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 The Sharenet Daily 
Tuesday, 20 December 2011 - 20:00
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)


John Mauldin recently wrote a book called “Endgame” which is about the end of the debt supercycle and how it changes everything. I found it to be a very interesting read.

One of his first arguments why Europe and most of the West are in such a bad place is due to simple formula that defines the growth in Gross Domestic Product (GDP):

Change in GDP = Change in Population + Change in Productivity

In order to grow your economy you only have two ways to do it, there is no other clever way. You can’t borrow yourself out of the problem and you can’t let other nations work for you while you sit around doing nothing.

Change in Population
It is common knowledge that most of the nations in the West sit with an older population nearing retirement with few productive years left. Contrast this to India, China, and Africa with a massive younger population with many years still to produce products for their nation.

Below is a graph of China’s population pyramid. It is clear to see that the majority of the population is aged between 20 and 45. It is also clear to see how the one-child-policy is affecting the younger ages. This will definitely be a problem for China in years to come. A small young population has to work very hard to support a large old population. This is exactly what we currently have in the West with the “babyboom generation” now entering retirement age.

For further details refer to http://en.wikipedia.org/wiki/Population_pyramid

Change in Productivity
Well, sorry to say but there is no replacement for hard work. We need to work smarter and harder in order to increase productivity. Every decade USA employees work 1 year more than South African employees (i.e. 10% more). This is purely a result of South Africa’s more generous public holiday numbers and average annual leave when compared to the USA.

Mr Mauldin looked at an interesting study by the Kauffman Foundation. The study looked at the type of firms in the private sector that create the most jobs. (It is also a well-known fact that governments are not there to create jobs but instead should only create the healthy environment for the private sector to flourish so that it, in turn, can create jobs.)

The Kauffman Foundation focused their study on the USA from 1992 to 2005. The study shows that by far the most jobs are created by start-ups. Yes it is true that 50% of start-ups don’t make it after 5 years but they are still the best job creators. The graph below shows that start-ups created, on average, 3 million new jobs in the USA in their first year. The older the firms are the fewer jobs they create. Therefore as the Kauffman Foundation says “… we don’t count on the Intels or Microsofts to create employment: we need entrepreneurs.” I feel like changing President Clinton’s slogan from “It is about the economy dummy” to “It is about the entrepreneur dummy”.

Source: Business Dynamic Statistics, Tim Kane

For further details refer to:

May we go into 2012 with such a drive in South Africa to work harder and smarter and support to the start-ups of the new year.

This is Seed’s last newsletter for 2011. May you have a blessed Christmas with your family and loved ones. Travel safe and keep well, we’ll see you again in 2012.

Kind regards,

Vincent Heys
021 9144 966

Tue, 20 Dec 2011
Top News
South Africa's government bonds edged higher while the rand jumped as much as two percent against the dollar in thin year-end trade on Tuesday, tracking gains in the euro after a well-supported Spanish debt auction.  Full story

Global miner Anglo American has exported the first shipment from the $1 billion Kolomela iron ore mine in South Africa, one of its key growth projects, putting the mine ahead of schedule and on track to achieve full production by 2013.  Full story
Kim Jong-un, the third in a dynasty that has ruled North Korea since its foundation in 1948, paid homage to his dead father Tuesday as the isolated country appeared to cut itself off even more from the outside world.  Full story
The Republican-led U.S. House of Representatives will set the stage on Tuesday for a showdown with Senate Democrats over a payroll tax cut extension that is becoming a proxy for 2012 election year battles.  Full story
Iran has invited the U.N. nuclear watchdog to visit for talks and would be ready to discuss concerns about its disputed atomic ambitions, an Iranian envoy told Reuters Tuesday.  Full story
Britain's top share index hit a one-week closing high on Tuesday, after a drop in Spain's borrowing costs and encouraging data from Germany. . .  Full story
U.S. stocks rebounded sharply on Tuesday as investors latched onto signs of easing stress in Europe's bond markets as well as some positive economic. . .  Full story
Global stocks posted their strongest gains in three weeks and the euro rose on Tuesday on signs of improved economic prospects in Germany. . .  Full story
European shares rose on Tuesday in thin trade after a jump in U.S. housing starts, a strong reading of the German Ifo index. . .  Full story

Gold prices rose to their highest in nearly a week on Tuesday as the euro rallied 1 percent versus the dollar, with rising. . .  Full story
Profit taking by traders who bet on equity market volatility, one of the few money-spinning strategies this year, has sparked a plunge in. . .  Full story
. . .  Full story
European stocks edged up in thin pre-holiday trade on Tuesday, boosted by a successful Spanish debt auction and a sharp rise in German. . .  Full story
SA Business
South African stocks ended a see-saw session a touch higher on Tuesday, with miners among the best performers as commodity prices cruised higher but the stronger rand currency restricted the upside momentum.. . .  Full story
South Africa's rand strengthened to a near-week high against the dollar on Tuesday, taking its cue mainly from a firmer euro in thin trading as the year draws to a close.. . .  Full story
Company News
In September 2010, a circular was sent to shareholders relating to the equity and debt financing of Sephaku Holdings' Cement Project. . .  Full story
Anglo announced the successful commissioning of the third of its four major growth projects during 2011, delivering on the company's strategic. . .  Full story
Notice was given in terms of section 60(4) of the Companies Act, 71 of 2008, as amended ("the Act"), that shareholders. . .  Full story
Notice was given in terms of section 60(4) of the Companies Act, 71 of 2008, as amended ("the Act"), that shareholders. . .  Full story

In the notice of the annual general meeting, one of the resolutions to be adopted by shareholders is to re-elect Ms. . .  Full story
The company's Integrated Annual Report for the year ended 30 September 2011 was posted to shareholders on Tuesday 20 December 2011. . .  Full story
Further to the announcement issued on 19 December 2011 regarding the refocusing of Fiuranium's Ezulwini Mine, shareholders were advised that the. . .  Full story
Mvela Group shareholders were referred to the cautionary announcement related to the offer by Blackstar Group SE ("Blackstar") dated 21 October. . .  Full story
Company Results
Revenue for the year ended August 2011 dropped to R27.9 million (R33.2 million) and gross profit fell to R21.3 million (R26.7 million). Loss before interest, tax, depreciation and amortisation was recorded at R6.8 million (profit of R4.5). The net attributable loss was at R9.3 million (profit of R2 million). Headline loss per share was 2.31cps (headline earnings of 0.52cps). Dividend No dividend is proposed. Prospects Although the group has experienced some improvements the cond. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0031783.9062.530.20%
JSE Top 4017:0028330.7768.940.24%
JSE Gold17:002936.1820.210.69%
JSE Financial17:0021881.01-78.49-0.36%
JSE Industrial17:0033846.9224.420.07%
JSE Indust 2517:0028387.8823.030.08%
JSE Resource17:0051668.07361.840.71%
DJ Futures19:5011975.00272.002.32%
DJ Ind19:4512059.99293.732.50%
SP 50020:001236.7231.372.60%
FTSE 10018:355419.6054.611.02%
All Ords07:394107.10-6.80-0.17%
NZSE 5006:463202.02-21.02-0.65%
NameTimeRPMove% Move
Gold/R kg20:00426102-5228-1.21%
Brent Crude19:56107.38-1.30-1.20%
Rand / Dollar19:598.2071-0.1813-2.16%
Rand / Pound19:5512.8246-0.1475-1.14%
Rand / Euro19:5510.7417-0.1607-1.47%
Rand / NZD19:586.3239-0.0156-0.25%
Rand / AUD19:558.2728-0.0337-0.41%
Yen / Dollar19:5977.7790-0.2440-0.31%
Euro / Dollar19:550.7638-0.0054-0.70%
Dollar / Euro19:591.30870.00910.70%
Pound / Dollar19:550.6381-0.0068-1.05%

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

Major Moves Up
SharenameSaleMove% MoveVolume
1 PBT  1652013.79.%195877
2 PLATMIN  1802012.50.%69998
3 KAP  3153512.50.%20150
4 OCTODEC  16001258.47.%50009
5 MIXTEL  161117.33.%448400
6 CALGRO  315206.78.%64511
7 COMAIR  165106.45.%1026
8 GBGOLD  800415.40.%20304
9 SPURCORP  1575654.30.%604842
10 ILIAD  475153.26.%468948
11 SUPRGRP  1110353.26.%281205
12 CERAMIC  108153153.00.%60
13 AECI  83002262.80.%49143
14 LITHA  26372.73.%16730
15 BAUBA  22052.33.%1250
16 VIVIDEND  500112.25.%18000
17 PINNACLE  1094242.24.%156618
18 OCEANA  46001002.22.%4520
19 WBHO  106352282.19.%132917
20 ITLTILE  470102.17.%500

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Major Moves Down
SharenameSaleMove% MoveVolume
1 DELRAND  161-98-37.84.%12090
2 REXTRU-N  1500-150-9.09.%7000
3 EASTPLATS  425-38-8.21.%8905
4 WESIZWE  140-10-6.67.%25430
5 GOLIATH  355-25-6.58.%11300
6 JDGROUP  4405-195-4.24.%455116
7 PAN-AF  176-6-3.30.%629852
8 DELTA  800-25-3.03.%7835
9 AFGRI  534-16-2.91.%351955
10 LIB-HOLD  7841-219-2.72.%328174
11 GOLDONE  381-10-2.56.%367264
12 TELEMASTR  156-4-2.50.%16055
13 MVELAGRP  340-8-2.30.%1219
14 BLUETEL  545-12-2.15.%1500032
15 SAPPI  2338-51-2.13.%1086716
16 CROOKES  4110-89-2.12.%58000
17 STANBANK  9566-198-2.03.%3577242
18 PHUMELELA  980-20-2.00.%800
19 AQUARIUS  1950-39-1.96.%12756
20 ALTRON-P  2177-43-1.94.%390056

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New Highs
SharenameSaleHighMove% MoveVolume
1 PBT  1651752013.79.%195877
2 KAP  3153153512.50.%20150
3 SPURCORP  15751575654.30.%604842
4 SUPRGRP  11101120353.26.%281205
5 ITLTILE  470470102.17.%500
6 BELL  16101610301.90.%11210
7 CASHBIL  11500115002001.77.%147219
8 METAIR  19451970251.30.%18709
9 OLDMUTUAL  16701681211.27.%18942457

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New Lows
SharenameSaleLowMove% MoveVolume
1 RAUBEX  11851176-10-0.84.%354700
2 LONMIN  12371121001210.99.%392743

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Index Summary
Index NameRPMove% Move
Top 4028,330.7768.940.24%
Mid Cap43,327.87-38.41-0.09%
Small Cap32,447.9380.610.25%
Resource 2051,668.07361.840.71%
Industrial 2528,387.8823.030.08%
Financial 158,215.36-44.65-0.54%
Financial & Ind. 3031,395.05-23.46-0.07%
All Share31,783.9062.530.20%
Oil & Gas 28,154.72-222.48-0.78%
Mining 33,466.53298.020.90%
Gold Mining2,936.1820.210.69%
Platinum Mining60.59-.07-0.12%
GENERAL MINING8,190.0893.451.15%
Oil & Gas Producers 15,138.27-119.63-0.78%
Basic Materials 28,293.63232.700.83%
Chemicals 13,778.18111.470.82%
Forestry & Paper 11,503.2419.840.17%
Industrial Metals 29,332.12-39.39-0.13%
Industrials 27,990.29-2.24-0.01%
General Industrials 79,029.48-10.48-0.01%
Consumer Goods 28,901.31-60.41-0.21%
Automobiles & Parts 4,404.3756.611.30%
Household Goods148.67-2-1.18%
Health Care 34,994.17-85.21-0.24%
Beverages 95.89-.45-0.47%
Index NameRPMove% Move
Food Producers 54,497.86184.060.34%
Personal Goods 407.793.490.86%
Consumer Services 57,133.28-230.61-0.40%
General Retailers 47,594.16-428.88-0.89%
Travel & Leisure 3,726.4741.781.13%
Support Services 2,127.47-7.14-0.33%
Telecommunications 67,398.121037.421.56%
Financials 21,881.01-78.49-0.36%
Banks 40,228.23-446.86-1.10%
Non-life Insurance 34,191.22555.301.65%
Life Insurance 17,412.1019.250.11%
General Financial 2,073.43.870.04%
Technology 25,376.8570.990.28%
SHARIAH TOP40 3,038.50220.74%
FTSE/JSE SHARIAH ALL3,106.86210.69%
COAL MINING22,908.29600.26%
FTSE JSE Fledgling 4,709.32150.33%
FTSE/JSE Alt X 1,288.2410.11%
RESOURCE 28,535.651840.65%
DIVIDEND PLUS174.6400.02%
FTSE/JSE RAFI 406,584.63120.18%
Capped Top 4014,910.12290.19%
Capped All Share16,064.27290.18%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
21 Dec 2011MARSHALLSeptember 2011 (Final)
21 Dec 2011MARSHALL-September 2011 (Final)
22 Dec 2011JOHNDANSeptember 2011 (Final)
22 Dec 2011MASNovember 2011 (Q)
23 Dec 2011KAIROSAugust 2011 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
GRANPRADE11-12-1312-01-0612-01-16R 0.6000
NAMPAK 6%P11-12-0812-01-2012-01-30R 0.0600
NAMPAK 6.511-12-0812-01-2012-01-30R 0.0650
CLOVERPREF11-12-0711-12-2112-01-03R 0.0586
SALLIES-C11-12-0711-12-2112-01-03R 0.0252
Ex Div**
Share NameDec-DateLDTPay-DateAmount
AF-OVR 6%PP11-11-2811-12-1511-12-27R 0.4900
AFPREFINV11-12-0111-12-1511-12-27R 0.1851
BIPINF11-11-2911-12-1511-12-29R 0.1102
BIPSTOP4011-11-2911-12-1511-12-29R 0.1062
REX TRUE6%11-11-2811-12-1511-12-27R 0.0600

Upcoming AGMs**
CodeCompany NameDateStatus
MSTMustek Ltd22/12/2011Confirmed

Stock Exchange News Service
20/12/201117:33 Distribution and Warehousing Network Limited - Director`s dealings in
20/12/201117:30 Sephaku Holdings Limited - The distribution of shares in Sephaku Fluoride
20/12/201117:16OML - Old Mutual Plc - Form 8.3
20/12/201117:15OML - Old Mutual plc - Form 8.3
20/12/201117:01 New Europe Property Investments plc - Postponement of general meeting
20/12/201117:00 Anglo American plc - Anglo American delivers third major growth project in
20/12/201117:00 Witwatersrand Consolidated Gold Resources Limited - Dealings in
20/12/201117:00 New Europe Property Investments plc - Dealing in securities
20/12/201116:45 Oando - Notification of Director`s dealing in Oando securities
20/12/201116:45RAR - Rare Holdings Limited - Declaration announcement in respect of a
20/12/201116:01 Kibo Mining Plc - Itetemia and Luhala update
20/12/201116:00 DiamondCorp plc - Botswana exploration update
20/12/201116:00 SABMiller plc - Notification of transactions of directors, persons
20/12/201116:00 Erbacon Investment Holdings Limited - Correction to unaudited condensed
20/12/201115:40PWK/PIK - Pick n Pay Holdings /Pick n Pay Stores - Special resolution of
20/12/201115:00 Oando PLC - Oando earnings forecast for the first quarter ending 31
20/12/201115:00BILETS - Letshego Holdings Limited - Trading notice update - Acquisition of
20/12/201114:24 MiX Telematics Limited - Dealings in securities
20/12/201114:20 Comair Limited - Dealing in securities by director
20/12/201114:19 Business Connexion Group Limited - Resignation of non-executive director
20/12/201114:10INL/INL - Investec Limited/Investec plc - Form 8 (DD)
20/12/201114:04INL/INP - Investec - Form 8 (DD)
20/12/201114:00 MAS PLC - Acquisition of 154-160 Sauchiehall Street, Glasgow and
20/12/201114:00BAW/BAWP - Barloworld Limited - No change statement and notice of AGM
20/12/201113:37BIPINF - BIPS Government Inflation Linked Bond Fund - Listing of additional BIPS
20/12/201113:25 Growthpoint Properties Limited - Growthpoint Properties Australia
20/12/201113:05 Redefine Properties Limited - Apportionment ratio for tax purposes
20/12/201112:38DIA/DIB - Dipula Income Fund Limited - Acquisitions of Bochum and Blouberg Plaza
20/12/201112:37 Simmer & Jack Mines, Limited - Correction announcement- dealing in
20/12/201112:28 Sable Holdings Limited - No change statement and notice of Annual General
20/12/201112:25 Sappi Limited - Sappi Limited : Directorate : Mr J E Healey
20/12/201112:25 Merafe Resources Limited - Directors share dealings
20/12/201112:00 Bauba Platinum Limited - Change statement and notice of Annual
20/12/201111:49SGA/SGB - Synergy Income Fund Limited - Directors` dealings in securities
20/12/201111:00 First Uranium Corporation - Investor conference call to discuss
20/12/201110:50INL/INP - Investec Limited/Investec plc - Disclosure in accordance with Rule
20/12/201110:16SCIB : Standard Bank - Notice of expiry of Standard Bank warrants
20/12/201110:05 Royal Bafokeng Platinum Limited - Dealing in securities by an
20/12/201110:04SCIB - The Standard Bank Of South Africa Limited - Notice of expiry of
20/12/201110:03SCIB/PPCSTG - The Standard Bank of South Africa Limited - Dividend announcement
20/12/201109:52 African Brick Centre Limited - Finalisation announcement
20/12/201109:51 Blackstar Group SE - Blackstar Group SE announcement of share buy-back
20/12/201109:50MVG/MVGP/BCK - Mvela Group/Blackstar - Update relating to the firm intention
20/12/201109:44 Simmer & Jack Mines, Limited - Dealing in securities by a director
20/12/201109:32 Vunani Property Investment Fund Limited - Posting of circular and
20/12/201109:27BITEL - Telkom SA Limited - Ratings announcement
20/12/201109:12 Zaptronix Limited - Reviewed condensed consolidated financial statements
20/12/201109:10RLO/RLZP - Reunert Limited - No change statement and notice of Annual
20/12/201108:47 Sephaku Holdings Limited - No change statement and notice of annual

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