Monday, 04 April 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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Global returns across various countries
It is always fascinating to look back at tables that rank performance across shares, various asset classes and even countries. Increasingly, South African investors are part of the global arena, despite the fact that over the last 10 years it has definitely not only felt safe, but been more rewarding having a local focus.
The chart below reflects investor returns in equities across various countries in discrete calendar years.
Ten countries were ranked in terms of the performance of their main stockmarket index for the particular year. Two broader categories were also included, namely emerging markets and developed markets.
From time to time the equity markets in a particular country can have a run that lasts for 2 or 3 years, but in general there is no real pattern as to which country will outperform in any one calendar year. Investors will need to look at specific valuation metrics and even then this is not fool proof over relatively shorter periods of time.
In terms of comparing emerging markets with developed markets however, there has been a fairly clear pattern over these last 10 years. Looking at this patchwork quilt it is evident that emerging markets have been the outright winner. In 4 of the 10 years, this category was ranked first and in another 4 it was ranked second.
Global stockmarket returns
Source: Morningstar and ICMA-RC
We have discussed this decade long outperformance of emerging markets before. Essentially the strong relative outperformance against developed markets can be explained by the relative valuations of these 2 classifications at the start of the decade.
Starting from a point where valuations in developed markets were expensive and valuations in emerging markets attractive, emerging markets have been the winner. Combine this with cheap money creation in more recent years and the ongoing search for yields and we have an environment where post the 2007/08 credit crisis, the more risky emerging markets continued to find favour with global investors.
Many aspects of financial markets are cyclical and were this chart extend back by 10 years, it would paint a different picture to the one above.
Ian de Lange
021 9144 966
Mon, 04 Apr 2011
South Africa recorded a 12 percent declined in sugar output for the 2010/11 season, touching fresh 15-year lows, after drought scorched sugar-growing areas last year, data showed on Monday.
South Africa's new vehicle sales rose by 22.8 percent year-on-year in March to 53,478 units, the National Association of Automobile Manufacturers
Forces loyal to Libyan leader Muammar Gaddafi are staging a "massacre" in the besieged city of Misrata, evacuees said on Monday, as Turkey said it was trying to broker a cease-fire to halt the bloodshed.
Police and armed men in civilian clothes opened fire on anti-government demonstrators in the Yemeni cities of Taiz and Hudaida on Monday, witnesses said, as a drive to oust President Ali Abdullah Saleh gathered pace.
Japan has asked nuclear superpower Russia to send a special radiation treatment ship used to decommission nuclear submarines to help in its fight to contain the world's worst atomic crisis since Chernobyl, Japanese media said late on Monday.
According to Business Day, Liberty has set itself a target to improve its embedded value this year by more than 15%. This insurer will achieve this by focusing on increasing the quality of new business volumes in its core insurance operations.. . .
Old Mutual has published its annual financial report for 2010. A copy of the annual financial report, the annual review and summary financial statements for 2010, the notice of the 2011 annual general meeting and form of proxy will shortly be. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||29235.24||59.68||0.20%|
|JSE Indust 25||17:00||26958.61||2.44||0.01%|
|Rand / Dollar||19:58||6.7208||0.0203||0.30%|
|Rand / Pound||19:55||10.8004||0.0221||0.21%|
|Rand / Euro||19:55||9.5483||-0.0022||-0.02%|
|Rand / NZD||19:55||5.1505||0.0050||0.10%|
|Rand / AUD||19:55||6.9540||-0.0205||-0.29%|
|Yen / Dollar||19:59||83.9400||-0.2000||-0.24%|
|Euro / Dollar||19:55||0.7037||0.0012||0.17%|
|Dollar / Euro||19:58||1.4202||-0.0028||-0.20%|
|Pound / Dollar||19:55||0.6203||-0.0003||-0.05%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||30,368.13||-53.74||-0.18%|
|Oil & Gas ||29,194.21||-176.95||-0.60%|
|Oil & Gas Producers ||15,697.19||-95.14||-0.60%|
|Basic Materials ||31,912.29||228.73||0.72%|
|Forestry & Paper ||14,515.76||-117.16||-0.80%|
|Industrial Metals ||30,780.39||171.20||0.56%|
|General Industrials ||76,876.94||-532.94||-0.69%|
|Consumer Goods ||26,041.60||-17.33||-0.07%|
|Automobiles & Parts ||3,161.18||-9.06||-0.29%|
|Health Care ||31,366.04||-140.22||-0.45%|
|Food Producers ||46,720.18||297.24||0.64%|
|Index Name||RP||Move||% Move|
|Personal Goods ||386.32||-.80||-0.21%|
|Consumer Services ||53,405.44||64.63||0.12%|
|General Retailers ||41,187.47||309.18||0.76%|
|Travel & Leisure ||3,655.64||-8.92||-0.24%|
|Support Services ||2,425.83||-13.47||-0.55%|
|Non-life Insurance ||30,917.59||.00||0.00%|
|Life Insurance ||16,169.53||-103.30||-0.63%|
|General Financial ||2,289.61||5.56||0.24%|
|SHARIAH TOP40 ||3,316.67||17||0.51%|
|FTSE/JSE SHARIAH ALL||3,366.72||16||0.47%|
|FTSE JSE Fledgling ||4,481.91||-9||-0.20%|
|FTSE/JSE Alt X ||1,012.33||-2||-0.21%|
|SA LISTED PROPERTY ||367.32||0.22%|
|CAPPED PROPERTY ||305.56||0.22%|
|FTSE/JSE RAFI 40||6,808.89||1||0.02%|
|Capped Top 40||15,208.22||11||0.07%|
|Capped All Share||16,312.61||16||0.10%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|NED||NEDBANK GROUP LTD||HOLD||31 Mar|
|PAP||PANGBOURNE PROPERTIES LIM...||HOLD||31 Mar|
|SBK||STANDARD BANK GROUP LIMIT...||SELL||31 Mar|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||31 Mar|
|LHC||LIFE HEALTHCARE GRP HLDG ...||BUY||31 Mar||
|Expected||Company Name||Fin. Date|
|06 Apr 2011||VIVIDEND||February 2011 (Interim)|
|08 Apr 2011||PHUMELELA||January 2011 (Interim)|
|11 Apr 2011||FAIRVEST||December 2010 (Interim)|
|11 Apr 2011||FAIRVESTP||December 2010 (Interim)|
|12 Apr 2011||PBT||February 2011 (Interim)|
|NTC PREF||11-04-01||11-04-19||11-05-03||R 3.4161|
|MMH||Miranda Mineral Holdings Ltd||07/04/2011||Confirmed||
Stock Exchange News Service
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