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 The Sharenet Daily 
Tuesday, 27 November 2012 - 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)

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

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
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 story
Bangladesh 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
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

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
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

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
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

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
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)
NameTimeRPMove% Move
JSE Overall17:0037805.8039.000.11%
JSE Top 4017:0033580.7249.000.15%
JSE Gold17:002314.14-32.00-1.40%
JSE Financial17:0027789.7737.000.14%
JSE Industrial17:0045528.9259.000.13%
JSE Indust 2517:0039317.9752.000.13%
JSE Resource17:0049490.1618.000.04%
DJ Futures19:5812930.00-6.00-0.05%
DJ Ind19:5812955.07-12.30-0.09%
SP 50019:581407.811.520.11%
FTSE 10018:355799.7112.990.22%
All Ords07:404473.4029.900.67%
NZSE 5006:484009.61-2.42-0.06%
NameTimeRPMove% Move
Gold $19:581744.98-4.24-0.24%
Gold R19:5815395.62-55.06-0.36%
Gold R/kg19:58494912-3992-0.80%
Silver $19:5934.0400-.1180-0.35%
Platinum $19:591612.504.750.30%
Palladium $19:59667.806.050.91%
Brent Crude19:58110.39-.39-0.35%
Rand / Dollar19:588.8222-0.0111-0.13%
Rand / Pound19:5514.1084-0.0253-0.18%
Rand / Euro19:5511.4138-0.0643-0.56%
Rand / NZD19:587.2426-0.0234-0.32%
Rand / AUD19:559.2313-0.0197-0.21%
Yen / Dollar19:5882.15000.10500.13%
Euro / Dollar19:550.77260.00330.43%
Dollar / Euro19:581.2938-0.0050-0.39%
Pound / Dollar19:550.62360.00020.03%

Click here for the Sharenet Spot Price page
The JSE Today

Trading Statistics
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 TORRE  110110.9400
2 BAUBA  1501511.11.%76947
3 PNR-FOODS  61933335.68.%121280
4 CADIZ  15285.56.%74410
5 ARB  420205.00.%24800
6 BELL  2109894.41.%4203
7 CONDUIT  11954.39.%152149
8 SPURCORP  24001004.35.%4000
9 DIGICOR  255104.08.%4400100
10 PHUMELELA  840303.70.%147925
11 NEW CPA  11543.60.%156037
12 HULAMIN  405143.58.%109384
13 COMAIR  15253.40.%295370
14 EASTPLATS  12643.28.%270863
15 EXXARO  162005013.19.%699886
16 NORTHAM  3564992.86.%337615
17 SAPPI  2822722.62.%1737074
18 BRIMSTON  1025252.50.%17000
19 AQUARIUS  620152.48.%70115
20 ALTECH  3755902.46.%12878

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Major Moves Down
SharenameSaleMove% MoveVolume
1 WITSGOLD  1900-600-24.00.%2875
2 PUTPROP  620-60-8.82.%541
3 ADAPTIT  132-10-7.04.%57500
4 DISTELL  10350-671-6.09.%6320
5 JUBILEE  108-7-6.09.%452655
6 ATLATSA  120-7-5.51.%500
7 ITLTILE  600-34-5.36.%80787
8 ALTRON  2140-110-4.89.%17074
9 TRANSCAP  710-36-4.83.%24205
10 GOLDONE  335-13-3.74.%50000
11 HUGE  111-4-3.48.%47000
12 MUSTEK  560-20-3.45.%152689
13 VILLAGE  116-4-3.33.%1908476
14 TRNSHEX  300-10-3.23.%15829
15 KELLY  150-5-3.23.%1000
16 ARCMITTAL  3095-99-3.10.%219587
17 NIVEUS  1155-35-2.94.%505000
18 GOLIATH  345-10-2.82.%33000
19 AFRO-C  418-12-2.79.%38763
20 SENTULA  180-5-2.70.%79096

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New Highs
SharenameSaleHighMove% MoveVolume
1 TORRE  110110110.9400
2 NORTHAM  35643800992.86.%337615
3 DIPULA-B  780780182.36.%16000
4 ELBGROUP  29002900501.75.%9807
5 REINET  17151720291.72.%4349484
6 TIGBRANDS  29300293574601.60.%631585
7 AFROX  21002171301.45.%65671
8 SHOPRIT  18760187942611.41.%1073403
9 ARROW-B  63063250.80.%380812
10 ASSORE  37300378592000.54.%54554
11 SANLAM  40864132110.27.%3957801
12 NEPI  49755005-25-0.50.%23815
13 CAPCO  33743585-18-0.53.%266035
14 LIB-HOLD  1024410430-136-1.31.%226323

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New Lows
SharenameSaleLowMove% MoveVolume
1 EASTPLATS  12611943.28.%270863

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Index Summary
Index NameRPMove% Move
Top 4033,580.0049.000.15%
Mid Cap52,405.00-80.00-0.15%
Small Cap39,250.0079.000.20%
Resource 2049,490.0018.000.04%
Industrial 2539,317.0052.000.13%
Financial 1510,340.0022.000.22%
Financial & Ind. 3042,388.0081.000.19%
All Share37,805.0039.000.11%
Oil & Gas 29,015.0085.000.29%
Mining 31,627.00.00-0.00%
Gold Mining2,314.00-32.00-1.40%
Platinum Mining51.00.000.61%
GENERAL MINING8,272.0021.000.26%
Oil & Gas Producers 15,600.0045.000.30%
Basic Materials 27,
Chemicals 15,869.0065.000.41%
Forestry & Paper 16,950.0068.000.41%
Industrial Metals 27,463.00-107.00-0.39%
Industrials 35,218.0045.000.13%
General Industrials
Consumer Goods 41,052.00139.000.34%
Automobiles & Parts 6,555.0011.000.18%
Household Goods186.00-1-0.57%
Health Care 51,390.0020.000.04%
Index NameRPMove% Move
Food Producers 67,028.00417.000.63%
Personal Goods 651.00.000.03%
Consumer Services 80,552.00143.000.18%
General Retailers 66,282.00205.000.31%
Travel & Leisure 4,651.0010.000.22%
Media 117.00.00-0.18%
Support Services 2,320.0010.000.47%
Telecommunications 80,147.00-393.00-0.49%
Financials 27,789.0037.000.14%
Banks 48,516.00-11.00-0.02%
Non-life Insurance 44,153.00-252.00-0.57%
Life Insurance 24,176.0093.000.39%
General Financial 2,582.00-8.00-0.32%
Technology 34,130.0092.000.27%
SHARIAH TOP40 3,301.000-0.00%
FTSE/JSE SHARIAH ALL3,403.000-0.01%
COAL MINING20,652.006293.15%
FTSE JSE Fledgling 5,689.00-1-0.02%
FTSE/JSE Alt X 1,002.0000.01%
RESOURCE 27,318.00110.04%
DIVIDEND PLUS205.0010.55%
FTSE/JSE RAFI 407,653.00110.15%
Capped Top 4017,705.00230.13%
Capped All Share19,122.00190.10%
JSE TABACO 5,946.00470.81%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
28/11/2012AFPREFINVSeptember 2012 (Interim)
28/11/2012BRIKORAugust 2012 (Interim)
29/11/2012KEATONSeptember 2012 (Interim)
29/11/2012PRIMESERVSeptember 2012 (Interim)
29/11/2012TELEMASTRSeptember 2012 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
PNR FOODS26/11/201225/01/201304/02/2013R 0.7000
VUKILE23/11/201207/12/201218/12/2012R 0.5703
SABMILLER22/11/201230/11/201214/12/2012R 0.2400
ANNUITY22/11/201207/12/201218/12/2012R 0.1915
TIGBRANDS21/11/201204/01/201314/01/2013R 5.5500
Ex Div**
Share NameDec-DateLDTPay-DateAmount
VODACOM12/11/201223/11/201203/12/2012R 3.5500
BRAIT PREF31/10/201223/11/201203/12/2012R 1.3563
STEINHOFF04/09/201223/11/201203/12/2012R 0.8000
HOLDSPORT09/10/201223/11/201203/12/2012R 0.7000
ANGLD08/11/201223/11/201214/12/2012R 0.5000

Upcoming AGMs**
CodeCompany NameDateStatus
REMBRemgro Ltd.27/11/2012Confirmed
REMRemgro Ltd.27/11/2012Confirmed
BDMBuildmax Ltd.27/11/2012Confirmed
ELIEllies Holdings Ltd.28/11/2012Confirmed
DGCDigicore Holdings Ltd.28/11/2012Confirmed

Stock Exchange News Service
27/11/201217:43LONMIN PLC - Notification of Major Interest in Shares
27/11/201217:40ARROWHEAD PROPERTIES LIMITED - Update to the audited results for the year ended...
27/11/201217:30ARGENT INDUSTRIAL LIMITED - Dealing in securities by directors
27/11/201217:28KAGISO MEDIA LIMITED - Director's Dealings
27/11/201217:15CROOKES BROTHERS LIMITED - Changes to the Board
27/11/201217:06O LIMITED - Report On Proceedings At Annual General Meeting
27/11/201217:05O LIMITED - Prefex Securities - Distribution Finalisation Announcement
27/11/201217:05CROOKES BROTHERS LIMITED - Unaudited interim results and cash dividend declarati...
27/11/201217:01JD GROUP LIMITED - Interest Payment Announcement - JDGCB
27/11/201216:55KAGISO MEDIA LIMITED - Director's Dealings
27/11/201216:42THE BIDVEST GROUP LIMITED - Record date of adjourned AGM and other related infor...
27/11/201216:23MASSMART HOLDINGS LIMITED - Notification of Directors' dealing in Massmart Holdi...
27/11/201216:18R AND JACK MINES LIMITED - Consequences of Possible Suspension of The Companys S...
27/11/201216:10ING HOLDINGS LIMITED - Dealings in securities by director
27/11/201215:48KU HOLDINGS LIMITED - Notification of share dealing by an associate of a directo...
27/11/201215:45Stratcorp Limited - Unaudited Condensed Consolidated Financial Results For The S...
27/11/201215:35OLDINGS LIMITED - Changes in Directorate
27/11/201215:31GROUP FIVE LIMITED - Results of general meeting
27/11/201215:27GRINDROD LIMITED - Share Dealings
27/11/201215:01THE SPAR GROUP LIMITED - Dealing in securities by the Spar Group Limited employe...
27/11/201214:55R LIMITED - Resignation of Director
27/11/201214:17SUPER GROUP LIMITED - Results of Annual General Meeting
27/11/201213:22O RESOURCES LIMITED - Trading of Exxaro ordinary shares on behalf of the Kumba M...
27/11/201212:40INDWA INVESTMENTS LIMITED - Full Capital Redemption - IND248
27/11/201212:30BLACKSTAR GROUP SE - Result Of Extraordinary General Meeting (GM) Requisitioned...
27/11/201212:30FORTRESS INCOME FUND LIMITED - Interest Rate Reset - FIFB01
27/11/201212:16BUILDMAX LIMITED - Cautionary Announcement regarding a proposed bee transaction
27/11/201212:02AFRICAN DAWN CAPITAL LIMITED - Notice of increase in shareholding in terms of 12...
27/11/201212:00METROFILE HOLDINGS LIMITED - Results of Annual General Meeting
27/11/201211:43AFRICAN DAWN CAPITAL LIMITED - Director's dealings in shares
27/11/201211:26AFRICAN DAWN CAPITAL LIMITED - Notice of decrease in shareholding in terms of 12...
27/11/201211:17MINE RESTORATION INVESTMENTS LTD - New Trading Statement
27/11/201211:08MINE RESTORATION INVESTMENTS LTD - Revocation of Trading Statement
27/11/201210:44MUVONI TECHNOLOGY GROUP LTD - Trading Statement
27/11/201210:12EDCON (PTY) LIMITED - Edcon Results Announcement - 6 months ended 29 September 2...
27/11/201210:00CAPITAL PROPERTY FUND - New Financial Instrument Listing: CPL010
27/11/201209:45CONTROL INSTRUMENTS GROUP LIMITED - Directors' dealings
27/11/201209:34INVESTEC PROPERTY FUND LIMITED - Director's dealing in securities
27/11/201209:33INVESTEC PROPERTY FUND LIMITED - CANCELLATION OF S325835 Directors dealing in se...
27/11/201209:02COUNTRY BIRD HOLDINGS LIMITED - Dealings in securities
27/11/201209:00CENTRAL RAND GOLD LIMITED - Agreement Reached With Trans Caledon Tunnel Authorit...
27/11/201209:00ASPEN PHARMACARE HOLDINGS LIMITED - Dealing in securities by directors and by di...
27/11/201207:30FIRSTRAND BANK LIMITED - Listing of Tap Issue - FRBI33
27/11/201207:25TORQUE SECURITISATION (RF) LTD - Interest Rate Reset - TORQ1-6
27/11/201207:10IVUZI INVESTMENTS LIMITED - New Instrument Listing - IVA309
27/11/201207:05 HOLDINGS LIMITED - Unaudited results for the six months ended 30 September 2012
27/11/201207:05BRITISH AMERICAN TOBACCO PLC - Transaction in own shares
27/11/201207:05FERRUM CRESCENT LIMITED - Issue of shares to BEE partner
27/11/201207:05FIRSTRAND BANK LIMITED - New Instrument Listing - FRC155
27/11/201207:05ADCOCK INGRAM HOLDINGS LIMITED - Abridged Preliminary Audited Group Results for ...
27/11/201207:05NASPERS LIMITED - Interim Reviewed Results for the 6 months to 30 September 2012...
27/11/201207:05LONMIN PLC - Director's Share Dealings

Click here for more SENS news