The Sharenet Daily 
Thursday, 14 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)

New Listings

Yesterday Ian wrote about global commodity company Glencore looking to list. As he mentioned, businessmen (and their investment bankers) are no fools when it comes to understanding the true long term value of their business versus the price that the investment community would place on their company.

Today saw the listing of the Investec Property Fund on the JSE. This is a portfolio of some 29 properties with an initial NAV of R1.7bn and includes industrial, retail, and office properties primarily situated in Gauteng. Some well known buildings outside of Gauteng include the Investec Offices in Umhlanga Rocks, just north of Durban, and Woolworths’ head office in Longmarket Street, Cape Town.

The share price in the private placement ranged from R9.50 – R10.60 a share and it listed at R10.80, now trading at R10.44. Clearly there is appetite for more property listings with Old Mutual also indicating that they are looking to list a R12bn property fund later in the year. With property being such a stellar performer over the past decade or so in South Africa it does make sense to list some of these assets now. Below is a chart of the performance of listed property vs listed equity since the beginning of 2000.

Many investors enjoy the thrill of participating in an IPO (Initial Public Offering) as it provides for a good story around the braai. What these investors often forget to do is calculate a fair value for the IPO and compare it to the price that it is coming to the market at. Ultimately any investment is buying a share in a company, so it therefore makes sense that you have an idea of how much the company is worth to ensure that you don’t over pay for the asset.

I haven’t had a look specifically at the Investec offering, but potential investors would need to ask themselves a few questions (not an exhaustive list) including:
• What’s the initial yield on my investment? – compare to yields of other property investments
• What’s the quality of their property portfolio? – compare to quality of other property investments
• What’s the outlook for property in South Africa? – compare to outlook of other assets
• Why did Investec choose to list this portfolio now?
• Is there anything I’m missing out here?

At Seed, we know that investors should be extra cautious with new listings. There will no doubt be times when new listings come on at attractive prices and have attractive growth prospects, but most of the time we prefer companies and management teams with good long track records that are, for some reason or another, currently unloved by the market.

What’s your take on the property market (both listed and direct) in South Africa? Share your views on our Facebook Fan page by clicking here and commenting under this post.

Take care,

Mike Browne
021 9144 966

Thu, 14 Apr 2011
Top News
South Africa's rand fell more than 1 percent against the dollar on Thursday to a 2-week low, tracking losses in the euro in what traders saw as correction aided by importer selling after a recent rally.  Full story

AngloGold Ashanti, the world's third-largest gold producer, said on Thursday it was restructuring its black economic empowerment transaction to ensure it benefits its South African employees.  Full story
Libyan rebels begged for more NATO air strikes on Thursday, saying they faced a massacre from government artillery barrages on the besieged city of Misrata, but Western allies squabbled over how to respond.  Full story
Syrian President Bashar al-Assad on Thursday ordered the release of all detainees arrested in a wave of protests, except those who committed crimes "against the nation and the citizens," state media said.  Full story
The U.S. House of Representatives will vote on Thursday on the budget deal struck last week by President Barack Obama and congressional leaders, the first in a series of looming political showdowns on spending and debt reduction.  Full story
U.S. stocks slipped on Thursday as Goldman Sachs pulled financials lower and an unexpected rise in jobless claims added to bearish sentiment that put. . .  Full story
Britain's top share index fell on Thursday, led by Reckitt Benckiser after the company said its chief executive was retiring, and with banks. . .  Full story
European shares fell on Thursday on worries about higher global inflation as well as a weakening U.S. jobs market, while concerns about Greek. . .  Full story
Gold rose 1 percent and silver surged on Thursday, as a combination of dollar weakness, crude oil gains and renewed Greek sovereign debt. . .  Full story

Stocks on major world markets fell and the U.S. dollar slipped on Thursday as Greece's debt problem, Chinese inflation and disappointing U.S. jobs data. . .  Full story
Worries about higher inflation and signs of job market weakness prompted investors to sell stocks on Thursday.. . .  Full story
Australian shares fell 0.5 percent on Thursday to their lowest close in 9 days as major miners came under pressure and Leighton Holdings. . .  Full story
Gold rose for a second day on Thursday as the U.S. dollar fell to a 16-month low against a basket of currencies on. . .  Full story
SA Business
South Africa's rand fell more than 1 percent against the dollar on Thursday to a fresh 2-week low, mostly tracking sharp losses in the euro and in what traders saw as. . .  Full story
South Africa's gold output fell 2.3 percent in volume terms in February while total mineral production rose 2.8 percent compared with the same month a year earlier, data showed on Thursday.. . .  Full story
The South Africa rand weakened against the dollar during local trade on Wednesday as a recent rally unwound in what traders saw as a natural correction, also aided by offshore corporate. . .  Full story

South Africa's second-biggest bank FirstRand Ltd is in talks with Sterling Bank about taking a controlling stake in the Nigerian lender,. . .  Full story
South African miner Optimum Coal said on Thursday it had resolved its contract dispute with Eskom and it would continue supplying. . .  Full story
South Africa's National Union of Mineworkers (NUM) said on Thursday it had given state utility Eskom the option between signing a. . .  Full story
China Development Bank , which just signed a local currency credit deal with its BRICS counterparts, is ready to pump up to. . .  Full story

South African retailer Clicks Group Ltd posted a 22 percent rise in first-half earnings on Thursday, driven by a strong performance in its core drug chain store and said it saw strong full-year growth.. . .  Full story
Company News
Shareholders of FirstRand are advised that, in line with its strategic intent to be the African financial services group of choice,. . .  Full story
Messrs G Moretti and J Faircliff have been appointed as independent non- executive directors to the board of the company with. . .  Full story
Optimum Coal, a leading South African coal mining and exploration group, listed on the JSE Limited, wishes to inform shareholders and. . .  Full story
Shareholders are advised that all the ordinary resolutions proposed in the notice to shareholders, dated 25 February 2011, were passed by. . .  Full story

Resgen released their quarterly report for the three months ended 31 March 2011. Resgen is developing its planned Boikarabelo coal mine in the Waterberg region of South Africa, which has one of the country's largest remaining coal deposits. Highlights for the. . .  Full story
Business Day reported that Nigeria's Sterling Bank has confirmed that that FirstRand is considering investing in it. FirstRand wants to grow in Africa and has targeted Nigeria as a growth market. The bank is believed to be willing to spend up. . .  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. . .  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. . .  Full story
Revenue declined to R1.9 billion (R2 billion). Gross profit decreased to R540.8 million (R591.3 million) and operating profit slumped to R40.2. . .  Full story
Turnover increased from R6.6 billion to R7.2 billion in 2011.Gross profit increased to R1.7 billion (2010: R1.5 billion) and operating profit. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0032418.3364.540.20%
JSE Top 4017:0029207.4866.950.23%
JSE Gold17:002828.8931.711.13%
JSE Financial17:0021522.41-85.54-0.40%
JSE Industrial17:0032092.4977.930.24%
JSE Indust 2517:0026812.3679.320.30%
JSE Resource17:0058038.56246.960.43%
DJ Futures19:4612200.006.000.05%
DJ Ind19:2112258.54-12.45-0.10%
SP 50020:001310.54-3.87-0.29%
FTSE 10017:355963.80-46.64-0.78%
All Ords08:404972.40-27.20-0.54%
NZSE 5007:363454.48-3.15-0.09%
NameTimeRPMove% Move
Gold/R kg20:0032421551971.63%
Brent Crude19:56122.23.830.68%
Rand / Dollar19:586.85230.05320.78%
Rand / Pound19:5511.17320.13941.26%
Rand / Euro19:559.92530.10101.03%
Rand / NZD19:585.43230.07151.33%
Rand / AUD19:557.22050.07501.05%
Yen / Dollar19:5983.2800-0.6200-0.74%
Euro / Dollar19:550.6901-0.0021-0.30%
Dollar / Euro19:591.44840.00450.31%
Pound / Dollar19:550.6114-0.0031-0.50%

Click here for the Sharenet Spot Price page
The JSE Today
Trading Statistics

Major Moves Up
SharenameSaleMove% MoveVolume
1 IQUAD  2904016.00.%550
2 SOVFOOD  6007514.29.%70523
3 ARGENT  880607.32.%116128
4 DELTA  775456.16.%26056
5 KEATON   350185.42.%400
6 KAP  240104.35.%81037
7 ADCORP  27001003.85.%9449
8 JASCO  10943.81.%26368
9 LONFIN  20773.50.%660000
10 HULAMIN  730233.25.%12512
11 WINHOLD  16542.48.%31000
12 CAT  1350302.27.%73057
13 PINNACLE  695152.21.%22876
14 SUNINT  90401902.15.%499530
15 DAWN  730152.10.%4726
16 URONE  2750542.00.%33776
17 SANTAM  124562401.96.%28071
18 TELKOM  3757671.82.%1355370
19 EHSV  60001061.80.%38075
20 BATS  283554971.78.%587609

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Major Moves Down
SharenameSaleMove% MoveVolume
1 RANGOLD  261-29-10.00.%100
2 SACOIL  161-17-9.55.%3080967
3 DCENTRIX  460-20-4.17.%44452
4 MIXTEL  130-5-3.70.%85000
5 JUBILEE  302-11-3.51.%256631
6 PLATMIN  550-20-3.51.%29653
7 RMBH  2691-93-3.34.%2713764
8 MAZOR  145-5-3.33.%45699
9 GRANPRADE  300-10-3.23.%105600
10 COAL  850-27-3.08.%111144
11 ROLFES  165-5-2.94.%2343
12 AFGRI  690-20-2.82.%194703
13 CLICKS  4310-120-2.71.%2772326
14 ABIL  3648-92-2.46.%3325640
15 AME  4000-100-2.44.%93
16 PALLINGHT  420-10-2.33.%1382085
17 AVENG  3518-77-2.14.%1781910
18 LITHA  235-5-2.08.%29050
19 ESORFRANK  192-4-2.04.%180474
20 FIRSTRAND  1986-41-2.02.%10928518

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New Highs
SharenameSaleHighMove% MoveVolume

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New Lows
SharenameSaleLowMove% MoveVolume
1 MAZOR  145131-5-3.33.%45699

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Index Summary
Index NameRPMove% Move
Top 4029,207.4866.950.23%
Mid Cap41,519.5645.200.11%
Small Cap32,217.33-151.92-0.47%
Resource 2058,038.56246.960.43%
Industrial 2526,812.3679.320.30%
Financial 158,160.23-34.60-0.42%
Financial & Ind. 3030,172.5718.790.06%
All Share32,418.3364.540.20%
Oil & Gas 28,761.90-195.85-0.68%
Mining 38,144.88225.930.60%
Gold Mining2,828.8931.711.13%
Platinum Mining73.80-.12-0.16%
Oil & Gas Producers 15,464.74-105.31-0.68%
Basic Materials 32,113.64163.700.51%
Chemicals 13,240.98-45.57-0.34%
Forestry & Paper 14,079.03-30.66-0.22%
Industrial Metals 30,561.27-159.37-0.52%
Industrials 27,803.31167.630.61%
General Industrials 76,423.42883.631.17%
Consumer Goods 26,652.55224.230.85%
Automobiles & Parts 3,090.9933.971.11%
Household Goods161.10-0-0.20%
Health Care 31,633.665.470.02%
Beverages 85,258.89656.100.78%
Food Producers 47,514.4361.110.13%
Index NameRPMove% Move
Personal Goods 393.315.491.42%
Consumer Services 52,267.93129.520.25%
General Retailers 41,052.35143.080.35%
Travel & Leisure 3,658.3635.650.98%
Media 79,666.59-276.03-0.35%
Support Services 2,455.0420.790.85%
Telecommunications 65,536.48-590.19-0.89%
Financials 21,522.41-85.54-0.40%
Banks 40,193.09-388.03-0.96%
Non-life Insurance 30,204.67581.981.96%
Life Insurance 16,338.9241.310.25%
General Financial 2,254.90-11.64-0.51%
Technology 20,588.48-2.78-0.01%
SHARIAH TOP40 3,314.3070.21%
FTSE/JSE SHARIAH ALL3,365.7970.21%
COAL MINING23,395.17930.40%
FTSE JSE Fledgling 4,529.57-0-0.01%
FTSE/JSE Alt X 990.99-22-2.19%
CAPPED PROPERTY 309.00-0.23%
RESOURCE 32,036.561360.43%
DIVIDEND PLUS168.09-0-0.08%
FTSE/JSE RAFI 406,781.83120.18%
Capped Top 4015,160.62270.18%
Capped All Share16,282.13280.18%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
18 Apr 2011B-WFebruary 2011 (Interim)
18 Apr 2011B-WPFebruary 2011 (Interim)
18 Apr 2011INGENUITYFebruary 2011 (Interim)
18 Apr 2011TREMATONFebruary 2011 (Interim)
19 Apr 2011AUSTROFebruary 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
NAIL -N-11-04-0511-04-1911-05-03R 0.1760
NAIL11-04-0511-04-1911-05-03R 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
IDEIdeco Group Ltd19/04/2011Confirmed
ZPTZaptronix Ltd19/04/2011Confirmed
ZSAZurich Insurance Company South Africa Lt...20/04/2011Confirmed

Stock Exchange News Service
14/04/201117:43 Bell Equipment Limited - Acceptance of options by a director of a major
14/04/201117:40 Lonrho Plc - Notification of major interest in shares
14/04/201117:31 Lonrho Plc - Notification of major interest in shares
14/04/201117:00 Old Mutual Plc - Notification of transactions of directors, persons
14/04/201116:21STXNND - Nedbank Limited - Distribution announcement in relation to the STX40
14/04/201116:20STXNIG - Nedbank Limited - Distribution announcement in relation to the STX40
14/04/201116:17 FirstRand Limited - Announcement relating to discussions between
14/04/201116:14 Cashbuild Limited - Announcement regarding the acquisition of the
14/04/201116:03 Resilient Property Income Fund Limited - Dealing in securities
14/04/201115:53 Sovereign Food Investments Limited - Trading Statement
14/04/201115:30 Conduit Capital Limited - Trading Update
14/04/201114:50 Metorex Limited - Appointment of a New Chief operating officer
14/04/201114:20 Simmer & Jack Mines, Limited - Changes to the board of directors
14/04/201114:15 Anglogold Ashanti, NUM, Solidarity, UASA, Izingwe Holdings and ESOP
14/04/201114:00 Anglogold Ashanti proposes restructuring of BEE transaction and gives
14/04/201113:45 Consolidated Infrastructure Group Limited - Dealing in securities
14/04/201113:40STXIDF - Investec Warrants - Distribution Announcement On Satrix 40 Enhanced
14/04/201113:21 Iquad - Changes to the board of Directors
14/04/201113:13 Optimum Coal Holdings Limited - Optimum Coal operational update for the
14/04/201113:08 Imuniti Holdings Limited - Previous annual general meeting
14/04/201112:53 Merafe Resources Limited - Results of Annual General Meeting
14/04/201112:48DEUT - Deutsche Bank AG - Issue of new Index Equity WAVEs
14/04/201112:33 Rare Holdings Limited - Announcement of proposed claw-back offer,
14/04/201111:25 Excellerate Holdings Limited - Appointment of independent chairman
14/04/201111:09SCIB - The Standard Bank Of South Africa Limited - Issue of Stock Warrants
14/04/201111:08 Harmony Gold Mining Company Limited - Fatality at Harmony`s Masimong Mine
14/04/201109:53 Exxaro Resources Limited - Trading of Exxaro ordinary shares on behalf of
14/04/201109:28 Resource Generation Limited - Quarterly Report for the three months ended
14/04/201108:30 Clicks Group - Interim Condensed Consolidated Results for the six months
14/04/201108:22STXIND - Satrix Indi Portfolio - Distribution finalisation announcement -
14/04/201108:21STXFIN - Satrix Fini Portfolio - Distribution Finalisation Announcement -
14/04/201108:20STXRES - Satrix Resi Portfolio - Distribution finalisation announcement -
14/04/201108:19STXSWX - SATRIX SWIX TOP 40 PORTFOLIO - Distribution Finalisation Announcement
14/04/201108:18STX40 - SATRIX 40 Portfolio - Distribution Finalisation Announcement - quarter
14/04/201108:17STXDIV - Satrix Dividend Plus Portfolio - Distribution finalisation announcement
14/04/201108:00 Business Connexion Group Limited - Reviewed condensed group financial
14/04/201108:00DBXJP - Db X-Trackers MSCI Japan Index ETF - Listing of Additional 12 000 000 DB
14/04/201107:30 Reinet Investments S.C.A. Depositary Receipts - Net asset value of Reinet
14/04/201107:10 British American Tobacco P.l.c - Transaction in own shares
14/04/201107:05 BHP Billiton Plc - Transaction in shares
14/04/201107:05 Gold One International Limited - Posting of annual report, no change

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