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 The Sharenet Daily 
Wednesday, 11 July 2012 - 20:00
 
Charts
News
Top News
Markets
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)


Charts
 
BHP Billiton Plc ? Strength in Diversity

BHP Billiton is one of the world’s largest diversified natural resource companies, and one of the largest companies by market capitalisation listed on the JSE. It is the result of the 2001 merger of the UK-based mining house Billiton and Broken Hill Proprietary (BHP), Australia’s foremost resource company. The two companies’ complementary assets and expertise in different commodities proved to be a successful combination ever since. BHP Billiton is a dual listed company, comprising BHP Billiton Limited with its headquarters in Melbourne and BHP Billiton Plc located in London. BHP Billiton Limited is listed on the Australian Securities Exchange, while BHP Billiton Plc has a premium listing on the London Stock Exchange and a secondary listing on the JSE.

The company has a very strong balance sheet and cash flows, but its true strength lies in its ability to diversify across different geographical regions and a wide range of commodities.

BHP Billiton is a major global player in the mining and production of aluminium, copper, energy coal, iron ore, manganese, metallurgical coal, nickel, silver, and titanium. The company also operates in the petroleum industry, being involved in exploration as well as production of oil and gas.

In terms of geography, the company’s diversification is hard to match. It operates in more than 100 locations on six continents, with most of its mining operations concentrated in Australia, South America, and South Africa.

Interim Results

The company has reported strong growth in revenue in its interim results for the half year ended 31 December 2011, with record high production recorded for iron ore and natural gas. Revenue grew by 9.7% to USD 37.48 billion and underlying EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased by 8.3% to USD 18.74 billion. EBITDA is a useful measure for comparing earnings across companies and industries, as it seeks to reduce the effects of financing and accounting decisions on the reported earnings number.

Source: www.bhpbilliton.com

Net operating cash flow increased slightly, up 0.7% to USD 12.28 billion, while attributable profit to the BHP Billiton Group declined by 5.5% to USD 9.94 billion. Profits were impacted negatively by the drop in commodity prices towards the end of 2011, as well as slowing demand from the high growth economies of China and India.

The company managed to increase its interim dividend per share by 19.6% to 55 US cents, continuing a recent trend of increasing dividends paid to shareholders.

The table below illustrates the sources of revenue and EBIT (Earnings Before Interest and Tax) for the half year ended 31 December 2011.

Source: www.bhpbilliton.com

Significant increases in revenue for petroleum, iron ore, and energy coal was partly offset by decreases in revenue for base metals, stainless steel materials, and manganese. These figures illustrate the benefits of diversifying across different sectors, as the company’s revenue stream is not overly exposed to the supply/demand or price cycles of any specific commodity. This should result in enhanced earnings stability over the long term.

Current Valuation

BHP Billiton currently trades on a PE ratio of 7.48 and a Dividend Yield of 3.45%. The forward PE increases to 9.01 as a result of a consensus forecast of a drop in earnings at the release of their financial results for the year ended 30 June 2012.

Billiton currently trades at a PE multiple that is very close to its lows during the global financial crisis of 2008, and the same can be said for most shares in the JSE’s resources sector.

The main factors affecting the fortunes of resource companies going forward remain the European debt crisis and its effect on investor confidence vs. risk aversion, and the question of whether demand for resources in the East will slow down significantly or not.

Considering their stance on these two issues, investors have to first decide when these valuations become attractive enough to warrant an increased exposure to the resources sector, and then select companies within the sector whose fundamentals indicate that they could outperform their rivals over time.

BHP Billiton might just be such a company.

Kind regards,

Cor van Deventer

Sources: MoneyWeb, www.billiton.com

www.seedinvestments.co.za
info@seedinvestments.co.za
021 914 4966

Wed, 11 Jul 2012
Top News
[IMAGE]
Namibia plans to issue a debut rand-denominated bond next month to help to fund its budget deficit, expanding its investor base beyond its borders after a successful Eurobond last year, Deputy Finance Minister Calle Schlettwein said on Wednesday.  Full story

[IMAGE]
South Africa's Mondi Group said it will buy German packaging firm Nordenia International from Oaktree Capital, in a $782 million deal that will give the paper maker a bigger presence in consumer packaging.  Full story
A suicide bomber killed at least 22 people outside a police academy in the Yemeni capital Sanaa on Wednesday, dramatically exposing the government's vulnerability to al Qaeda-linked insurgents despite a U.S.-backed offensive against them.  Full story
Syria's ambassador to Iraq defected on Wednesday in protest at the military crackdown by President Bashar al-Assad's forces against a 16-month uprising, Syrian opposition sources said.  Full story
A Norfolk Southern freight train derailed and burst into flames in Columbus, Ohio, early on Wednesday, forcing nearby residents to evacuate, authorities said.  Full story
 
Markets
The S&P 500 was little changed on Wednesday as investors awaited minutes of a Federal Reserve meeting to see if officials are. . .  Full story
U.S. equity markets were mixed in lackluster trading o n W ednesday but crude oil rose on the off-chance minutes of a policy. . .  Full story
European equities steadied on Wednesday, with a weak start to the second quarter reporting season from the autos and luxury sectors denting sentiment,. . .  Full story
Gold rose on Wednesday, rebounding from the previous day's 1.4 percent drop with lift from rising grains and energy prices, but the precious. . .  Full story

Britain's top share index ended flat in low volume on Wednesday, with investors uncertain about the future path for equities due to concerns. . .  Full story
European equities edged down on Wednesday, with a weak start to the second quarter reporting season from the autos and luxury sectors denting. . .  Full story
European shares edged higher on Wednesday, as gains in heavyweight telecoms and utility stocks offset a slump in luxury goods companies, whose shares. . .  Full story
European shares turned positive on Wednesday, led by defensive sectors and banks, and with U.S. stock index futures pointing to a higher open,. . .  Full story
SA Business
South Africa's business confidence improved marginally in June from a 10-year low the previous month, although big clouds remain on the economic horizon, the South African Chamber of Commerce and Industry (SACCI) said on Wednesday.. . .  Full story
South African government bonds hit fresh record highs early on Wednesday, supported by persistent foreign buying and local investors pricing in a dovish central bank statement at a monetary policy decision next week.. . .  Full story

South African public service unions declared a formal dispute with the government on Wednesday, raising the prospect of major industrial action. . .  Full story
Xstrata said shareholders will vote on Sept. 7 on the miner's planned $26 billion takeover by Glencore, effectively giving the commodities trader and rival. . .  Full story
Mauritius expects this year's foreign direct investments to at least match those of 2011 despite the global slowdown, with money flowing. . .  Full story
The following bids, mergers, acquisitions and disposals involving European, U.S., Canadian and Asian companies were reported by 2000 GMT on Tuesday:. . .  Full story
Company News
On 21 June 2012, the board declared a final gross cash dividend of 180 cents per ordinary share payable out of. . .  Full story
Shareholders were advised that the company proposes, subject to obtaining the requisite shareholder approval, to amend the terms of the non-redeemable,. . .  Full story
Shareholders of Absa and Absa Bank Ltd. ("Absa Bank") were advised that the financial results for the six-month period ended 30. . .  Full story
Avusa Ltd. ("Avusa") and Mvela Group shareholders were referred to the joint announcement released on SENS on Tuesday, 12 June 2012. . .  Full story

Sanyati shareholders (shareholders) were informed in a SENS announcement on 10 July 2012 that Mr Trevor Murgatroyd, the appointed business rescue. . .  Full story
Ms Portia Molefe has resigned as an independent non-executive director with immediate effect.. . .  Full story
Nedbank looks to raise R4 billion from a green savings bond programme allowing clients to invest from just R1 000. Proceeds. . .  Full story
AMAPS has come up with a sound proposal to extend its business operations in Africa from 7 percent to 10 percent. . .  Full story
Company Results
Investment income for the interim period ended 30 June 2012 increased to R45.6 million (2011: R42.8 million). Profit attributable to ordinary shareholders rose to R9.7 million (2011: R5.5 million), while earnings per ordinary share jumped to 110.2cps (2011: 62.5cps). Interest payment A debenture interest payment (number 50) of 30.0 cents per debenture in respect of the six months ended 30 June 2012 is payable to debenture holders recorded in the debenture register of the company on. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall16:5133722.00-275.00-0.81%
JSE Top 4016:5029574.00-273.00-0.91%
JSE Gold16:502243.00-61.00-2.66%
JSE Financial16:5026086.00-61.00-0.24%
JSE Industrial16:5138917.00-304.00-0.78%
JSE Indust 2516:5032927.00-262.00-0.79%
JSE Resource16:5045717.00-573.00-1.24%
DJ Futures19:3812550.00-121.00-0.95%
DJ Ind19:5812618.45-278.22-2.16%
SP 50019:581342.43-12.24-0.90%
Nasdaq19:582885.01-16.96-0.58%
FTSE 10017:355664.48.410.01%
DAX18:086453.8566.281.04%
CAC4018:083157.25-18.16-0.57%
Nikkei08:288851.00-6.73-0.08%
Shanghai09:282175.3810.950.51%
Hang-Seng10:2819419.8725.530.13%
All Ords08:434135.00-2.90-0.07%
NZSE 5007:483478.8414.120.41%
NameTimeRPMove% Move
Gold $19:591576.209.210.59%
Gold R19:5812991.12120.510.94%
Gold R/kg19:58417836-854-0.20%
Silver $19:5927.1000.33301.24%
Platinum $19:581421.20.200.01%
Palladium $19:58579.006.001.05%
R15713:085.87-.08-1.26%
R20417:086.67-.10-1.48%
Brent Crude19:5899.99.760.77%
Rand / Dollar19:598.24140.02640.32%
Rand / Pound19:5512.77760.06440.51%
Rand / Euro19:5510.10760.04650.46%
Rand / NZD19:586.58350.05900.90%
Rand / AUD19:558.46700.08901.06%
Yen / Dollar19:5979.63000.20800.26%
Euro / Dollar19:550.8156-0.0003-0.04%
Dollar / Euro19:591.22630.00120.10%
Pound / Dollar19:550.6436-0.0006-0.09%

Click here for the Sharenet Spot Price page
The JSE Today

Trading Statistics
DateAdv.Decl.Unch.ActivesVolumeValueTradesOrders
11/07/2012921316628971,961,026R378,380,180830831421291
10/07/2012108976426948,785,173R238,314,317874281414710
09/07/2012881185626255,257,919R265,944,470782241422243
06/07/20121131027428964,672,690R313,791,814856781217279
05/07/2012114786725953,787,228R366,465,7071043195912
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 ATLATSA  2004025.00.%7925
2 PHUMELELA  900607.14.%186198
3 ELLIES   560203.70.%119967
4 BELL  1975653.40.%37491
5 LITHA  367113.09.%44070
6 HCI  85452402.89.%
7 AMECOR  21662.86.%1300
8 ANNUITY  560152.75.%70200
9 GOLIATH  380102.70.%114374
10 ARB  400102.56.%16892
11 DIPULA-A  1010252.54.%26000
12 INVICTA  82002002.50.%13970
13 JUBILEE  12932.38.%
14 DIPULA-B  645152.38.%27400
15 AMA  26062.36.%36110
16 OCEANA  4800982.08.%2496
17 CASHBIL  144012912.06.%25466
18 ADCOCK  61501181.96.%
19 DIGICOR  27551.85.%210
20 HOLDSPORT  4470691.57.%19891

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Major Moves Down
SharenameSaleMove% MoveVolume
1 EFFICIENT  110-40-26.67.%2000
2 CARGO  935-95-9.22.%5000
3 GBGOLD  500-44-8.09.%90
4 MIXTEL  250-20-7.41.%18734
5 PBT  130-10-7.14.%60556
6 DRDGOLD  470-33-6.56.%
7 SENTULA  173-12-6.49.%23672
8 MASONITE  3025-175-5.47.%1000
9 ESORFRANK  120-6-4.76.%197335
10 CERAMIC  12500-499-3.84.%750
11 COMAIR  140-5-3.45.%9120
12 VILLAGE  173-6-3.35.%1603190
13 TRUSTCO  116-4-3.33.%300000
14 AQUARIUS  522-18-3.33.%
15 CAT  1560-48-2.99.%2431
16 IQUAD  350-10-2.78.%1300
17 STEFSTOCK  1032-28-2.64.%111475
18 SUNINT  8499-228-2.61.%90802
19 TASTE  310-8-2.52.%47310
20 DCENTRIX  440-10-2.22.%22190

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New Highs
SharenameSaleHighMove% MoveVolume
1 ELLIES   560576203.70.%119967
2 ANNUITY  560560152.75.%70200
3 DIPULA-A  10101010252.54.%26000
4 DIPULA-B  645645152.38.%27400
5 PINNACLE  1670168060.36.%50782
6 RESILIENT  45034521-2-0.04.%
7 SHOPRIT  1596216134-48-0.30.%
8 HYPROP  64136594-32-0.50.%

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New Lows
SharenameSaleLowMove% MoveVolume
1 ANGLOPLAT  4201341876-287-0.68.%
2 LONMIN  89658830-10-0.11.%
3 IMPLATS  1265212586-13-0.10.%
4 EHSV  240020000.9
5 ATLATSA  2001554025.00.%7925

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Index Summary
Index NameRPMove% Move
Top 4029,574.00-273.00-0.91%
Industrial38,917.00-304.00-0.78%
Mid Cap49,865.00-174.00-0.35%
Small Cap36,638.00-87.00-0.24%
Resource 2045,717.00-573.00-1.24%
Industrial 2532,927.00-262.00-0.79%
Financial 159,758.00-39.00-0.41%
Financial & Ind. 3036,466.00-261.00-0.71%
All Share33,722.00-275.00-0.81%
Oil & Gas 25,661.00-535.00-2.05%
Mining 29,408.00-335.00-1.13%
Gold Mining2,243.00-61.00-2.66%
Platinum Mining46.00.00-0.17%
GENERAL MINING7,611.00-51.00-0.67%
Oil & Gas Producers 13,797.00-288.00-2.05%
Basic Materials 25,341.00-281.00-1.10%
Chemicals 15,292.0066.000.44%
Forestry & Paper 13,799.00-281.00-2.00%
Industrial Metals 29,543.00-103.00-0.35%
Industrials 33,496.00-283.00-0.84%
General Industrials 94.00.00-0.62%
Consumer Goods 32,774.00-322.00-0.97%
Automobiles & Parts 6,157.00-57.00-0.93%
Household Goods162.000-0.61%
Health Care 44,744.00-282.00-0.63%
Beverages 115.00.000.01%
Index NameRPMove% Move
Food Producers 61,240.00-292.00-0.48%
Personal Goods 424.00-11.00-2.71%
Consumer Services 70,161.0054.000.08%
General Retailers 59,666.00-320.00-0.53%
Travel & Leisure 4,065.00-66.00-1.62%
Media 98.001.001.32%
Support Services 2,333.005.000.23%
Telecommunications 69,430.00-1147.00-1.63%
Financials 26,086.00-61.00-0.24%
Banks 48,425.00-148.00-0.31%
Non-life Insurance 41,981.00-2.00-0.01%
Life Insurance 20,676.00-213.00-1.02%
General Financial 2,446.00-9.00-0.38%
Technology 29,991.00-95.00-0.32%
SHARIAH TOP40 2,874.00-41-1.41%
FTSE/JSE SHARIAH ALL3,012.00-38-1.26%
COAL MINING22,683.00-755-3.22%
FTSE JSE Fledgling 5,453.00-8-0.16%
FTSE/JSE Alt X 1,107.00100.92%
SA LISTED PROPERTY 464.000.87%
CAPPED PROPERTY 370.000.88%
RESOURCE 25,211.00-323-1.27%
DIVIDEND PLUS192.00-1-0.53%
FTSE/JSE RAFI 406,923.00-66-0.95%
Capped Top 4015,625.00-144-0.92%
Capped All Share17,060.00-139-0.81%
JSE TABACO 5,485.00-23-0.42%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
KIOKUMBA IRON ORE LTD HOLD09 Jul
SLMSANLAM LIMITEDHOLD06 Jul
MSTMUSTEK LIMITEDBUY05 Jul
IPLIMPERIAL HOLDINGS LTDHOLD05 Jul
RLOREUNERT LIMITEDSELL05 Jul
Results Expected**
ExpectedCompany NameFin. Date
18 Jul 2012FORBESMay 2012 (Q)
18 Jul 2012LONRHOJune 2012 (Interim)
19 Jul 2012AFROXJune 2012 (Interim)
19 Jul 2012MICROMEGAJune 2012 (Interim)
19 Jul 2012ROCKWELLMay 2012 (Q)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
FOORDCMPS12-07-1012-07-2712-08-06R 0.3000
PSV12-07-0512-07-2012-07-30R 0.0360
REUNERT5.512-06-2912-07-2012-07-30R 0.0550
HUDACO12-06-2912-08-1012-08-20R 1.5500
NICTUS12-06-2812-07-1312-07-23R 0.1425
Ex Div**
Share NameDec-DateLDTPay-DateAmount
TONGAAT12-05-2812-07-0612-07-19R 1.7000
CROOKES12-05-2912-07-0612-07-16R 1.3500
FAMBRANDS12-05-2112-07-0612-07-16R 1.2000
DATATEC12-05-1612-07-0612-07-16R 0.0900

Upcoming AGMs**
CodeCompany NameDateStatus
ATNPAllied Electronics Corporation Ltd.11/07/2012Unconfirmed
ATNAllied Electronics Corporation Ltd.11/07/2012Unconfirmed
ESREsorfranki Ltd.13/07/2012Confirmed
ALTAllied Technologies Ltd.17/07/2012Confirmed
ILVIllovo Sugar Ltd.18/07/2012Confirmed

Stock Exchange News Service
DateTimeHeadline
11/07/201217:50 Interest Rate Reset
11/07/201217:44Keaton Energy Hldgs Ltd - Dealings in securities
11/07/201217:40Don Group Ltd - DISPOSAL OF HOTEL PROPERTIES AND RENEWAL OF CAUTIONARY ANNOUNCEM...
11/07/201217:31JSE LIMITED - Index Change Advice - 20120719 Litha Healthcare Shares In Issue an...
11/07/201217:30Octodec Invest Ltd - Results of GM
11/07/201217:30JSE LIMITED - Index Change Advice - 20120719 Metmar Shares In Issue and Free Flo...
11/07/201217:26JSE LIMITED - Index Change Advice - 20120719 Arrowhead Properties (A) Shares In ...
11/07/201217:25 Listing of Tap Issue
11/07/201217:25 Full Capital Redemption
11/07/201217:25RECM and Calibre Limited - DISCLOSURE OF QUARTERLY PORTFOLIO AS AT 30 JUNE 2012
11/07/201217:23JSE LIMITED - Index Change Advice - 20120719 Arrowhead Properties (B) Shares In ...
11/07/201217:21Anglo American plc - TREASURY SHARES - TRANSFERS
11/07/201217:20JSE LIMITED - Index Change Advice - 20120719 Blue Financial Services Shares In I...
11/07/201217:20 Full Capital Redemption
11/07/201217:15 Interest Rate Reset
11/07/201217:15Capitec Bank Hldgs Ltd - DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR
11/07/201217:15The Foschini Group Limited - Directors associates dealing in securities
11/07/201217:05Omnia Holdings Ltd - AMENDMENT TO DIVIDEND DECLARED ON 21 JUNE 2012
11/07/201217:00Imperial Holdings Ltd - Proposed Amendment to the Terms of the Preference Shares...
11/07/201216:50Iquad Group Ltd - TRADING STATEMENT
11/07/201216:30MAS plc - Results of shareholders' meeting
11/07/201216:30Pan African Resource plc - FURTHER CAUTIONARY ANNOUNCEMENT
11/07/201216:27Convergenet Holdings Ltd - Director's Dealings in Securities
11/07/201216:25Old Mutual plc - Form 8.3
11/07/201216:15Litha Healthcare Grp Ltd - CHANGE TO THE BOARD OF DIRECTORS AND AUDIT COMMITTEE
11/07/201215:21Vodacom Group Ltd - Withdrawal of ordinary resolution number 2 at annual general...
11/07/201214:55Alert Steel Holdings Ltd - DISPOSAL OF ALERT HOLDINGS KLERKSDORP BRANCH AND TEND...
11/07/201214:45P INVESTMENTS LIMITED - Amendment to Programme Memorandum
11/07/201214:44Randgold & Expl Co Ltd - Withdrawal of Cautionary Announcement
11/07/201214:10BSI Steel Limited - VOLUNTARY UPDATE ON ACQUISITION OF RETAIL BRANCH OF ALERT
11/07/201214:09ABSA Group Ltd - ABSA GROUP AND ABSA BANK: RELEASE OF INTERIM FINANCIAL RESULTS ...
11/07/201214:00Mvelaphanda Group Ltd - Joint announcement relating to a delay in posting transa...
11/07/201212:27Peregrine Holdings Limited - VOLUNTARY ANNOUNCEMENT REGARDING PEREGRINE FINANCIA...
11/07/201212:21Truworths Int Ltd - RESIGNATION OF DIRECTOR
11/07/201211:30Sanyati Holdings Ltd - Delay in publishing of the business rescue plan for Sanya...
11/07/201210:46oldings Ltd - RESIGNATION OF DIRECTOR
11/07/201210:45Conduit Capital Ltd - NOTIFICATION IN TERMS OF SECTION 122(3) OF THE COMPANIES A...
11/07/201210:35Convergenet Holdings Ltd - APPOINTMENT OF NEW SPONSOR
11/07/201210:34IBBIL R164.00CHI1:1JUL12 - Expiry warrant
11/07/201210:33IB RDF 417CDH1:1JUL12 - Expiry warrant
11/07/201210:30 New Instrument Listing
11/07/201209:10Sycom Property Fund - Announcement regarding the acquisition of a 60% undivided ...
11/07/201209:00Trematon Capital Inv Ltd - Dealings by a director
11/07/201208:11African Bank Inv Ltd Pref - VOLUNTARY DISCLOSURE: DEALING IN SECURITIES BY DIREC...
11/07/201208:00Mondi Ltd - MONDI GROUP TO ACQUIRE 93.4% OF NORDENIA INTERNATIONAL AG
11/07/201208:00Ferrum Crescent Limited - MOONLIGHT IRON ORE PROJECT - EXPLORATION UPDATE
11/07/201208:00African Eagle Res plc - BLOCK LISTING REVIEW
11/07/201207:09Old Mutual plc - Amendment - change to section 2. Form 8.3
11/07/201207:08Old Mutual plc - Amendment - change to section 2. Form 8.3
11/07/201207:07Old Mutual plc - Amendment - change to section 2. Form 8.3
11/07/201207:06Old Mutual plc - Amendment - change to section 2. Form 8.3
11/07/201207:05British American Tob plc - TRANSACTION IN OWN SHARES
11/07/201207:05 IV023 - Investec Bank Limited - New Financial Instrument Listing

Click here for more SENS news