Tuesday, 27 November 2012 - 20:00
Charts
Discrepancy of Returns in the Local Market Last week we looked at the value of the market across the 3 main sectors, namely resources, industrials and financials. This week we look at the divergence in returns across both the super sectors and the main sectors of the JSE for 2012.
The JSE, as with all markets, is not made up of a homogenous group of companies, but in fact a very diverse group of companies. As a composite these listed companies made a new price high last week as the index of shares, the FTSE/JSE All Share Index, closed at 37865, up 18.4% for the year to date, excluding dividends.
Over this last year there has been a major discrepancy of returns across the main sectors of the JSE. The positioning of an asset manager’s portfolio has therefore played a major part in determining their 2012 performance.
Drilling down beyond the 3 main super sectors, the JSE has 9 industry sectors. Half of these are in turn comprised of sub groupings. The table below indicates these sectors and their weights in the FTSE/JSE All Share Index.
Clearly the 2 big outliers within the JSE in 2012 have been Oil and gas and Basic Materials sectors. Basic Materials is in turn made up of chemicals, forestry and paper, industrial metal, general mining, gold mining, and platinum. Most of these except for forestry and paper, have struggled in 2012.
While these two sectors are just on one third of the weight of the FTSE/JSE All Share Index, they have only returned 0.6% and 3.4% respectively to the end of October. If we look at the shares that comprise the top 40, Mondi and Assore had excellent performance, however the likes of Arcelor Mittal, Angloplatinum, Harmony, Anglogold, Anglo American, and Goldfields etc. have fallen sharply in 2012. Portfolios weighted more heavily in resources have suffered the consequences in 2012.
Conversely, with a weight of just 2.6% in the JSE All Share, Aspen is up 64%, Life Healthcare 53%, Netcare 29%, and Mediclinic 45%.
Both Consumer Services and Consumer Goods have had a fantastic run in 2012. In these two sectors, Richemont is up 61%, SAB Miller 42%, Naspers 53%, and Shoprite 33%.
There has also been some discrepancy in the Financial sector where Firstrand is up 42% and Sanlam 40%, while Absa is down 1.3% and African Bank down 5% for the year to date.
So while allocation between various investment assets is an important factor to generate superior returns, almost even more important is particular stock selection.
Kind regards,
Ian de Lange
www.seedinvestments.co.za
info@seedinvestments.co.za
021 914 4966
Tue, 27 Nov 2012
Top News
Revenue for the interim period shot up to R241.5 million (2011: R206.8 million. Operating profit lowered to R45.7 million (2011: R52.3 million), but profit attributable to owners of the company jumped to R53.7 million (2011: R34.4 million). Furthermore, headline earnings per share grew to 42 Full story
Revenue declined to R24.4 billion (R28.5 billion). Gross profit decreased to R17.3 million (R22.2 million) and an operating loss of R4 million (profit of R1.1 million) was recorded. Attributable loss for the period widened dramatically to R5.1 million (loss of R0.6 million). In addition, hea Full story |
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Opponents of President Mohamed Mursi clashed with Cairo police on Tuesday as thousands of protesters around the nation stepped up pressure on the Islamist leader to scrap a decree they say threatens Egypt with a new era of autocracy. Full storyBangladesh said a fire
that killed 111 textile workers was sabotage, as protesters took
to the streets for a second day on Tuesday and garment factories
across the world's second-biggest clothes exporter stopped work
to mourn. Full story |
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Markets | European shares edged higher on
Tuesday after an agreement by international lenders to cut
Greece's debt gave some short-term support to investor
sentiment.. . . Full story | | The euro fell on Tuesday as
worry over the threat to the world economy posed by the U.S.
"fiscal cliff" offset optimism from. . . Full story | | Britain's top shares rose on
Tuesday, with banks gaining after a deal was reached other Greek
debt, but gains were capped as a. . . Full story | | U.S. stocks fell on Tuesday as
worries over the impact of "fiscal cliff" on the economy
overshadowed progress in easing Greece's debt burden. . . Full story |
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| Gold eased on Tuesday after
comments from a Federal Reserve policymaker on monetary stimulus
and well-received U.S. data lifted the dollar, but prices. . . Full story | | U.S. stocks opened slightly
lower on as worry over the threat to the economy posed by the
"fiscal cliff" offset optimism from a. . . Full story | | European shares rose on Tuesday
after international lenders agreed on lowering Greece's debt,
paving the way for the next disbursement of urgently needed. . . Full story | | Britain's top share index pushed
higher on Tuesday, recovering all of the previous session's
decline, led by a rally in financial stocks as. . . Full story |
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SA Business | Sudan expects to produce around 50 tonnes of gold this year, earning $2.5 billion, its mining minister said, as the country. . . Full story | | South Africa's economic growth slowed sharply in the third quarter after a contraction in the strike-hit mining sector that looks likely. . . Full story | | South Africa's economic growth slowed to 1.2 percent in the third quarter of 2012 on a seasonally adjusted and annualised basis,. . . Full story | | South Africa's rand gained against the dollar on Tuesday, buoyed by a deal to reduce Greek debt that will help the. . . Full story |
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| China's massive but increasingly competitive Internet market was the main driver of 15 percent first-half earnings growth for Naspers, prompting questions. . . Full story | | South African drugmaker Adcock Ingram reported a worse-than-expected 9 percent fall in annual earnings, hit by the loss of high-margin drugs.. . . Full story | | FirstRand could spend more than $300 million to buy a retail and commercial bank in Nigeria to expand in Africa's top. . . Full story | | South Africa's 2012/13 sugar output is estimated at 2.038 million tonnes, slightly down from a previous forecast of 2.101 million tonnes,. . . Full story |
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Company News | Pierre Joubert has resigned as non-executive director of Crookes with effect from 23 November 2012. Gary Vaughan-Smith (49) BSc, MSc and. . . Full story | | Shareholders are referred to the announcement published on SENS, on 22 November 2012, in which shareholders were advised of the possible. . . Full story | | Shareholders are notified that Mr John Newbury retired from the board at MMI's annual general meeting that was held on 26. . . Full story | | Shareholders are advised that the basic and diluted basic earnings per share will be approximately 2.17cents per share compared to a. . . Full story |
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| Further to the announcement released on 17 October 2012, Central Rand Gold is pleased to announce that an agreement with the Trans Caledon Tunnel Authority ("TCTA") was executed on 26 November 2012 ("the Agreement"). Signature of the Agreement will give effect to the donation of the pumps, previously purchased from international technology group, Andritz Ritz ("the Pumps"), to TCTA for the planned construction of the new High Density Sludge Treatment Plant ("the Treatment Plant") for the. . . Full story |
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Company Results | Revenue jumped to R18.6 billion (R16.9 billion) and gross profit also grew to R5.2 billion (R5.0 billion). Operating profit decreased marginally. . . Full story | | Revenue increased to R11.4 billion (September 2011: R11.1 billion). Operating profit decreased to R5.1 billion (September 2011: R5.7 billion). Net operating. . . Full story | | Arrowhead released its maiden final results for the year ended 30 September 2012. Total revenue came in at R270.2 million. Profit. . . Full story | | Revenue increased 22% to R6 billion (R5 billion). Gross profit rose 27% to R1.3 billion (R1 billion) and operating profit was. . . Full story |
World Markets (Spot Prices)
Name | Time | RP | Move | % Move | JSE Overall | 17:00 | 37805.80 | 39.00 | 0.11% | JSE Top 40 | 17:00 | 33580.72 | 49.00 | 0.15% | JSE Gold | 17:00 | 2314.14 | -32.00 | -1.40% | JSE Financial | 17:00 | 27789.77 | 37.00 | 0.14% | JSE Industrial | 17:00 | 45528.92 | 59.00 | 0.13% | JSE Indust 25 | 17:00 | 39317.97 | 52.00 | 0.13% | JSE Resource | 17:00 | 49490.16 | 18.00 | 0.04% | DJ Futures | 19:58 | 12930.00 | -6.00 | -0.05% | DJ Ind | 19:58 | 12955.07 | -12.30 | -0.09% | SP 500 | 19:58 | 1407.81 | 1.52 | 0.11% | Nasdaq | 19:58 | 2984.53 | 7.75 | 0.26% | FTSE 100 | 18:35 | 5799.71 | 12.99 | 0.22% | DAX | 19:10 | 7332.33 | 40.30 | 0.55% | CAC40 | 19:10 | 3502.13 | 1.19 | 0.03% | Nikkei | 08:12 | 9423.30 | 34.36 | 0.37% | Shanghai | 09:30 | 1991.17 | -26.30 | -1.30% | Hang-Seng | 10:28 | 21844.03 | -17.78 | -0.08% | All Ords | 07:40 | 4473.40 | 29.90 | 0.67% | NZSE 50 | 06:48 | 4009.61 | -2.42 | -0.06% |
| | Name | Time | RP | Move | % Move | Gold $ | 19:58 | 1744.98 | -4.24 | -0.24% | Gold R | 19:58 | 15395.62 | -55.06 | -0.36% | Gold R/kg | 19:58 | 494912 | -3992 | -0.80% | Silver $ | 19:59 | 34.0400 | -.1180 | -0.35% | Platinum $ | 19:59 | 1612.50 | 4.75 | 0.30% | Palladium $ | 19:59 | 667.80 | 6.05 | 0.91% | R157 | 17:01 | 5.47 | -.03 | -0.55% | R204 | 17:01 | 6.19 | -.02 | -0.32% | R207 | 17:01 | 6.47 | -.02 | -0.31% | Brent Crude | 19:58 | 110.39 | -.39 | -0.35% | Rand / Dollar | 19:58 | 8.8222 | -0.0111 | -0.13% | Rand / Pound | 19:55 | 14.1084 | -0.0253 | -0.18% | Rand / Euro | 19:55 | 11.4138 | -0.0643 | -0.56% | Rand / NZD | 19:58 | 7.2426 | -0.0234 | -0.32% | Rand / AUD | 19:55 | 9.2313 | -0.0197 | -0.21% | Yen / Dollar | 19:58 | 82.1500 | 0.1050 | 0.13% | Euro / Dollar | 19:55 | 0.7726 | 0.0033 | 0.43% | Dollar / Euro | 19:58 | 1.2938 | -0.0050 | -0.39% | Pound / Dollar | 19:55 | 0.6236 | 0.0002 | 0.03% |
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Click here for the Sharenet Spot Price page
The JSE Today
Trading Statistics
Date | Adv. | Decl. | Unch. | Actives | Volume | Value | Trades | Orders |
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27/11/2012 | 174 | 162 | 82 | 418 | 165,667,200 | R8,999,706,190 | 100237 | 1233674 | 26/11/2012 | 175 | 171 | 69 | 415 | 130,327,917 | R6,612,973,017 | 78096 | 1143379 | 23/11/2012 | 163 | 177 | 79 | 419 | 201,995,622 | R8,928,654,978 | 98828 | 1366447 | 22/11/2012 | 226 | 120 | 67 | 413 | 276,898,318 | R14,081,937,667 | 121502 | 1495453 | 21/11/2012 | 205 | 127 | 61 | 393 | 202,500,700 | R10,120,143,320 | 109076 | 1489515 |
* Includes all listed instruments on the JSE
Index Summary Index Name | RP | Move | % Move | Top 40 | 33,580.00 | 49.00 | 0.15% | Industrial | 45,528.00 | 59.00 | 0.13% | Mid Cap | 52,405.00 | -80.00 | -0.15% | Small Cap | 39,250.00 | 79.00 | 0.20% | Resource 20 | 49,490.00 | 18.00 | 0.04% | Industrial 25 | 39,317.00 | 52.00 | 0.13% | Financial 15 | 10,340.00 | 22.00 | 0.22% | Financial & Ind. 30 | 42,388.00 | 81.00 | 0.19% | All Share | 37,805.00 | 39.00 | 0.11% | Oil & Gas | 29,015.00 | 85.00 | 0.29% | Mining | 31,627.00 | .00 | -0.00% | Gold Mining | 2,314.00 | -32.00 | -1.40% | Platinum Mining | 51.00 | .00 | 0.61% | GENERAL MINING | 8,272.00 | 21.00 | 0.26% | Oil & Gas Producers | 15,600.00 | 45.00 | 0.30% | Basic Materials | 27,195.00 | .00 | 0.00% | Chemicals | 15,869.00 | 65.00 | 0.41% | Forestry & Paper | 16,950.00 | 68.00 | 0.41% | Industrial Metals | 27,463.00 | -107.00 | -0.39% | Industrials | 35,218.00 | 45.00 | 0.13% | General Industrials | 102.00 | .00 | 0.79% | Consumer Goods | 41,052.00 | 139.00 | 0.34% | Automobiles & Parts | 6,555.00 | 11.00 | 0.18% | Household Goods | 186.00 | -1 | -0.57% | Health Care | 51,390.00 | 20.00 | 0.04% | Beverages | 136.00 | .00 | 0.56% |
| | Index Name | RP | Move | % Move | Food Producers | 67,028.00 | 417.00 | 0.63% | Personal Goods | 651.00 | .00 | 0.03% | Consumer Services | 80,552.00 | 143.00 | 0.18% | General Retailers | 66,282.00 | 205.00 | 0.31% | Travel & Leisure | 4,651.00 | 10.00 | 0.22% | Media | 117.00 | .00 | -0.18% | Support Services | 2,320.00 | 10.00 | 0.47% | Telecommunications | 80,147.00 | -393.00 | -0.49% | Financials | 27,789.00 | 37.00 | 0.14% | Banks | 48,516.00 | -11.00 | -0.02% | Non-life Insurance | 44,153.00 | -252.00 | -0.57% | Life Insurance | 24,176.00 | 93.00 | 0.39% | General Financial | 2,582.00 | -8.00 | -0.32% | Technology | 34,130.00 | 92.00 | 0.27% | SHARIAH TOP40 | 3,301.00 | 0 | -0.00% | FTSE/JSE SHARIAH ALL | 3,403.00 | 0 | -0.01% | COAL MINING | 20,652.00 | 629 | 3.15% | FTSE JSE Fledgling | 5,689.00 | -1 | -0.02% | FTSE/JSE Alt X | 1,002.00 | 0 | 0.01% | SA LISTED PROPERTY | 483.00 | | 0.03% | CAPPED PROPERTY | 395.00 | | 0.08% | RESOURCE | 27,318.00 | 11 | 0.04% | DIVIDEND PLUS | 205.00 | 1 | 0.55% | FTSE/JSE RAFI 40 | 7,653.00 | 11 | 0.15% | Capped Top 40 | 17,705.00 | 23 | 0.13% | Capped All Share | 19,122.00 | 19 | 0.10% | JSE TABACO | 5,946.00 | 47 | 0.81% |
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Click here for the Sharenet Index Summary page
Latest Consensus Changes** Code | Company Name | Status | Updated | TBS | TIGER BRANDS LTD | HOLD | 23/11/2012 | SAB | SABMILLER PLC | HOLD | 23/11/2012 | SBK | STANDARD BANK GROUP LIMIT... | HOLD | 21/11/2012 | ACL | ARCELORMITTAL SA LTD | SELL | 21/11/2012 | NED | NEDBANK GROUP LTD | HOLD | 21/11/2012 |
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Results Expected** Expected | Company Name | Fin. Date | 28/11/2012 | AFPREFINV | September 2012 (Interim) | 28/11/2012 | BRIKOR | August 2012 (Interim) | 29/11/2012 | KEATON | September 2012 (Interim) | 29/11/2012 | PRIMESERV | September 2012 (Interim) | 29/11/2012 | TELEMASTR | September 2012 (Final) |
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Recent Dividends** Share Name | Dec-Date | LDT | Pay-Date | Amount | PNR FOODS | 26/11/2012 | 25/01/2013 | 04/02/2013 | R 0.7000 | VUKILE | 23/11/2012 | 07/12/2012 | 18/12/2012 | R 0.5703 | SABMILLER | 22/11/2012 | 30/11/2012 | 14/12/2012 | R 0.2400 | ANNUITY | 22/11/2012 | 07/12/2012 | 18/12/2012 | R 0.1915 | TIGBRANDS | 21/11/2012 | 04/01/2013 | 14/01/2013 | R 5.5500 |
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Ex Div** Share Name | Dec-Date | LDT | Pay-Date | Amount | VODACOM | 12/11/2012 | 23/11/2012 | 03/12/2012 | R 3.5500 | BRAIT PREF | 31/10/2012 | 23/11/2012 | 03/12/2012 | R 1.3563 | STEINHOFF | 04/09/2012 | 23/11/2012 | 03/12/2012 | R 0.8000 | HOLDSPORT | 09/10/2012 | 23/11/2012 | 03/12/2012 | R 0.7000 | ANGLD | 08/11/2012 | 23/11/2012 | 14/12/2012 | R 0.5000 |
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Upcoming AGMs** Code | Company Name | Date | Status | REMB | Remgro Ltd. | 27/11/2012 | Confirmed | REM | Remgro Ltd. | 27/11/2012 | Confirmed | BDM | Buildmax Ltd. | 27/11/2012 | Confirmed | ELI | Ellies Holdings Ltd. | 28/11/2012 | Confirmed | DGC | Digicore Holdings Ltd. | 28/11/2012 | Confirmed |
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