The Sharenet Daily 
Wednesday, 13 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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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)

Listing of major mining company Glencore

Commodity prices have moved up very steeply over the last two years. At the same time diversified miners that have access to these commodities have escalated in value. It i at these times that investment bankers encourage unlisted companies to take their companies public in order to maximise the value raised.

Essentially an IPO or initial public offering is a partial sale of the business from existing shareholders to institutional and private demand. When investment bankers gauge that demand from institutional investors will be strong, they encourage specific private companies to come to the market.

A potentially large new IPO was announced last week - Swiss based Glencore is looking to float some of its equity via an IPO. The indicative numbers are that Glencore will be valued at around $60 billion and will look to list around 20% of its equity – i.e. raise some $12 billion.

Glencore describes itself as “one of the world's leading integrated producers and marketers of commodities that industries around the world need. Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of metals and minerals, energy products and agricultural products.”

In an article in the FT, the CEO of Glencore, Ivan Glasenberg said ““The interest from the cornerstones was a lot stronger than we envisaged. Markets are in our favor, too. We have a strong commodities market.”

Clearly the current market for this type of business has moved to that of a sellers’ market, which is exactly why Glencore management are looking to capitalise on the current demand, raising the maximum amount of cash for giving up the least amount of shares.
Glencore was founded in 1974, originally as the notorious Marc Rich and Co in Switzerland, headed by commodity trader Marc Rich.

Now valued at around $60 billion it is one of the world’s largest privately held companies and so the IPO will attract a lot of attention. Current shareholders are management and employees. It has its headquarters in Switzerland and has marketing operations in 50 offices across 40 countries.

Its 3 main business groups are metals and minerals (aluminium, ferroalloys, cobalt and zinc etc), energy (oil and coal), and agriculture products (grains, oils, cotton).

In 2010 the company reported turnover of $145 billion, net income of $3,8 billion and total assets of $79,8 billion.

Some of the world’s largest mining companies include
• BHP Billiton
• Rio Tinto
• Vale SA
• Anglo American
• Xstrata

Glencore has a 34,5% stake in London listed Xstrata. This original Swiss company was transformed from 2001 when new management took over, headed by South African, Mick Davis. At that stage it had a market capitalisation of just$500million. Today with a market capitalisation of GBP45 billion, it describes itself as the world’s largest producer of export thermal coal, the largest producer of ferrochrome, and one of the top five producers of coking or metallurgical coal (used in steel making). Glencore CEO, also a South African, Glasenberg sits on the board of Xstrata.

Chart of copper

So time will only tell when the top of the current cycle will be for commodity prices. A major listing like this – if it comes through – gives some sign.

Kind regards

Ian de Lange
021 9144 966

Wed, 13 Apr 2011
Top News
South Africa will launch an online mineral rights application system next week that aims to ensure transparency and end administrative blunders, the Department of Mineral Resources said.  Full story

Maize deliveries to South African silos rose to 11.921 million tonnes in the week to April 13, up from a revised 11.909 million tonnes in the week before, data showed on Wednesday.  Full story
The operator of Japan's crippled nuclear plant said on Wednesday it was still working on a detailed plan to end the country's nuclear crisis a month after it began, as tests showed radiation levels in the sea near the complex had spiked.  Full story
Hosni Mubarak was ordered to be detained for 15 days on Wednesday, winning the ruling army generals a respite from protesters suspicious that they were shielding their former commander from investigation.  Full story
A group of Western powers and Middle Eastern states called for the first time on Wednesday for Muammar Gaddafi to step aside, but NATO countries squabbled publicly over stepping up air strikes to help topple him.  Full story
The Dow and S&P slipped on Wednesday as JPMorgan Chase & Co's strong profit growth was not enough to convince investors that quarterly. . .  Full story
European shares rose on Wednesday, with banking stocks boosted by forecast-beating results from Wall Street bank JPMorgan and strategists suggested there was further upside. . .  Full story
Global stock markets recovered on Wednesday from a sharp sell-off, and the yen slipped after Japan scaled back its economic outlook due to last. . .  Full story
Britain's FTSE 100 share index extended gains on Wednesday, with banks among the top gainers after results from U.S. investment banking giant JP. . .  Full story

Gold rose in Europe on Wednesday, recovering after its biggest one-day drop in nearly a month as the dollar retreated amid expectations the. . .  Full story
Australian stocks recouped early losses and ended 0.3 percent higher Wednesday, with investors taking profits on miners, following weak production reports, and switching into. . .  Full story
Tokyo shares nudged higher on Wednesday, recouping some of the previous day's losses, but the futures-led upward move on thin volume suggested the. . .  Full story
Gold bounced higher on Wednesday after posting its biggest decline in a month in the previous session, shrugging off falls in exchange traded. . .  Full story
SA Business
South African power utility Eskom said on Wednesday it had sold 300 million rand of its 2023 bond at a clearing. . .  Full story
South African communications group Telkom considers Africa as a growth region and will look at acquisitions after two to three years,. . .  Full story
The Johannesburg Stock Exchange said on Wednesday it was aiming to speed up trades by offering "co-location" services to its members. . .  Full story
South Africa's rand steadied near one-week lows against the dollar on Wednesday, with dealers expecting the currency to remain under pressure. . .  Full story

Higher metal prices and a recovery in production could lift South Africa's mining industry this year but rising labour and power. . .  Full story
BlackRock, the world's largest asset manager, favours platinum over other metals because of production constraints and said the plentiful supply of silver will number. . .  Full story
In terms of its economic might, South Africa hardly deserves a seat at the table when the leaders of the BRIC group of. . .  Full story
Higher oil prices are the main risk to South Africa's inflation outlook but the central bank will deal with this threat. . .  Full story

FirstRand, South Africa's number 2 banking group, is in advanced discussions with Nigeria's Sterling Bank about making a strategic investment, the Nigerian lender said on Tuesday.. . .  Full story
Company News
Adjustment Event. . .  Full story
Shareholders were advised that Mr Terry William Rensen has been appointed as interim group financial director of Howden. Terry's appointment is. . .  Full story
Anglo American plc announced that 9 637 ordinary shares were transferred from treasury shares on 8 April 2011, in respect of. . .  Full story
Further to the announcement of 18 February 2011, the equivalent of the dividend in UK sterling is GBP24.3908 pence per share. . .  Full story

Shareholders are referred to the voluntary business update published by Altron on SENS on 10 December 2010. Pursuant thereto, Altron's sub-holding operations have experienced the following trading conditions: * Bytes has performed well over the financial year, exceeding expectations and achieving. . .  Full story
Aquarius Platinum Ltd ("Aquarius" or the "company") announced the acquisition of platinum group metal ("PGM") mineral rights by way of the purchase of Afarak Platinum (Pty) Ltd ("Afarak"), a private company incorporated in South Africa (the "transaction"), following the fulfilment of. . .  Full story
Company Results
Revenue for the interim period ended 28 February 2011 improved to R680 million (R629.1 million) and gross profit jumped to R172.5 million (R165.3 million). However, earnings before interest, tax, depreciation and amortisation ("EBITDA) dropped to R76.5 million (R79.1 million). Profit for. . .  Full story
Income more than doubled to R73.6 million (R22.7 million). Net attributable profit surged to R355 million (R179.6 million). However, headline earnings fell to 34.5cps (43.9cps). Outlook Paladin's investments in the construction and manufacturing sectors in particular did not escape the aftermath of. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0032353.79113.920.35%
JSE Top 4017:0029140.53115.370.40%
JSE Gold17:002797.1826.160.94%
JSE Financial17:0021607.95-56.18-0.26%
JSE Industrial17:0032014.56114.560.36%
JSE Indust 2517:0026733.04103.730.39%
JSE Resource17:0057791.60366.780.64%
DJ Futures20:0012195.00-6.00-0.05%
DJ Ind19:4112247.27-16.31-0.13%
SP 50019:561311.22-2.94-0.22%
FTSE 10017:356010.4445.970.77%
All Ords08:384999.609.400.19%
NZSE 5007:323457.636.290.18%
NameTimeRPMove% Move
Gold/R kg20:0031863442591.35%
Brent Crude19:46121.40.480.40%
Rand / Dollar19:596.80860.07161.06%
Rand / Pound19:5511.03920.11461.05%
Rand / Euro19:559.83910.08140.83%
Rand / NZD19:585.35250.07641.45%
Rand / AUD19:557.14950.10951.56%
Yen / Dollar19:5883.77000.20000.24%
Euro / Dollar19:550.69190.00150.22%
Dollar / Euro19:581.4442-0.0035-0.24%
Pound / Dollar19:500.61500.00010.02%

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The JSE Today
Trading Statistics

Major Moves Up
SharenameSaleMove% MoveVolume
1 MMG  1602518.52.%14696
2 ELBGROUP  1999985.16.%10371
3 GRANPRADE  310155.08.%31522
4 JUBILEE  313144.68.%688484
5 PALCAP  254104.10.%75922
6 URONE  2696953.65.%21713
7 WILDRNESS  550173.19.%12378
8 ESORFRANK  19663.16.%85450
9 REUNERT  61001783.01.%680893
10 ILIAD  740202.78.%237206
11 EQSTRA  670182.76.%1719565
12 WESIZWE  23462.63.%840342
13 AMA  17942.29.%376768
14 MMI-HLDGS  1688372.24.%3607195
15 SASOL  382008002.14.%2652026
16 SABMILLER  247585082.09.%1590323
17 BATS  278585602.05.%919480
18 EASTPLATS  964192.01.%78655
19 DRDGOLD  35672.01.%101447
20 MERAFE  15831.94.%1171568

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Major Moves Down
SharenameSaleMove% MoveVolume
1 RANGOLD  290-19-6.15.%144526
2 SPURCORP  1335-64-4.57.%3533
3 EHSV  5894-265-4.30.%205897
4 SACOIL  178-7-3.78.%1365800
5 AFEAGLE  126-4-3.08.%25000
6 NEDCOR  14300-450-3.05.%1700204
7 ADCORP  2600-80-2.99.%3796
8 MUSTEK  505-15-2.88.%57715
9 HULAMIN  707-21-2.88.%35582
10 AFRIMAT  340-10-2.86.%106177
11 UNIVERSAL  180-5-2.70.%5885
12 ANOORAQ  760-21-2.69.%5150
13 SANTAM  12216-334-2.66.%13780
14 KEATON   332-8-2.35.%152818
15 JSE  6599-138-2.05.%125682
16 DCENTRIX  480-10-2.04.%41105
17 ARM   21500-430-1.96.%399446
18 RMBH  2784-55-1.94.%1567524
19 LONMIN  18194-351-1.89.%751407
20 AMECOR  157-3-1.88.%43833

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New Highs
SharenameSaleHighMove% MoveVolume
1 CBH  3773900.1400

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New Lows
SharenameSaleLowMove% MoveVolume
1 EHSV  58945647-265-4.30.%205897
2 ALTECH  55255401-1-0.02.%1934261

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Index Summary
Index NameRPMove% Move
Top 4029,140.53115.370.40%
Mid Cap41,474.3625.580.06%
Small Cap32,369.25120.900.37%
Resource 2057,791.60366.780.64%
Industrial 2526,733.04103.730.39%
Financial 158,194.83-24.75-0.30%
Financial & Ind. 3030,153.7852.720.18%
All Share32,353.79113.920.35%
Oil & Gas 28,957.75602.152.12%
Mining 37,918.95153.180.41%
Gold Mining2,797.1826.160.94%
Platinum Mining73.92-.86-1.15%
Oil & Gas Producers 15,570.05323.772.12%
Basic Materials 31,949.94111.710.35%
Chemicals 13,286.55-32.41-0.24%
Forestry & Paper 14,109.69-18.81-0.13%
Industrial Metals 30,720.64-94.84-0.31%
Industrials 27,635.6843.300.16%
General Industrials 75,539.79-159.24-0.21%
Consumer Goods 26,428.32370.141.42%
Automobiles & Parts 3,057.0211.320.37%
Household Goods161.42-1-0.51%
Health Care 31,628.1913.990.04%
Beverages 84,602.791735.942.09%
Food Producers 47,453.32284.760.60%
Index NameRPMove% Move
Personal Goods 387.824.201.09%
Consumer Services 52,138.41-366.57-0.70%
General Retailers 40,909.27-251.05-0.61%
Travel & Leisure 3,622.7116.940.47%
Media 79,942.62-562.50-0.70%
Support Services 2,434.25-6.18-0.25%
Telecommunications 66,126.67117.880.18%
Financials 21,607.95-56.18-0.26%
Banks 40,581.12-219.81-0.54%
Non-life Insurance 29,622.69-809.92-2.66%
Life Insurance 16,297.615.310.03%
General Financial 2,266.54-9.76-0.43%
Technology 20,591.2654.180.26%
SHARIAH TOP40 3,307.35160.48%
FTSE/JSE SHARIAH ALL3,358.82150.46%
COAL MINING23,302.441010.44%
FTSE JSE Fledgling 4,529.8620.04%
FTSE/JSE Alt X 1,013.20212.07%
CAPPED PROPERTY 309.70-0.07%
RESOURCE 31,900.162000.63%
DIVIDEND PLUS168.2200.14%
FTSE/JSE RAFI 406,769.75150.22%
Capped Top 4015,133.22550.37%
Capped All Share16,253.67540.33%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
14 Apr 2011CLICKSFebruary 2011 (Interim)
14 Apr 2011IFCATECHDecember 2010 (Final)
14 Apr 2011IQUADFebruary 2011 (Final)
18 Apr 2011B-WFebruary 2011 (Interim)
18 Apr 2011B-WPFebruary 2011 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
ZEDER11-04-1111-04-2811-05-09R 0.0400
PHUMELELA11-04-0811-04-2811-05-09R 0.2500
VIVIDEND11-04-0811-04-2811-05-09R 0.0996
SBR00311-04-0511-04-1911-05-05R 1.4100
NAIL -N-11-04-0511-04-1911-05-03R 0.1760
Ex Div**
Share NameDec-DateLDTPay-DateAmount
SHFINV-PREF11-03-0111-04-0811-04-18R 3.6200
CERAMIC11-03-0811-04-0811-04-18R 1.4000
AECI11-02-2211-04-0811-04-18R 1.3500
WBHO11-02-2111-04-0811-04-18R 1.1000
GROUP 511-02-1411-04-0811-04-18R 0.5200

Upcoming AGMs**
CodeCompany NameDateStatus
MRFMerafe Resources Ltd14/04/2011Confirmed
CILConsolidated Infrastructure Group Ltd15/04/2011Confirmed
ZPTZaptronix Ltd19/04/2011Confirmed
IDEIdeco Group Ltd19/04/2011Confirmed
ZSAZurich Insurance Company South Africa Lt...20/04/2011Confirmed

Stock Exchange News Service
13/04/201117:05 Invicta Holdings Limited - Cautionary Announcement
13/04/201117:04 Conduit - Change to the board of Directors
13/04/201116:14 Wits Gold intersects further shallow reefs in the De Bron -
13/04/201116:00 Anglo American plc - Notice of adjustment to the conversion price of the
13/04/201115:55 Paladin Capital Limited - Reviewed results for the year ended 28 February
13/04/201115:29 Hyprop Investments Limited - Hyprop`s proposed acquisition of 100% of the
13/04/201115:15 British American Tobacco p.l.c - Notification of transactions of
13/04/201115:00 Pinnacle Technology Holdings Limited - Cautionary Announcement
13/04/201114:45 The Don Group Limited - Change to the board of directors
13/04/201114:20 Howden Africa Holdings Limited - Appointment of interim financial director
13/04/201114:00 British American Tobacco p.l.c - Annual information update for the
13/04/201112:48 Harmony Gold Mining Company Limited - Harmony`s guidance for March 2011
13/04/201112:16 Exxaro Resources Limited - Trading of Exxaro ordinary shares on behalf of
13/04/201112:00 Anglo American Plc - Treasury Shares - Transfers
13/04/201111:50 Anglo American plc - Final Dividend of 40 US cents per ordinary share
13/04/201110:54 ELB Group Limited - Dealing in securities by director of a major
13/04/201109:48FFA/FFB - Fortress Income Fund Limited - Dealing in Securities
13/04/201109:35 Ingenuity Property Investments Limited - Trading Statement
13/04/201109:01ATN/ATNP - Allied Electronics Corporation Limited - Voluntary Business Update
13/04/201109:00 Allied Technologies Limited - Trading Statement
13/04/201108:58 Aquarius Platinum Limited - New issue announcement, application for
13/04/201108:57 Aquarius Platinum Limited - Acquisition of mineral rights
13/04/201108:50 Consolidated Infrastructure Group Limited - Unaudited condensed
13/04/201107:10 British American Tobacco P.l.c - Transaction in own shares
13/04/201107:05 BHP Billiton Plc - Transaction in Shares

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