The Sharenet Daily 
Wednesday, 30 March 2011 - 20:00
Sharenet is pleased to announce the launch of our new publication, The Sharenet Daily. We have built on the success of our Daily Equity Report, while adding more content and helpful information. The result is a publication that gives readers a quick, easy to read and informative synopsis of market activity, company results and news on the JSE for the day, as well as an overview of what transpired on important overseas markets.

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Top News
SA Business
Company News
Company Results
World Markets (Spot Prices)
JSE Today
JSE Trading Statistics
Major Moves
Index Summary
Latest Consensus Changes / Results Expected
Recent Dividends / Ex Div
Upcoming AGMs
Stock Exchange News Service (SENS)

Inflation continues to head higher around the world

Current and impending inflation levels are getting to the stage where major central banks need to start hiking their ultra-low interest rates. The general outlook is that the European Central Bank will hike its interest rates next week by 0,25% after the ECB President made a surprise announcement earlier in the month.

The ECB base interest rate is currently at 1%.

At this stage the US is likely to remain cautious on hiking interest rates, given the low core inflation rate that it tracks. CPI is at 2,1% and core (see definition below) at 1,1%

The UK has inflation running at 4,4% and this is putting pressure on the Bank of England to raised rates from their ultra-low 0,5%

Chinese inflation

Add to this the inflation problem in China. Food inflation has been culprit, although prices of some of the main components like corn and rice are down about 10% from their highs. However it’s not only food prices that have been the issue. Excluding food, inflation rose 2,6% in January, which is the fastest in 10 years.

Overall inflation has risen from 1,5% at the beginning of 2010 to the current 5%.

Chinese inflation starts to become a global issue given that China is a large exporter of finished goods. Over the last two decades wage price hikes have not really taken hold, countered to a large degree by productivity gains. However this is not necessarily going to be the case in future.

A recent report from Standard Chartered Bank of its clients in China said that they expect wages to increase between 9% and 15% this year. The report also indicated that 45% of firms are finding it harder to recruit workers despite generally paying more than the minimum wages.

Source: Wells Fargo

Inflation in the US

Monetary authorities in the US target core CPI. This is inflation excluding food and energy costs. In the US food is a relatively small component of the inflation basket – just 15%. Housing is the biggest component at 42% and this weak market post the financial crisis is helping inflation at the lower levels.

While headline inflation is currently running ahead of core, over time the spikes in headline have not passed through to core inflation.

However there are definite components of inflation that hurt. The chart below reflects the massive hike in energy and education costs in the US over the last 10 years. While these 2 items are not direct components, they are included into 2 of the components.

Source : Dshort

With massive doses of global money creation, higher inflation into the future is almost certainty. The world has experienced the positive influence of deflation from China over the past 2 decades, but even if this persists, it is unlikely to be at the same level over the next 2 decades.

When it comes to identifying investment risk, one of the bigger risks is that inflation will persist at higher rates into the future . Accordingly investment portfolios and asset allocation must take this possibility into account.

Kind regards

Ian de Lange
021 9144 966

Wed, 30 Mar 2011
Top News
South Africa's rand firmed to its strongest level in more than two months on Wednesday, partly on hawkish comments by central bank Governor Gill Marcus.  Full story

Shopping malls are springing up across east Africa faster than ever before as retailers seek to tap into a swelling middle class with growing disposable incomes and a limited choice of leisure activities.  Full story
Japan called on the world not to impose "unjustifiable" import curbs on its goods as French President Nicolas Sarkozy was due to arrive on Thursday, the first leader to visit since an earthquake and tsunami damaged a nuclear plant, sparking the worst nuclear crisis since Chernobyl in 1986.  Full story
The prime ministers of nuclear-armed foes India and Pakistan stood side by side on Wednesday at a World Cup cricket match and clapped to each other's national anthems in a symbolic gesture aimed at rebuilding ties shattered by the 2008 Mumbai attacks.  Full story
Libyan rebels fled in headlong retreat from the superior arms and tactics of Muammar Gaddafi's troops on Wednesday, exposing the insurgents' weakness without Western air strikes to tip the scales in their favour.  Full story
U.S. stocks rose on Wednesday as investors positioned themselves for the quarter's end and the S&P 500 attempted to hold above a key. . .  Full story
World stocks rose more than 1 percent on Wednesday as strong hiring by U.S. private employers boosted both U.S. and European markets, while. . .  Full story
European shares hit a three-week closing high on Wednesday after a U.S. labour report revived confidence in a recovery in the world's largest. . .  Full story
Gold prices pared gains on Wednesday as the metal struggled to rise toward all-time highs, weighed down by profit taking amid an initial decline. . .  Full story

The FTSE 100 closed higher for a sixth consecutive session on Wednesday, its best run since August 2010, as investors ditched retailers over. . .  Full story
Japan's Nikkei stock average climbed 2.6 percent, hitting its highest level since a post-quake panic sell-off as the yen softened against the dollar, but. . .  Full story
Australian stocks jumped 1.4 percent to close at a 3-1/2 week high, with the miners leading solid gains across the board at the. . .  Full story
Gold steadied on Wednesday on firmer equities and upheaval in Libya, although further gains could be capped by worries that some central banks. . .  Full story
SA Business
Botswana will introduce renewable energy feed-in tariffs for electricity generation by March next year, a senior government official said on Wednesday.. . .  Full story
Maize deliveries to South African silos rose to 11.894 million tonnes in the week to March 25 from 11.88 million tonnes. . .  Full story
Heineken NV, the world's third-largest brewer, said it had bid a total of $163 million for two breweries in Ethiopia as. . .  Full story
South Africa's rand firmed slightly against the dollar on Wednesday after comments from central bank governor Gill Marcus about not going. . .  Full story

Zimbabwean financial services group Kingdom Bank posted a return to full-year profit on Wednesday after splitting from Meikles Africa Limited and said it plans. . .  Full story
Shares in Kumba Iron Ore were up almost 4 percent on Wednesday, around three-week highs, as investors continued to digest a. . .  Full story
South Africa's Richards Bay Coal Terminal (RBCT) has shelved plans to increase export volumes until 2015 due to the slow pace. . .  Full story
Growth in credit demand by South Africa's private sector quickened to 5.43 percent year-on-year in February, compared with a 5.01 percent. . .  Full story

South Africa's central bank will not be soft on inflation, Reserve Bank Governor Gill Marcus said on Tuesday, reiterating the bank was concerned about the impact on inflation from food and oil prices.. . .  Full story
Company News
Shareholders are advised that the annual financial statements have been distributed to shareholders on or about 28 March 2011 and contain. . .  Full story
With reference to the announcement released on SENS on 17 March 2011, shareholders are advised that the Companies and Intellectual Property. . .  Full story
Shareholders are advised that the company's annual report will be lodged with the JSE Limited and posted to shareholders today, Wednesday,. . .  Full story
In terms of Bonatla's provisional reviewed condensed consolidated results for the year ended 31 December 2010 published on SENS on Friday,. . .  Full story

FUM FIU. . .  Full story
BWI BWI. . .  Full story
Further to the published Nedbank and Nedbank Ltd ("Nedbank-p") audited financial results for the year ended 31 December 2010, shareholders are. . .  Full story
Business Report noted that Nedbank officially introduced Africa's first wind powered banking branch operating from a 1 kilowatt wind turbine that. . .  Full story
Company Results
Business Day reported that Pallinghurst is looking for coking coal and copper assets to add to its diversified asset base as. . .  Full story
Revenue for the half-year increased by 7% to R3 billion (R2.8 billion), whilst operating profit decreased by 1% to R116.1 million. . .  Full story
Revenue for the interim period ended 31 December 2010 improved to R40.5 million (R38.6 million), but operating profit dropped to R11.4. . .  Full story
Revenue for the interim period decreased to R148.5 million (2009: R155.5 million). Gross profit lowered to R72 million (2009: R81.5 million),. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0032274.61556.601.75%
JSE Top 4017:0029137.51527.331.84%
JSE Gold17:002743.5332.731.21%
JSE Financial17:0021585.74370.231.75%
JSE Industrial17:0032166.27595.041.88%
JSE Indust 2517:0027003.10535.072.02%
JSE Resource17:0057151.13898.621.60%
DJ Futures19:2612319.0087.000.71%
DJ Ind19:3512376.3497.330.79%
SP 50020:001329.5810.140.77%
FTSE 10017:355948.3016.130.27%
All Ords07:364912.7061.501.27%
NZSE 5007:263433.7212.530.37%
NameTimeRPMove% Move
Gold/R kg20:00311895-464-0.15%
Brent Crude19:56115.25-.49-0.42%
Rand / Dollar19:586.8165-0.0377-0.55%
Rand / Pound19:5510.9184-0.0213-0.19%
Rand / Euro19:559.6293-0.0409-0.42%
Rand / NZD19:575.19900.01150.22%
Rand / AUD19:557.0432-0.0113-0.16%
Yen / Dollar19:5882.83000.36000.44%
Euro / Dollar19:550.7078-0.0007-0.10%
Dollar / Euro19:581.41240.00160.11%
Pound / Dollar19:550.6223-0.0022-0.35%

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The JSE Today
Trading Statistics

Major Moves Up
SharenameSaleMove% MoveVolume
1 COMAIR  230199.00.%19638
2 UNIVERSAL  175138.02.%107624
3 SABLE  15001007.14.%4870
4 PLATMIN  550356.80.%7212
5 KUMBAIO  4690024005.39.%629984
6 AFRO-C  210105.00.%49523
7 BRIMST-N  630305.00.%61000
8 SHOPRIT  103254474.53.%2298678
9 PINNACLE  695304.51.%167235
10 RAUBEX  1880804.44.%1035604
11 HUGE  14053.70.%18300
12 GRANPRADE  290103.57.%550336
13 CLICKS  43301483.54.%2356026
14 NORTHAM  43991483.48.%110277
15 RMBH  2698893.41.%2691935
16 MTN  140554553.35.%8099234
17 ADCORP  2800903.32.%102151
18 TRUWTHS  71792293.29.%2332501
19 SAPPI  35221123.28.%2203718
20 SUNINT  92002863.21.%882756

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Major Moves Down
SharenameSaleMove% MoveVolume
1 MARSHALL  600-115-16.08.%446
2 FAIRVEST  110-7-5.98.%7500
3 AFEAGLE  150-8-5.06.%600
4 HULAMIN  698-27-3.72.%250783
5 COAL  822-23-2.72.%208372
6 CROOKES  3600-100-2.70.%200
7 VALUE  360-10-2.70.%3800
8 CASHBIL  9235-245-2.58.%14136
9 AMA  189-5-2.58.%114054
10 TRNSHEX  254-6-2.31.%64201
11 VIVIDEND  460-10-2.13.%93250
12 PERGRIN  1079-21-1.91.%71080
13 CAPITEC  16710-290-1.71.%60315
14 SABVEST-N  880-15-1.68.%78450
15 RAINBOW  1750-25-1.41.%9500
16 STEFSTOCK  1030-13-1.25.%347447
17 DELTA  800-10-1.23.%16087
18 KGMEDIA  1600-20-1.23.%22199
19 ITLTILE  425-5-1.16.%44
20 AVUSA  2455-25-1.01.%157406

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New Highs
SharenameSaleHighMove% MoveVolume
1 UNIVERSAL  175175138.02.%107624
2 AFRO-C  210225105.00.%49523
3 RMBH  26982700893.41.%2691935
4 MTN  14055140554553.35.%8099234
5 EXXARO  16225163704552.89.%983774
6 HARMONY  10226104482652.66.%4182638
7 GOLDONE  29029962.11.%515030
8 MONDILTDP  652066181302.03.%376157
9 LIFEHC  15791590140.89.%2787382

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New Lows
SharenameSaleLowMove% MoveVolume
1 VILLAGE  185185-1-0.54.%42522
2 SASFIN  35253201250.71.%9856
3 PPC  23952364200.84.%3167795

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Index Summary
Index NameRPMove% Move
Top 4029,137.51527.331.84%
Mid Cap40,856.73536.251.33%
Small Cap31,705.33240.910.77%
Resource 2057,151.13898.621.60%
Industrial 2527,003.10535.072.02%
Financial 158,201.77154.951.93%
Financial & Ind. 3030,416.87609.002.04%
All Share32,274.61556.601.75%
Oil & Gas 29,351.10613.362.13%
Mining 37,394.70570.991.55%
Gold Mining2,743.5332.731.21%
Platinum Mining73.71.480.66%
Oil & Gas Producers 15,781.54329.792.13%
Basic Materials 31,542.28507.691.64%
Chemicals 13,182.7318.530.14%
Forestry & Paper 14,411.86330.052.34%
Industrial Metals 30,275.24961.423.28%
Industrials 27,409.06418.131.55%
General Industrials 76,786.451466.531.95%
Consumer Goods 26,249.00410.391.59%
Automobiles & Parts 3,147.60-22.64-0.71%
Household Goods159.0110.89%
Health Care 31,230.01137.050.44%
Beverages 83,307.671688.092.07%
Food Producers 46,338.91404.890.88%
Index NameRPMove% Move
Personal Goods 393.014.991.29%
Consumer Services 53,036.67827.681.59%
General Retailers 40,210.02822.592.09%
Travel & Leisure 3,666.6375.402.10%
Media 83,354.61-27.14-0.03%
Support Services 2,446.0556.822.38%
Telecommunications 68,064.842113.623.20%
Financials 21,585.74370.231.75%
Banks 41,103.571016.192.53%
Non-life Insurance 31,033.99358.891.17%
Life Insurance 16,027.92135.510.85%
General Financial 2,255.8734.631.56%
Technology 20,641.00228.441.12%
SHARIAH TOP40 3,294.62611.87%
FTSE/JSE SHARIAH ALL3,341.76591.81%
COAL MINING22,169.965122.36%
FTSE JSE Fledgling 4,475.20250.57%
FTSE/JSE Alt X 1,021.89-1-0.06%
RESOURCE 31,574.755061.63%
DIVIDEND PLUS166.0331.60%
FTSE/JSE RAFI 406,771.341181.78%
Capped Top 4015,169.552751.84%
Capped All Share16,236.722781.74%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
31 Mar 2011ALERTDecember 2010 (Interim)
31 Mar 2011ANOORAQDecember 2010 (Final)
31 Mar 2011AWETHUDecember 2010 (Interim)
31 Mar 2011DIALOGUEDecember 2010 (Final)
31 Mar 2011DONDecember 2010 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
STANBANK11-03-0311-04-0111-04-11R 2.4500
AFGRI11-03-0211-05-1311-05-23R 0.2415
CAPCO11-03-0211-04-0811-05-19R 0.0100
SHFINV-PREF11-03-0111-04-0811-04-18R 3.6200
SPANJAARD11-02-2811-05-2011-05-30R 0.1600
Ex Div**
Share NameDec-DateLDTPay-DateAmount
ASTRAPAKP11-03-0411-03-2511-04-04R 3.4269
STANBANK-P11-03-0311-03-2511-04-04R 3.3790
BIDVEST11-02-2811-03-2511-04-04R 2.2500
TRENCOR11-02-2811-03-2511-04-04R 1.0000
SASFIN11-03-0211-03-2511-04-04R 0.4900

Upcoming AGMs**
CodeCompany NameDateStatus
TLMTeleMasters Holdings Ltd01/04/2011Unconfirmed

Stock Exchange News Service
30/03/201117:49 Bauba Platinum Limited - Trading Statement
30/03/201116:47 Zurich Insurance Company South Africa Limited - No change statement and
30/03/201116:45 Old Mutual plc - Public opening position disclosure/dealing disclosure
30/03/201116:45 IFA Hotels & Resorts Limited - Condensed consolidated results for the six
30/03/201116:31 Rainbow Chicken Limited - Change in financial year-end: Cipro approval
30/03/201116:14 ADvTECH Limited - Dealing in securities by a director
30/03/201116:11 Platfields Limited - Change to the board of directors
30/03/201116:00 ABSA Group Limited - Posting of the Absa Group 2010 annual report and
30/03/201116:00 Wits Gold announces initiation of independent scoping study and further
30/03/201115:51 Bonatla Property Holdings Limited - Unmodified Review Opinion
30/03/201115:30 New Europe Property Investments plc - No change statement and notice of
30/03/201115:17FFA/FFB - Fortress Income Fund Limited - Dealing in securities
30/03/201115:06SCIB - The Standard Bank of South Africa Limited - Issue of Knockout Warrants
30/03/201115:05SCIB - The Standard Bank of South Africa Limited - Issue of stock warrants
30/03/201115:00 Pioneer Food Group Limited - Trading update
30/03/201114:48SOL Sasol Limited - Dealing in securities by a director of a major subsidiary of
30/03/201114:23 Wesizwe Platinum Limited - Audited abridged year-end results for the year
30/03/201114:11 SELCo - Reviewed interim results for the six months ended 31 December
30/03/201114:00 Hardware Warehouse Limited - Unaudited interim results for the six
30/03/201114:00NED/NBKP - Nedbank Group/Nedbank Limited - Issue of Audited AFS, No Change
30/03/201113:56ABL/ABLP - African Bank Investments Limited - Resignation of company secretary
30/03/201113:55ABL/ABLP - African Bank Investments Limited - Report on proceedings at the
30/03/201111:31 DiamondCorp Plc - Notification of major interest in shares
30/03/201111:23VN - Sabvest Limited - No change statement and notice of annual general
30/03/201111:17BRT / BRN - Brimstone Investment Corporation Limited - Posting of Brimstone`s
30/03/201111:16 Exxaro Resources Limited - Trading of Exxaro ordinary shares on behalf of
30/03/201111:11 Primeserv Group Limited - Directors dealing in securities
30/03/201111:00 Capital Shopping Centres Group PLC - Annual Information Update
30/03/201110:28 ARB Holdings Limited - Dealing in securities by a director
30/03/201110:23 Awethu Breweries Limited - Trading Statement
30/03/201110:00 The Foschini Group Ltd - Director Dealing in Securities
30/03/201109:38 Remgro Limited - Change in financial year-end: Cipro approval
30/03/201109:14TAW - Tawana Resources NL - Issued shares
30/03/201108:00 SABMiller plc - Bavaria S.A. - Bond and Commercial Paper Programme and
30/03/201108:00CPI / CPIP - Capitec Bank Holdings Limited - Summarised audited financial
30/03/201108:00STXRES - Satrix Resi Portfolio - Listing of additional securities
30/03/201107:47 Gold One International Limited - Gold One to present at The Paydirt`s Gold
30/03/201107:30 RBA Holdings Limited - Audited provisional annual financial statements for

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