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 The Sharenet Daily 
Thursday, 23 June 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.

The Sharenet Daily includes helpful charts that give a graphical impression of events, and our news content is sourced from a number of contributors, including Reuters. In addition, Sharenet's popular price information is available in our Spot Price format which provides a snapshot of the JSE and world indices, currencies and commodities.

All the JSE trading statistics; major movers; latest dividends; upcoming AGM dates and more are provided to insure that you keep abreast of market developments. The Sharenet Daily is published at 8pm each day on the website and also distributed via email for your convenience. As always, we welcome your comments, feedback and suggestions at support@sharenet.co.za
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)

Investing R 1 000 000

For us at Seed, investing is all about asking the right questions first and only then making an appropriate investment. We believe that in making an investment you need to start from the top (long term strategy) and then move down to deciding on which investments (stocks, unit trusts, etc.) need to be in the portfolio.

We don’t believe that an investment process should be onerous, but we definitely think that one should follow a structured process when deciding how to invest R 1 million.

At Seed we implement a three step value add process.

Step 1: We need to understand your long term strategy in order to attain the desired result for you.
Step 2: We need to understand the current valuations of the asset classes included in your portfolio to decide on your asset allocation.
Step 3: We need to make the relevant investments in shares, unit trusts, etc. to get to the desired position.

Let us look at a simple example.

Step 1:

Therefore, if:
• you want to target a return of CPI + 4% per annum, and
• you are prepared to lose between 5% - 10% over a one year period, if the market drops significantly, but
• you are prepared to invest for at least 3 years in the portfolio to ensure that the portfolio has enough time to recover from any potential short term losses,

then you should invest into a MODERATE portfolio that will look similar to this allocation:

Step 2:

Now that we have an understanding of your risk profile, and therefore know more or less how to invest your R1m but we still need to do the ground work and determine whether each asset is expensive or cheap (and therefore whether to under or over weight the asset classes).

At Seed we don’t believe in forecasting, instead, we prefer to invest into assets that offer good value and sell assets that offer no (or little) value. Based on our research we have the following views of the current valuations of the different asset classes:

Step 3:

We believe that only once steps 1 and 2 have been completed is it prudent to make a long lasting investment.

Based on the above assessment, we have a large overweight investment in offshore blue chip equities but avoid developed market cash and bonds (or funds that offer similar). On the local side, most assets aren’t offering much value and we are therefore underweight.

Our focus on local equities is companies offering high dividend yields priced at low PEs as they offer a margin of safety. We would also allocate a portion of high net worth client assets to hedge funds. Finally property offers investors a decent initial yield with prospects of growth in excess of inflation. Here the investor should focus on the yield, and be less concerned about capital fluctuations.

To be kept up to date with current investments views and news click here and become a Fan of Seed Investment Consultants on Facebook by clicking 'Like' at the top of the page.

Kind regards,

Vincent Heys
021 9144 966

Thu, 23 Jun 2011
Top News
South African markets fell more than 1.5 percent on Thursday as investors dumped high risk assets in favour of the dollar on worries that the global economic recovery may be stalling.  Full story

Revenue declined to R318.5 million (R394.3 million) and gross profit fell to R99 million (R170.8 million). The operating loss for the period widened to R124.1 million (loss of R34.6 million), while a total loss for the period grew to R110.2 million (loss of R39.7 million). In addition, headl  Full story
Syrian troops massed near the Turkish border, witnesses said on Thursday, raising tensions with Ankara as President Bashar al-Assad uses increasing military force against a popular revolt.  Full story
The planned U.S. troop reduction in Afghanistan does not mean any relaxation in pressure on the insurgency, Prime Minister David Cameron said on Thursday, while his government resisted calls to detail its own withdrawal timeline.  Full story
The International Red Cross called on Hamas Thursday to provide proof that Israeli soldier Gilad Shalit is still alive nearly five years after his capture by Palestinian militants.  Full story
European shares fell to a fresh three-month closing low on Thursday, as higher-than-expected weekly U.S. jobless claims intensified doubts about the strength of the. . .  Full story
Crude prices plunged, global stocks tumbled and the euro shed more than 1 percent on Thursday after an unexpected announcement that strategic oil reserves. . .  Full story
U.S. stocks slid on Thursday as a sharp drop in oil triggered a sell-off in an already fragile market that was staggered by. . .  Full story
Miners and energy stocks were the worst hit members of Britain's sharply lower FTSE 100 index on Thursday, hit by heightened fears of. . .  Full story

Gold fell 2 percent on Thursday, set for its biggest one-day fall in more than a month, after a surprise increase in U.S.. . .  Full story
U.S. stock index futures fell on Thursday, adding to weakness from the previous session, after the Federal Reserve gave a more pessimistic outlook. . .  Full story
Commodity stocks and banks suffered the biggest losses as investors fled from risk on Thursday, driving Britain's FTSE 100 back towards the 5,700 level. . .  Full story
Investors pulled in their horns on Thursday in reaction to a relatively downbeat outlook from the U.S. Federal Reserve, sending world stocks and. . .  Full story
SA Business
South Africa's Standard Bank has appointed a new head of corporate and investment banking and will shift the position to Johannesburg. . .  Full story
South Africa slightly raised its May 2010-April 2011 maize output forecast on Thursday, beating market expectations, boosted by a rise in. . .  Full story
South Africa's rand tumbled more than 1.5 percent against the dollar on Thursday, with dealers saying the Reserve Bank was in. . .  Full story
South Africa grain prices tumbled after recent gains on Thursday, in line with a slump in global markets and ahead of. . .  Full story

DRDGold, South Africa's fourth-largest gold producer, said on Thursday that it was suspending financial assistance to its troubled Blyvoor mine which. . .  Full story
. . .  Full story
Like reformed alcoholics slipping off the wagon, frontier African economies are sliding back into bad old ways, with yawning deficits, double-digit inflation and plunging. . .  Full story
South African mobile phone operators MTN Group and Vodacom are on track to meet a deadline this month for registering users. . .  Full story

South African monetary policy may remain favourable to the economy and inflation expectations are still "anchored well within" the central bank's target range, chief economist Monde Mnyande said on Thursday.. . .  Full story
Company News
Shareholders are advised that the Nu-World share incentive and option trust deed established on 17 March 1993 caters for both the. . .  Full story
DRDGOLD shareholders are advised that the board of directors of DRDGOLD ("DRDGOLD Board") has decided to suspend financial assistance to DRDGOLD's. . .  Full story
Shareholders are referred to the cautionary announcement, dated 22 June 2011, and were advised that Ideco has entered into negotiations with. . .  Full story
Shareholders are advised that the salient dates of the claw back offer have been withdrawn due to the fact that the. . .  Full story

Pinpoint gave notice that it withdrew its application for business rescue.. . .  Full story
Further to the announcement made on 28 February 2011 titled "Commencement of Chief Executive Officer Succession Process" ARM announces the completion. . .  Full story
Anglo drew attention to the announcement made by Collahuasi, its 44% owned copper mine in Chile, relating to the approval of. . .  Full story
Application has been made to the UK Listing Authority and the London Stock Exchange for an additional listing of 5 199. . .  Full story
Company Results
Revenue increased to R35.2 million (R22 million). Gross profit soared to R12.1 million (R0.8 million) and the operating loss was lower at R18.1 million (loss of R25.4 million). Net attributable profit. . .  Full story
Revenue for the interim period ended 31 March 2011 increased to R158 million (2010: R117.5 million). Gross profit rose to R26.3 million (2010: R19.4 million), operating profit improved to R10.2 million. . .  Full story
Revenue for the year ended 31 March 2011 increased to R1.8 billion (R1.5 billion) and operating profit before finance costs improved to R102 million (R46.5 million). Profit for the year, attributable. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0030326.54-466.33-1.51%
JSE Top 4017:0027026.92-448.48-1.63%
JSE Gold17:002309.14-84.16-3.52%
JSE Financial17:0020851.99-171.69-0.82%
JSE Industrial17:0031533.45-255.99-0.81%
JSE Indust 2517:0026382.31-201.02-0.76%
JSE Resource17:0050723.61-1353.38-2.60%
DJ Futures19:1011873.00-142.00-1.18%
DJ Ind19:3111978.89-130.78-1.08%
SP 50019:501273.95-13.19-1.02%
FTSE 10017:355674.38-98.61-1.71%
All Ords08:414561.40-29.40-0.64%
NZSE 5007:323461.814.350.13%
NameTimeRPMove% Move
Gold/R kg19:56334555-3625-1.07%
Brent Crude19:56108.60-5.84-5.10%
Rand / Dollar19:596.85170.08171.21%
Rand / Pound19:5510.91100.04760.44%
Rand / Euro19:559.7156-0.0073-0.08%
Rand / NZD19:595.54880.03490.63%
Rand / AUD19:557.18350.01100.15%
Yen / Dollar19:5880.62000.27000.34%
Euro / Dollar19:590.70500.00741.06%
Dollar / Euro19:591.4182-0.0151-1.05%
Pound / Dollar19:550.62590.00390.63%

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

Major Moves Up
SharenameSaleMove% MoveVolume
1 OANDO  2503013.64.%110
2 ROLFES  185158.82.%160000
3 IQUAD  250104.17.%1960
4 WITSGOLD  40181183.03.%58048
5 ALTRON-P  2650712.75.%170053
6 OCEANA  38001002.70.%16100
7 ALTRON  2699692.62.%412133
8 CLIENTELE  975242.52.%26765
9 VIVIDEND  460102.22.%35500
10 ELLIES   19442.11.%10277
11 KAP  24552.08.%542506
12 CAT  1535251.66.%1123467
13 GBGOLD  1370221.63.%850
14 STEFSTOCK  1264141.12.%175619
15 PETMIN  28531.06.%1430856
16 BCX  48551.04.%8221
17 AVUSA  2450251.03.%33940
18 CITYLDG  6832670.99.%76119
19 MTN  135401300.97.%5927092
20 HULAMIN  73760.82.%318354

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Major Moves Down
SharenameSaleMove% MoveVolume
1 ARGENT  840-64-7.08.%1081
2 HARMONY  8329-496-5.62.%846019
3 JUBILEE  240-14-5.51.%104457
4 ANOORAQ  520-29-5.28.%15290
5 TRNSHEX  315-15-4.55.%319497
6 FREEWORLD  1001-47-4.48.%20
7 UNIVERSAL  220-10-4.35.%5288
8 AMECOR  156-7-4.29.%300
9 RAINBOW  1650-74-4.29.%1006846
10 MMG  120-5-4.00.%401044
11 MASSMART  12900-530-3.95.%632928
12 OPTIMUM  2650-99-3.60.%159152
13 PUTPROP  502-18-3.46.%12358
14 PAN-AF  113-4-3.42.%1503158
15 LITHA  265-9-3.28.%28300
16 ANGGOLD  28213-930-3.19.%964675
17 LONMIN  15104-496-3.18.%1334879
18 NEPI  3200-100-3.03.%57020
19 GFIELDS  9568-292-2.96.%1377277
20 ANGLO  30949-940-2.95.%3540726

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New Highs
SharenameSaleHighMove% MoveVolume

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New Lows
SharenameSaleLowMove% MoveVolume
1 JUBILEE  240240-14-5.51.%104457
2 ANGGOLD  2821328205-930-3.19.%964675
3 RAUBEX  16501648-47-2.77.%399030

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Index Summary
Index NameRPMove% Move
Top 4027,026.92-448.48-1.63%
Mid Cap41,210.69-409.92-0.98%
Small Cap31,822.98-132.36-0.41%
Resource 2050,723.61-1353.38-2.60%
Industrial 2526,382.31-201.02-0.76%
Financial 157,805.39-73.74-0.94%
Financial & Ind. 3029,360.71-226.41-0.77%
All Share30,326.54-466.33-1.51%
Oil & Gas 25,665.35-743.03-2.81%
Mining 33,231.44-890.37-2.61%
Gold Mining2,309.14-84.16-3.52%
Platinum Mining67.26-1.10-1.61%
Oil & Gas Producers 13,799.79-399.51-2.81%
Basic Materials 28,263.40-723.87-2.50%
Chemicals 13,557.27-197.58-1.44%
Forestry & Paper 14,212.24-158.41-1.10%
Industrial Metals 28,943.71-460.55-1.57%
Industrials 27,076.24-246.48-0.90%
General Industrials 73,330.88-564.73-0.76%
Consumer Goods 25,921.79-200.23-0.77%
Automobiles & Parts 3,337.814.530.14%
Household Goods141.09-2-1.29%
Health Care 32,789.77-431.18-1.30%
Food Producers 46,766.56-545.11-1.15%
Index NameRPMove% Move
Personal Goods 419.98-6.89-1.61%
Consumer Services 50,777.36-886.43-1.72%
General Retailers 39,162.73-830.60-2.08%
Travel & Leisure 3,704.35-6.99-0.19%
Media 79.77-1.48-1.82%
Support Services 2,390.84-17.17-0.71%
Telecommunications 66,190.88470.060.72%
Financials 20,851.99-171.69-0.82%
Banks 38,549.65-308.20-0.79%
Non-life Insurance 31,523.82.000.00%
Life Insurance 15,287.99-209.49-1.35%
General Financial 2,187.56-25.19-1.14%
Technology 21,419.31-56.37-0.26%
SHARIAH TOP40 2,977.55-63-2.06%
FTSE/JSE SHARIAH ALL3,047.45-61-1.96%
COAL MINING21,895.90-279-1.26%
FTSE JSE Fledgling 4,527.81-20-0.44%
FTSE/JSE Alt X 1,062.46-15-1.43%
CAPPED PROPERTY 314.49-0.03%
RESOURCE 27,998.27-758-2.64%
DIVIDEND PLUS161.98-2-1.14%
FTSE/JSE RAFI 406,310.72-92-1.44%
Capped Top 4014,124.38-221-1.54%
Capped All Share15,291.07-230-1.48%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
24 Jun 2011AVUSAMarch 2011 (Final)
24 Jun 2011DIAMONDCPDecember 2010 (Final)
24 Jun 2011FREEWORLDMarch 2011 (Interim)
24 Jun 2011TELEMASTRMarch 2011 (Interim)
27 Jun 2011NASPERSMarch 2011 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
DCENTRIX11-06-2011-07-0811-07-18R 0.0918
MERCHANT11-06-2011-07-0811-07-18R 0.1100
SBRJSEP1111-06-1511-09-0211-09-15R 1.4500
MARSHALL11-06-1511-07-0111-07-15R 0.0150
MIXTEL11-06-1311-07-2211-08-01R 0.0600
Ex Div**
Share NameDec-DateLDTPay-DateAmount
CAPITEC11-03-3011-06-1711-06-27R 2.0500
MRPRICE11-05-2611-06-1711-06-27R 1.7530
JDGROUP11-05-1611-06-1711-06-27R 1.0000
ADCOCK11-05-2411-06-1711-06-27R 0.8100
HCI11-05-1911-06-1711-06-27R 0.6000

Upcoming AGMs**
CodeCompany NameDateStatus
CRGCargo Carriers Ltd23/06/2011Confirmed
PNCPinnacle Technology Holdings Ltd24/06/2011Confirmed
IMUImuniti Holdings Ltd24/06/2011Confirmed
SVBSilverBridge Holdings Ltd24/06/2011Unconfirmed
IMUPImuniti Holdings Ltd24/06/2011Confirmed

Stock Exchange News Service
23/06/201117:47 BHP Billiton Plc - Further investment in the Jansen Potash Project
23/06/201117:43 Vunani Limited - Audited results for the year ended 31 December 2010 and
23/06/201117:40 BHP Billiton Plc - Worsley Efficiency and Growth Project
23/06/201117:30 Kairos - Update on year end results for the year ended 28 February 2011
23/06/201117:30 Anooraq Resources Corporation - Results of Annual General Meeting
23/06/201117:14 Chemspec - Condensed consolidated audited results for the 12 months
23/06/201117:11 Imuniti Holdings Limited - Dealing in securities by director
23/06/201117:05 Avusa Limited - Appointment of new directors
23/06/201117:03 Fountainhead - Directors` Dealings
23/06/201116:57 BRC Diamondcore Ltd - Additional information in relation to the share
23/06/201116:55 Wilson Bayly Holmes - Ovcon Ltd - Director dealing in shares
23/06/201116:30 Argent Industrial Limited - Audited abridged results for the year ended 31
23/06/201116:28 Chrometco Limited - Announcement regarding the posting of Chrometco
23/06/201116:20 African Brick - Renewal of cautionary announcement
23/06/201116:20TOPSKI - Standard Bank of South Africa Limited - Termination of Listing
23/06/201116:16 Nu-World Holdings Limited - Share incentive scheme
23/06/201116:03BIPINF - Bips Government Inflation Linked Bond Fund - Distribution finalisation
23/06/201116:02BIPS40 - Bips Top 40 - Distribution Finalisation Announcement
23/06/201116:00 DRDGOLD Limited - DRDGOLD suspends financial assistance to Blyvoor
23/06/201116:00 Ideco Group Limited - Further cautionary announcement
23/06/201115:45 Pinnacle - Withdrawal Of Claw Back Offer Finalisation Announcement
23/06/201115:15 Witwatersrand Consolidated Gold Resources Limited - Wits Gold Completes a
23/06/201115:11 Alert Steel Holdings Limited - Further cautionary announcement
23/06/201114:49 Exxaro Resources Limited - Trading of Exxaro ordinary shares on behalf of
23/06/201114:04 Rolfes - Trading Update
23/06/201113:57 Pinnacle Point Group Limited - Notice of withdrawal of application for
23/06/201113:47 Alert Steel Branding Gets Facelift
23/06/201113:42 Goliath Gold Mining Limited - Trading Statement
23/06/201113:29 JD Group - Proposed transaction with Steinhoff International Holdings
23/06/201113:19 Telemasters - Notice of declaration of cash dividend for the second
23/06/201112:44 Invicta Holdings Limited - Announcement regarding loan transaction
23/06/201112:29 Control Instruments Group Limited - Exercise of option to acquire shares
23/06/201112:20 Anglo American Plc - Director`s / PDMR`s Interests
23/06/201112:19NPP1/NPKP - Nampak Limited - Declaration of cumulative preference
23/06/201112:00 Petmin Limited - Directors` dealing in securities
23/06/201111:59 African Rainbow Minerals Limited - Completion of Chief Executive Officer
23/06/201111:51BIIIPL - iNguza Investments (Proprietary) Limited - Full Capital Redemption
23/06/201111:41 Anglo American plc - Treasury Shares - Transfers
23/06/201111:40 Anglo American plc - Anglo American announces prefeasibility study for
23/06/201111:34SCIB - Standard Corporate and Merchant Bank - Notice of expiry of Standard Bank
23/06/201111:24 Telemasters - Unaudited condensed consolidated interim results for the
23/06/201111:07 Spanjaard Limited - Publication of annual report
23/06/201111:03 IQuad Group Limited - Dealing in securities
23/06/201111:00INL/INP - Investec - Additional Listings
23/06/201110:59 Trencor Limited - Trencor`s Textainer announces the issuance of $400
23/06/201110:43 Austro Group Limited - General repurchase of shares
23/06/201110:39 Allied Technologies Limited - Strategic investment in Altech
23/06/201109:00 Sappi Limited - Mike Fallon and Frits Beurskens to join Sappi Limited
23/06/201108:40 AVI Limited - Acceptance of share options by AVI directors and directors
23/06/201108:31 Dealing in Sekunjalo Investments Limited Shares
23/06/201107:30BIPS40 - Bips Top 40 - Listing of additional BIPS top 40 securities
23/06/201107:30 Exxaro - Exxaro confirms no increase in offer for Territory
23/06/201107:10 British American Tobacco p.l.c - Transaction in own shares
23/06/201107:05 BHP Billiton Plc - Transaction in shares
23/06/201107:05 Avusa Limited - Audited condensed consolidated financial results for the

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