreements would be finalised and signed within 90 days. BHP Billiton’s bid for Trion includes an upfront cash payment of US$62.4 million and a commitment to a Minimum Work Program (estimated to be up to a maximum of US$320 million). Should BHP Billiton and Pemex agree to progress the project beyond the Minimum Work Program, BHP Billiton would be required to invest the remainder of the US$570 million Minimum Work Contribution (which includes the Minimum Work Program spend) and a US$624 million cash contribution (which comprises the upfront cash payment of US$62.4 million already paid and the balance of US$561.6 million as a future carry for Pemex). BHP Billiton’s bid also includes a commitment to an additional royalty of 4%. Assore announced that Mr Chris Cory, the chief executive officer of the company, will retire on 30 June 2017 after 28 successful years with the group. The board also announced the appointment of Mr Charles Edwards Walters as the chief executive officer of the company with effect from 1 July 2017. Charles will join Assore on 1 April 2017 as CEO designate. The total value traded for the day was R17.3bn.

News Articles
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Fin24.com | Coca-Cola explains the sour side of a sugary tax on SSBs
12/7/2016 8:18:57 PM

A tax on sugar-laden beverages may jeopardise Coca-Cola's investment plans in South Africa. However, there is an alternative to the sugary tax, the soda giant tells Fin24.

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Fin24.com | Ramaphosa: R3 500 not a living or decent wage, but it's a start
12/7/2016 7:17:38 PM

Deputy President Cyril Ramaphosa has acknowledged R3 500 is neither a living wage nor a decent one, but it’s a good launching pad from where wages can be pulled up.

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Fin24.com | Wind, solar could cost R90bn less than nuclear - CSIR
12/7/2016 5:44:58 PM

A re-optimised energy mix scenario, with 72% of renewables, could cost R90bn less than either of the IRP 2016’s base case and carbon scenarios.

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Fin24.com | R300k penalty for Premium Brand
12/7/2016 5:13:32 PM

Premium Brand has been ordered to pay an administrative penalty of R300 500 relating to prohibited practice, the Competition Tribunal says.

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Fin24.com | Ramaphosa: Politics not key concern of ratings agencies
12/7/2016 5:02:23 PM

Ratings agencies are not overly concerned with SA's political noise, says Deputy President Cyril Ramaphosa. Instead, they want to know where economic growth will come from.

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Fin24.com | DA misled public over R200 000 funding - DTI
12/7/2016 4:50:41 PM

The Department of Trade and Industry has denied that it funded the Progressive Youth in Business to the tune of R200 000 as claimed by the Democratic Alliance.

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Fin24.com | Davies defends R1.26m spent on two official cars
12/7/2016 4:16:13 PM

The Department of Trade and Industry has dismissed claims that it was extravagant by spending R1.26m on the purchase of two vehicles for Minister Rob Davies.

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Fin24.com | Energy minister’s advisers reveal why nuclear should be dumped
12/7/2016 2:53:32 PM

A Mace report on SA's future energy plan explains that by removing policy adjustments and keeping the plan least cost the need for nuclear energy falls away.

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Fin24.com | FIC Bill delays could harm SA's global standing - banking body
12/7/2016 2:42:20 PM

Ratification of the Financial Intelligence Centre Bill is urgent and further delays could dent SA's global reputation, warns Banking Association of SA MD Cas Coovadia.

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Fin24.com | CEOs expect rand to depreciate in 2017
12/7/2016 1:49:28 PM

CEOs believe the local unit’s recent gains will be short-lived, and that its value may depreciate even further in 2017.

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Fin24.com | Richemont offers to scale back plan to cut watchmaking jobs
12/7/2016 12:32:48 PM

Richemont has offered to reduce a job-cut plan by about 20%, though worker representatives demanded more concessions from the Swiss luxury-goods maker as they protested near the headquarters.

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Fin24.com | FIC Bill objections not based on legal opinion - Treasury
12/7/2016 12:16:33 PM

Neither the Progressive Professionals Forum nor the Black Business Forum have based their objections to the Financial Intelligence Centre Bill on a legal opinion, says Treasury.

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Fin24.com | IRR responds Fin24 story on its sugar tax report
12/7/2016 11:20:21 AM

The IRR has responded to a story Fin24 published, in which it revealed that Coca-Cola funded IRR research on taxing sugar-sweetened beverages.

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Fin24.com | UPDATE: Gold Fields exec moves over to Implats
12/7/2016 11:12:17 AM

Gold Fields has announced the resignation of its executive vice-president Nico Muller, who will be leaving the company to take up the position of CEO of Impala Platinum.

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Fin24.com | Hammond travels to Africa and Asia to seek post-Brexit trade
12/7/2016 10:54:56 AM

Chancellor of the Exchequer Philip Hammond is heading to South Africa, South Korea and Japan to scout for new markets as Britain prepares to leave the European Union.

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Fin24.com | Gold Fields exec moves over to Implats
12/7/2016 10:49:40 AM

Gold Fields has announced the resignation of its executive vice-president Nico Muller, who will be leaving the company to take up the position of CEO of Impala Platinum.

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Fin24.com | Implats announces new CEO
12/7/2016 10:31:39 AM

Impala Platinum has appointed Nicolaas (Nico) Johannes Muller as chief executive officer and an executive director of Implats, with effect from April 3 2017.

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Fin24.com | PICS: Inside Sasol’s new mega R2bn Sandton HQ
12/7/2016 10:14:38 AM

Africa’s largest rooftop garden, a state-of-the art fitness centre, cafés and an art gallery are just a few features of Sasol’s new multi-billion rand head office in Sandton.

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Fin24.com | Mugabe caves in on public service job cuts plan
12/7/2016 9:48:48 AM

Zimbabwean President Robert Mugabe has finally given in on a job cuts proposal which aimed to reduce the 96.8% of revenue spent on civil servants' salaries

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Fin24.com | EXPOSED: Coca-Cola bankrolls IRR research on sugary tax in SA
12/7/2016 7:49:29 AM

The Coca-Cola Company has funded research by the respected think tank the SA Institute for Race Relations on taxing sugar-sweetened beverages, Fin24 can reveal.

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BAT
Heads up: Brait 1H17 results - New Look under pressure
12/7/2016

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QFH
Heads up: Quantum Foods FY16 results - Recovery in sight?
12/1/2016

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HCI
Heads up: HCI 1H17 results
11/30/2016

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NPK
Heads up: Nampak FY16 results - currency exchange losses, partially offset by operational turnaround in Glass
11/29/2016

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VKE
Heads up: Vukile 1H17 results - De-risking the portfolio
11/29/2016

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SSS
Heads up: Stor-Age 1H17 results- Better than expected
11/29/2016

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PFG
Heads up: Pioneer Foods FY16 results - Looking to the future
11/28/2016

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NPN
Heads up: Naspers 1H17 results - impressive inroads continue
11/28/2016

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INL
Heads up: Investec - interim results for the six months ended 30 September 2016
11/25/2016

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INP
Heads up: Investec - interim results for the six months ended 30 September 2016
11/25/2016

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  19,263.11   11.33  0.1%
DJ Trans  9,182.61   42.34  0.5%
NASDAQ  5,330.06   -2.94  -0.1%
NYSE S and P500 INDEX  2,213.74   1.51  0.1%
FTSE 100  6,882.08   102.24  1.5%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  10,976.44   201.12  1.9%
HONG KONG HANG SENG INDEX  22,800.92   125.77  0.6%
NIKKEI 225 INDEX  18,496.69   136.15  0.7%
Major JSE Indices*
Name Value Move
OVERALL  49476   540.16  1.1%
TOP 40  42927   504.81  1.2%
ALL GOLD  1357   5.67  0.4%
INDUSTRIAL  61837   621.00  1.0%
FINANCIAL  14562   134.58  0.9%
RESOURCES  32784   538.86  1.7%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  10.10   0.00 0.0%
ZAR/ / CHF  13.50   -0.09 -0.7%
USD/ / EUR  1.08   0.00 0.2%
ZAR/ / EUR  14.54   0.00 0.0%
USD/ / GB  1.26   0.00 0.3%
ZAR/ / GBP  17.01   0.00 0.0%
YEN/ / ZAR  8.45   8.33 7,051.5%
JPY/ / USD  113.74   -0.30 -0.3%
ZAR/ / USD  13.52   0.01 0.1%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  53.21   -0.74 -1.4%
Palladium  731.00   -4.00 -0.5%
Platinum  946.00   13.00 1.4%
Silver  17.10   0.42 2.5%
Gold  1,176.70   7.40 0.6%
Top 5 Gainers -- Delayed
Rebosis Property Fd NP  160.0
Ecsponent Limited  33.3
SABLE PLATINUM LTD  31.9
Safari Investments RSA  19.2
Wesizwe Platinum Ltd  15.9
Top 5 Losers -- Delayed
AH-Vest Limited  -24.4
Forbes & Manhatt Coal  -16.7
Montauk Holdings Ltd  -16.2
Inter. Hotel Prop Ltd  -15.0
Trans Hex Group Ltd  -11.1

PRICES (15 minute delay)

Dis-Chem Pharmacies Lt : DCP 2184  66 | African Equity Emp Inv : AEE 350  1 | ALTX 15 : J233 509  -6 | Rhodes Food Grp Hldg L : RFG 2459  9 | All Africa 40 Index Ra : JA0R 99  0 |

SENS (15 minute delay)

| MFL : Dealing In Securities By Director| REN : Changes to the Board of Directors - Appointment of a Director and Resignation of| SHFF : Publication Of The Annual Financial Results For The Period Ended 30 September 201| SNH : 2016 Annual Report For The 15 Months Ended 30 September 2016| OAS : Dealing In Oasis Units| MED : Reviewed condensed consolidated results for the period ended 31 August 2016| EMI : Dealing in securities by an associate of a director| SAP : Dealing in securities by directors and company secretary| NPK : Dealing in securities by a director| HYP : Dealings in securities by an associate of the company secretary of Hyprop| AIP : Voluntary announcement: Adcock Ingram disposes of 53% interest in Ayrton Drug Man| OML : Form 8.3 Disclosure - DB| TFG : Director Dealing in Securities| EMH : Symbol [EMH]| HYP : Change to the board of directors| TOR : Report on proceedings at the annual general meeting| CAT : Symbol [CAT]| CUL : Trading Statement| MUR : Trading Statement| SLM : Operational Update ? December 2016| IVA663 : IVA663 - Listing of Tap Issue| IVA664 : IVA664 - Listing of New Instrument| BGL08 : BGL08 - Interest Rate Reset| BGL06 : BGL06 - Interest Rate Reset| CRD : Issue and Allotment of Ordinary Shares following partial Exercise of Conversion R| TEX : Appointment of Brigitte De Bruyn to Social and Ethics Committee| ISA : Changes to the Board of Directors: Change in Function and Appointment of Director| BID : BidCorp Food Africa and Puratos establish a joint venture| HPB : Dealings in securities by an associate of directors| SNT : Increased participation interest in Shriram General Insurance in India| S32 : Appendix 3Y| WS05 : Symbol [WSP4]| MDP : Acquisition of a new a-grade retail shopping centre with US Dollar underpinned le| AVL : Dealing by a director| NFEMOM : NFEMOM - Change to Index Constituents effective 5 December 2016| SPG002 : Symbol [SPG002]| BCF : Disclosure of an Acquisition of Securities| HC4T1 : New Financial Instrument Listing ? HC4T1| IVA650 : IVA650 - Full Capital Redemption| OCE : Directors' dealings in securities| APN : Report on Annual General Meeting proceedings| MMI : Changes To The Board Of MMI Holdings| ADH : Dealings in Securities by Directors and Office Bearer of the Company| GPL : Results Of The Annual General Meeting| DBXUK : Distribution Announcement ? Salient Dates ? Six Months Ended 31 December 2016 - D| DBXWD : Distribution Announcement ? Salient Dates ? Six Months Ended 31 December 2016 - D| DBXEU : Distribution Announcement ? Salient Dates ? Six Months Ended 31 December 2016 - D| DBXUS : Distribution Announcement ? Salient Dates ? Six Months Ended 31 December 2016 - D| DBXJP : Distribution Announcement ? Salient Dates ? Six Months Ended 31 December 2016 - D| SNH : Steinhoff Reports Solid Results For The Quarter Ended 30 September 2016| BTI : Retirement of Christine Morin-Postel| AGLSBD : Symbol [TRUSBA]| STXIND : Distribution Announcement ? Salient Dates ? Quarter Ended 31 December 2016 - STXI| STX40 : Distribution Announcement ? Salient Dates ? Quarter Ended 31 December 2016 - STX4| STXRAF : Distribution and Re-investment Announcement For November 2016 and Salient Dates F| STXDIV : Distribution Announcement ? Salient Dates ? Quarter Ended 31 December 2016 - STXD| ESR : Renewal of Cautionary Announcement| STXFIN : Distribution Announcement ? Salient Dates ? Quarter Ended 31 December 2016 - STXF| STXRES : Distribution Announcement ? Salient Dates ? Quarter Ended 31 December 2016 - STXR| AEL : Symbol [AEL]| MTN : MTN Group announces senior management appointments| STXSWX : Distribution Announcement ? Salient Dates ? Quarter Ended 31 December 2016 - STXS| IMP : Implats appoints a Chief Executive Officer| GFI : Resignation of Nico Muller| ETFPLD : Listing of additional AfricaPalladium debentures - ETFPLD| NFGOVI : NFGOVI - Listing of additional NewFunds GOVI Exchange Traded Fund Participatory I| ANH : Anheuser-Busch InBev Announces Results of Exchange Offer of FBG Treasury (Aust.)| OML : Form 8.3 Disclosure| MRP : Dealings in securities by directors and the company secretary| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details