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Market Commentary
The Day Ahead for Tuesday 07 July 2015

Yesterday the US markets closed in the red with the Dow Jones Industrial Index and the S&P500 closing lower by 0.26% and 0.39% respectively. Asian markets are mixed this morning with the Nikkei trading 1.3% higher, while the sell-off on the Hang Seng continues with the index trading 1.41% lower thus far. Tencent is trading in the red by 3.07% whilst BHP Billiton has gained 0.5% in Australia this morning. The Australian ASX is trading higher by 1.98% thus far. Traders can expect a flat to negative start to trading on our local bourse this morning.

Market Commentary
Market Commentary for Monday 06 July 2015

After a “No” vote in Greece in response to creditors conditions, Greece has extended banking closures and is looking to appoint a new finance minister. The market was thrown into turmoil as investors tried to digest how this would affect markets. European markets were in the red across the board and our markets followed suit, opening at its lows and meandering in negative territory for the remainder of the day. At the end of the day’s trade, the All-Share Index closed 1.13% lower. The Gold Mining sector was the winner on the day as the rand weakened and most other sectors declined. The Gold Sector closed 1.97% higher for the day, driven by strong gains from AngloGold Ashanti which was up 1.32%. Other strong performers on the day included Nedbank and Shoprite, up 2.30% and 1.05% respectively. Losses on the day were led by Naspers, Sasol and Assore, down 4.71%, 4.02% and 3.14% respectively. On the company front, African Bank Limited stakeholders were advised that the offer from a consortium, of banks and the PIC, for the sale of Abil’s equity interest held in Stangen has been extended until 13 July 2015. Further announcements in this regard will be made once the Business Rescue Practitioners and the ABIL board of directors have completed their assessments and engagements with the Consortium. Clover released a trading statement advising shareholders that the Company expects headline earnings per share (“HEPS”) for the year ended 30 June 2015 to be at least 20% or 20.55 cents higher than HEPS of 102.7 cents reported in the previous corresponding period. Earnings per share (“EPS”) for the year ended 30 June 2015 is expected to be at least 20% or 20.46 cents higher than EPS of 102.3 cents reported in the previous corresponding period. The total value traded for the day was 13.64bn.

News Articles
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Fin24.com | Big firms in Greece pay salaries in cash
2015/07/07 10:15:04 AM

Large firms in Greece including its electronic appliances chain have paid staff in cash, after the country imposed limits on withdrawals from banks last week.

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Fin24.com | WHO urges governments to raise tobacco taxes
2015/07/07 09:30:03 AM

Governments around the world should increase taxes on cigarettes and other tobacco products to save lives, says the World Health Organisation.

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Fin24.com | Size does matter: Brics has 17 trillion ways to rival US
2015/07/07 09:21:19 AM

The combined economic output of Brazil, Russia, India, China and South Africa have caught up with the US, whose economy was double that of the Brics in 2007.

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Fin24.com | Net reserves tick up slightly in June
2015/07/07 08:57:15 AM

Net gold and foreign exchange reserves have edged up to $41.59bn in June from $41.519bn in May, data from the South African Reserve Bank shows.

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Fin24.com | Uruguay settles $400m Venezuela oil debt
2015/07/07 08:55:28 AM

South American OPEC nation Venezuela will allow Uruguay to pay off a $400m energy debt at a 35% discount, Uruguay says.

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Fin24.com | Visa rules could sink SA language schools
2015/07/07 08:21:44 AM

The English language school industry in South Africa could collapse within weeks or months, warn industry players.

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Fin24.com | Pressure mounts on Greece for fast, credible proposals
2015/07/07 07:29:15 AM

France and Germany have told Greece to come up with serious proposals to restart financial aid talks, after the Greeks voted overwhelmingly to reject more austerity.

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Fin24.com | No use throwing stones over visa rules - deputy minister
2015/07/07 06:30:16 AM

Deputy Minister of Home Affairs Fatima Chohan says she is willing to try and help the tourism industry to tackle issues causing a drop in tourism numbers.

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Fin24.com | Buffett $2.8bn closer in plan to give away wealth
2015/07/07 05:25:34 AM

Warren Buffett has donated about $2.84bn of Berkshire Hathaway stock to charities, as part of the billionaire's plan to give away nearly all of his wealth.

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Fin24.com | What's next? as Greece stumbles toward euro exit
2015/07/06 08:12:26 PM

Greece is at the last chance saloon, thirsty and out of credit. Next stop could be the badlands of euro exit.

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Fin24.com | Prof Tsakalotos named new Greece finance minister
2015/07/06 08:09:49 PM

Greece has named economist Euclid Tsakalotos, its top negotiator in the stalled EU-IMF talks, as the country's new finance minister, the president's office says.

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Fin24.com | Buffett $2.85bn closer in plan to give away wealth
2015/07/06 08:00:04 PM

Warren Buffett on Monday donated about $2.84bn of Berkshire Hathaway stock to charities, as part of the billionaire's plan to give away nearly all of his wealth.

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Fin24.com | 10 days in the Greek debt crisis
2015/07/06 07:43:03 PM

Greek voters' defiant rejection of the terms of an international bailout in Sunday's referendum capped a dramatic week for the country in its standoff with EU-IMF creditor.

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Fin24.com | Greece to extend banking shut down - bankers
2015/07/06 05:36:04 PM

Greece's government plans to extend the closure of banks beyond Monday by at least a few more days, four banking sources say.

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Fin24.com | Brics bank to launch at summit this week
2015/07/06 05:04:50 PM

The Brics emerging economies will launch a development bank at a summit this week, which may reduce Western dominance of world financial institutions.

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Fin24.com | Argentine president celebrates Greek 'no' vote
2015/07/06 03:59:06 PM

While world markets tremble at the decision by Greek voters to reject conditions of a rescue deal from creditors, the Argentine president boldly welcomes the referendum result.

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Fin24.com | Rolls Royce cuts profit forecasts, CEO takes helm
2015/07/06 03:00:24 PM

British engineer Rolls-Royce has cut profit expectations for the third time in nine months, increasing the challenge for its new chief executive.

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Fin24.com | Greece can't take more austerity - UN
2015/07/06 01:36:49 PM

Greece cannot take any more austerity as it will cause more social unrest and lessen the chance of an economic recovery, a UN debt expert says.

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Fin24.com | Gold wage offer 'needs work' - union
2015/07/06 12:52:10 PM

SA union UASA says while gold producers tabled a “good opening offer” in pay negotiations last week, it still needs work.

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Fin24.com | Russia hopes Greece reaches deal soon
2015/07/06 12:49:59 PM

Russia hopes Greece will reach a deal with its international creditors as soon as possible, says a Kremlin spokesperson.

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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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ADR
Heads up: Adcorp Ltd - FY15 results to 28 February 2015 - offshore strategy paying off
2015/06/02

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VKE
Heads up: Vukile Property Fund FY15 Results - A bigger fund
2015/05/27

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ILV
Heads up: Illovo Sugar FY15 results - Disappointing performance, and expected to get weaker
2015/05/27

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Charts Indices Currencies Metals & Brent Oil Gainers & Losers
CHARTS
International Indices
Name Value Move
DJ Ind.  17,890.36   -75.71  -0.4%
DJ Trans  8,239.58   -70.43  -0.8%
NASDAQ  5,112.19   -10.22  -0.2%
NYSE S and P500 INDEX  2,102.31   -6.27  -0.3%
FTSE 100  6,773.00   -34.82  -0.5%
XETRA DAX INDEX  6,271.85   -81.89  -1.3%
DAX INDEX  11,465.45   -7.68  -0.1%
HONG KONG HANG SENG INDEX  26,663.87   -481.88  -1.8%
NIKKEI 225 INDEX  20,706.15   -65.25  -0.3%
Major JSE Indices*
Name Value Move
OVERALL  51078   -303.43  -0.6%
TOP 40  45410   -322.92  -0.7%
ALL GOLD  1042   17.05  1.7%
INDUSTRIAL  65625   -457.12  -0.7%
FINANCIAL  16395   -149.67  -0.9%
RESOURCES  38115   -198.23  -0.5%
Delay = 15 minutes
Currencies
Name Value Move
ZAR/ / AUD  9.32   0.00 0.0%
ZAR/ / CHF  12.00   0.00 0.0%
USD/ / EUR  1.12   0.00 0.0%
ZAR/ / EUR  13.63   0.02 0.2%
USD/ / GB  1.57   0.00 0.1%
ZAR/ / GBP  19.11   0.06 0.3%
YEN/ / ZAR  10.20   10.11 10,398.0%
JPY/ / USD  123.69   0.05 0.0%
ZAR/ / USD  12.18   0.03 0.2%
Precious Metals & Brent Oil
Name Value Move
Brent Oil  63.19   -0.17 -0.3%
Palladium  676.60   -2.15 -0.3%
Platinum  1,073.56   -9.82 -0.9%
Silver  15.82   -0.06 -0.4%
Gold  1,172.55   -1.18 -0.1%
Top 5 Gainers -- Delayed
Sable Metals and Min L  33.3
SABLE PLATINUM LTD  31.9
CENMAG HOLDINGS LTD  22.0
Torre Industries Limit  13.8
Sekunjalo Inv Ltd  13.0
Top 5 Losers -- Delayed
Nutritional Holdings L  -25.0
Forbes & Manhatt Coal  -16.7
Wilderness Holdings Lt  -9.3
Eqstra Holdings Ltd  -5.7
Stefanuti Stck Hldgs L  -5.1

PRICES (15 minute delay)

Onelogix Group Ltd : OLG 480  0 | UTPN : JN0U 3908  -51 | SA Fini and Indi : J250 75258  -459 | Trans Hex Group Ltd : TSX 310  0 | Sentula Mining Ltd : SNU 20  0 |

SENS (15 minute delay)

| MEFSB3 : Amendment: Availability of AFS for Commissioner Street No. 4 (RF) Ltd| MFS1B : Amendment-Availability of AFS for Commissioner Street No. 1 (RF) Ltd| TPDA04 : Commissioner Street No.7-Availability of Annual Financial Statements| TPDA02 : Commissioner Street No.5 (RF) Ltd-Availability of Annual Financial Statements| FRB16 : FRB16 and FRB17 - New Instruments Listing| SAP : Borregaard (Norway) and Sappi (South Africa) announce 20,000 tonnes capacity expa| BIL : Demerger of South32 Completion of the Sale Facility| JSE : [06:31:00]: Start of Day. Group <1> - Please wait, downloading details