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 The Sharenet Daily 
Tuesday, 05 March 2013 - 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)

2013 National Budget Review

I initially planned to entertain you with a look at portfolio risk; however, since the flavour of the week seems to be Finance Minister Pravin Gordhan’s budget, this will have to wait as we look at some of the budget highlights.

From an economic perspective, it was clear that Pravin Gordhan did not want to shock anyone with the 2013/14 budget. All the main rates are relatively unchanged. Mr Gordhan is counting on faster economic and income growth going forward, expecting GDP growth of 2.7% in 2013 increasing to 3.8% in 2015. Due to tight fiscal conditions, spending cuts of R10.4bn will be implemented over the next three years, shrinking the budget deficit from the current 5.2% to 3.1% in 2015/16 and to stabilise the debt ratio.

Income Tax:
Minister Gordhan proposed income tax relief of R7bn, but this mainly compensates for the so called “bracket creep” which is where wage inflation pushes taxpayers into higher tax thresholds. 47% of the tax base is represented by people earning between R60 000 and R150 000 pa. They will receive R1.9bn or 26.6% of the tax relief. 2% of the tax base earns more than R1 000 000 pa, and they will receive R450m or 6.4% of the total tax relief. The maximum marginal tax rate will remain at 40% of taxable income above R638 600 pa.

For your retirement:
From 2014, an employer’s contribution to a retirement fund on behalf of an employee will be treated as a taxable fringe benefit. Individuals will be allowed to deduct up to 27.5% of the higher of taxable income or employable income for contributions to pension, provident or retirement annuity funds. The maximum allowable deduction per year will be R350 000, and any contributions above this cap will be carried over to the following year.
The exemption on interest earned for individuals older than 65 increased by R1 500 to R34 500. For individuals younger than 65, it was increased R1 000 to R23 800.

Sin tax:
Sin tax is calculated on a percentage basis of the overall sales price. Beer prices are up by 7.5c, spirits R3.60, wine 15c, and 60c on a packet of cigarettes.

The national fuel levy will increase by 22.5c/l whilst the 7.5 c/l as implemented for pipeline construction two years ago will now expire; essentially increasing by 15c/l increase, bringing the levy to R2.13. The levy for the Road Accident Fund increases by 8c/l to 96c/l of petrol. Carbon tax will be implemented on 1 January 2015 at R120 per ton of CO2.

Infrastructure and development:
Although some critics say that South Africa doesn’t have the capacity to spend the money allocated to infrastructure and development, over the next three years the plan is for R827bn to be invested into building and upgrading new infrastructure. This includes R1.8bn to increase the number of school teachers. The youth wage subsidy is also back (albeit diluted somewhat), R500m will go towards creating jobs for young people.

VAT remains unchanged at 14%. Foreign businesses, such as iTunes, who distribute products and services in South Africa will also need to register as VAT vendors.

It was inspiring to see Pravin Gordhan’s strong response against corruption. A new Chief Procurement Office is being set up as a means to combat corruption. He praised the fact that some 216 corruption cases have been successfully settled.

So… what are the risks?
There were no surprises, and SA will continue on the same strategy as has been followed for the past three years. The Ministry expects CPI to remain between 5% - 6%. The budget deficit was revised upwards from 4.8% to 5.2% of GDP. Net debt is expected to stabilise at 40% of GDP. No mention was made about increasing personal tax on the super wealthy, or the new mining profit tax, but this may still come. Minister Gordhan did, however, warn that if growth did not pick up, there could be tax rate adjustments.

The spirit of the budget seems to be in the direction of anti-corruption, controlling expenditures, boosting revenue by job creation and stimulating growth. Minister Gordhan makes it clear that the time of wasting money is over. State spending should be effective.

These are some of the highlights of the 2013 budget. The real risks lie in the implementation of the budget and especially controlling the expenditure. One thing is certain, the level of taxation is not decreasing anytime soon.

Warm Regards,

Lourens Rabe


Feel free to look at the complete budget online.

021 914 4966

Tue, 05 Mar 2013
Top News
South Africa's rand rose against the dollar on Tuesday, recovering from earlier lows as general bullishness on equity markets offset the dampener of news that miners at platinum producer Lonmin went on strike.  Full story

South African stocks booked their best performance in two months on Tuesday, rising nearly 2 percent as Wall Street touched a record high and expectations of Chinese stimulus lifted commodities firms including BHP Billiton.  Full story
Kenyan presidential hopeful Uhuru Kenyatta opened an early lead as ballots were counted on Tuesday in an election that brought out millions of voters despite pockets of violence that killed at least 15 people.  Full story
Venezuela's political and military leaders gathered at the presidential palace and supporters wept on Tuesday after the government said President Hugo Chavez suffered a serious setback in his battle against cancer.  Full story
Venezuela's political and military leaders gathered at the presidential palace and supporters wept on Tuesday after the government said President Hugo Chavez had suffered a serious setback in his battle against cancer.  Full story
The Dow Jones Industrial Average hit a record high on Tuesday as major world stock markets rallied after China pledged more government spending. . .  Full story
Britain's blue chip shares surged on Tuesday to close above 6,400 for the first time in over five years helped by solid company. . .  Full story
Europe's top equity indexes bounced to multi-year highs on Tuesday, propelled by the breach of key technical levels, a crop of upbeat corporate. . .  Full story
The Dow Jones Industrial Average surged to a record on Tuesday, breaking through levels last seen in 2007 as investors poured money into. . .  Full story

U.S. stocks extended gains on Tuesday as the Dow surged to a record high, breaking through levels last seen in 2007 as. . .  Full story
Gold prices rose on Tuesday, snapping four days of losses, as expectations that central banks would stick to ultra-loose monetary policy this week. . .  Full story
U.S. stocks extended gains as the Dow set an intraday record high and the Nasdaq briefly gained more than 1 percent after data. . .  Full story
The Dow Jones industrial average on Tuesday hit the highest level ever as it broke the previous intraday record of 14,198.10 set on. . .  Full story
SA Business
Thousands of miners remained on strike at two shafts in South Africa's Marikana platinum mine on Tuesday, operator Lonmin Plc said,. . .  Full story
South Africa's second biggest bank, FirstRand, said it is scaling back loans and setting aside more money for bad debts, signs. . .  Full story
South Africa's new headline producer inflation was at 5.8 percent year-on-year in January compared with a recalculated 6.3 percent in December,. . .  Full story
Sudan expects 20 more companies to start producing gold this year and will allocate more land for investors for mineral exploration,. . .  Full story

South African furniture maker and retailer Steinhoff International reported a 5 percent rise in first-half profit on Tuesday as the weaker rand currency helped offset slack consumer demand.. . .  Full story
South Africa's rand recovered most of its earlier losses against the dollar after a brief illegal strike at Lonmin's Marikana mine ended on Tuesday.. . .  Full story
Company News
The company advised its shareholders of the appointment of Dr Christoffel Hendrik Wiese (72) as independent non-executive director to the board with effect from 5 March 2013. In compliance with. . .  Full story
The management of AFGRI expects earnings per share and headline earnings per share from all operations to be between 12 -18% lower than the previous comparable interim period. The overall performance. . .  Full story
Implats advised shareholders that the Government of Zimbabwe has, through a Government Gazette Extraordinary dated 1 March 2013 ("Gazette Extraordinary"), indicated that it intends to compulsorily acquire 27 948 hectares or. . .  Full story
Company Results
Loss from operations rose by 148.7% to R31.2 million (loss of R12.5 million). Total comprehensive loss for the period of R1.8. . .  Full story
Revenue increased by 11.9% to R75.4 billion (R67.3 billion). Gross income rose 11.5% to R14.6 billion (R13.1 billion). Trading profit was. . .  Full story
Moneyweb changed its year end, therefore there are no comparable figures. Revenue for the interim period increased to R16.2 million (2011:. . .  Full story
Revenue increased to R357.6 million (R216.3 million). Gross profit increased to R64.7 million (R51 million) and operating profit decreased to R54.2. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0040546.24702.001.76%
JSE Top 4017:0036064.12696.001.97%
JSE Gold17:001853.74-10.00-0.55%
JSE Financial17:0030997.65593.001.95%
JSE Industrial17:0049940.28805.001.64%
JSE Indust 2517:0043169.04748.001.76%
JSE Resource17:0049824.24915.001.87%
DJ Futures19:3014258.00142.001.01%
DJ Ind19:5414267.20139.380.99%
SP 50019:541540.7215.521.02%
FTSE 10018:356431.9586.321.36%
All Ords07:505088.1059.601.19%
NZSE 5006:524269.1615.560.37%
NameTimeRPMove% Move
Gold $19:591572.70-2.42-0.15%
Gold R19:5914220.49-75.83-0.53%
Gold R/kg19:54457709-1561-0.34%
Silver $19:5928.5250-.0540-0.19%
Platinum $19:561578.0015.000.96%
Palladium $19:59732.3017.102.39%
Brent Crude19:48110.60.200.18%
Rand / Dollar19:599.0422-0.0350-0.39%
Rand / Pound19:5513.6389-0.0444-0.32%
Rand / Euro19:5511.7886-0.0305-0.26%
Rand / NZD19:597.5045-0.0054-0.07%
Rand / AUD19:559.26880.01730.19%
Yen / Dollar19:5993.3810-0.0830-0.09%
Euro / Dollar19:590.7678-0.0001-0.01%
Dollar / Euro19:591.30260.00060.05%
Pound / Dollar19:550.66180.00050.08%

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The JSE Today

Trading Statistics
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 BUILDMX  2383316.10.%106500
2 ALTECH  40003008.11.%78103
3 CBH  384246.67.%7423
4 BRIMSTON  1490906.43.%11931
5 ASSORE  3599821486.35.%108641
6 SABVEST  18001005.88.%2000
7 MIXTEL  360195.57.%515616
8 OCEANA  73953605.12.%90985
9 SEPHAKU  494245.11.%40566
10 SANTOVA  10555.00.%54650
11 JASCO  13564.65.%74600
12 ROCKCASTL  1235534.48.%58001
13 FIRSTRAND  32201374.44.%14940972
14 RAINBOW  1540654.41.%315504
15 CAPITEC  193507604.09.%320049
16 ASPEN  177506813.99.%998906
17 AVENG  36211373.93.%2752906
18 WOOLIES  68502503.79.%3962553
19 IMPLATS  136994993.78.%2533792
20 AFRIMAT  855303.64.%32612

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Major Moves Down
SharenameSaleMove% MoveVolume
1 MARSHALL  655-95-12.67.%1396
2 OCTODEC  2052-217-9.56.%30206
3 ATLATSA  185-15-7.50.%26542
4 TASTE  370-20-5.13.%293009
5 ASCEN B  240-10-4.00.%180000
6 MAZOR  173-7-3.89.%163743
7 S-OCEAN  155-5-3.13.%53000
8 ILIAD  570-15-2.56.%22134
9 TSOGO-SUN  2402-53-2.16.%58321
10 FAMBRANDS  8072-178-2.16.%37088
11 PREMIUM  1855-39-2.06.%3890
12 EASTPLATS  165-3-1.79.%77100
13 LONMIN  4549-75-1.62.%860750
14 CURRO  1850-30-1.60.%46978
15 ADVTECH  650-10-1.52.%54438
16 MVELASERV  790-10-1.25.%2053
17 LITHA  345-4-1.15.%92517
18 EQSTRA  615-7-1.13.%7060
19 CIL  1671-19-1.12.%1043
20 HULAMIN  450-5-1.10.%318790

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New Highs
SharenameSaleHighMove% MoveVolume
1 BRIMSTON  14901500906.43.%11931
2 SABVEST  180018001005.88.%2000
3 OCEANA  739573953605.12.%90985
4 ASPEN  17750177756813.99.%998906
5 FAIRVEST  14514553.57.%3000
6 OLDMUTUAL  28932900853.03.%6324354
7 GRINDROD  18891889542.94.%1489717
8 MONDILTDP  11883118933082.66.%361038
9 MONDIPLCP  11845118692652.29.%631443
10 BRIMST-N  13201350201.54.%349504
11 SA-CORP  41343561.47.%975066
12 REMGRO  17300174452501.47.%1091652
13 SABMILLER  46600467086641.45.%1343272
14 AECI  9850100401001.03.%204441
15 BATS  49050491813430.70.%459258
16 LIB-HOLD  1190012381300.25.%800405
17 NASPERSN  61399621711540.25.%2177573
18 PREMIUM  18551924-39-2.06.%3890

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New Lows
SharenameSaleLowMove% MoveVolume
1 ANGGOLD  2152721300-218-1.00.%2000467
2 HARMONY  55125296-54-0.97.%1472769
3 GFIELDS  7275723570.10.%2582023
4 ABIL  29202812592.06.%9793422

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Index Summary
Index NameRPMove% Move
Top 4036,064.00696.001.97%
Mid Cap55,539.00469.000.85%
Small Cap42,981.00136.000.32%
Resource 2049,824.00915.001.87%
Industrial 2543,169.00748.001.76%
Financial 1511,678.00257.002.26%
Financial & Ind. 3047,171.00898.001.94%
All Share40,546.00702.001.76%
Oil & Gas 30,405.00590.001.98%
Mining 31,422.00562.001.82%
Gold Mining1,853.00-10.00-0.55%
Platinum Mining50.001.003.71%
GENERAL MINING8,565.00182.002.17%
Oil & Gas Producers 16,348.00317.001.98%
Basic Materials 27,403.00485.001.81%
Chemicals 19,061.00238.001.27%
Forestry & Paper 20,934.00458.002.24%
Industrial Metals 28,365.00333.001.19%
Industrials 40,567.00332.000.83%
General Industrials
Consumer Goods 46,142.00863.001.91%
Automobiles & Parts 7,470.0034.000.46%
Household Goods180.0042.31%
Health Care 57,842.00908.001.60%
Index NameRPMove% Move
Food Producers 70,308.00712.001.02%
Personal Goods 738.0023.003.27%
Consumer Services 82,162.001174.001.45%
General Retailers 62,056.001335.002.20%
Travel & Leisure 5,189.00-22.00-0.43%
Support Services 2,351.007.000.31%
Telecommunications 85,594.001617.001.93%
Financials 30,997.00593.001.95%
Banks 54,214.001440.002.73%
Non-life Insurance 49,781.001032.002.12%
Life Insurance 28,618.00588.002.10%
General Financial 2,824.0041.001.49%
Technology 35,704.00266.000.75%
SHARIAH TOP40 3,433.00722.15%
FTSE/JSE SHARIAH ALL3,555.00671.95%
COAL MINING22,085.004842.24%
FTSE JSE Fledgling 5,916.00240.42%
FTSE/JSE Alt X 895.00404.79%
RESOURCE 27,368.004961.85%
DIVIDEND PLUS220.0042.08%
FTSE/JSE RAFI 408,315.001632.01%
Capped Top 4019,033.003641.95%
Capped All Share20,521.003531.75%
JSE TABACO 6,267.00440.72%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
06/03/2013EASTPLATSDecember 2012 (Final)
06/03/2013METAIRDecember 2012 (Final)
06/03/2013MMI HLDGSDecember 2013 (Interim)
06/03/2013MMIPREFDecember 2013 (Interim)
06/03/2013PINNACLEDecember 2012 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
BIDVEST04/03/201320/03/201302/04/2013R 3.2400
CAPEVINH04/03/201327/03/201308/04/2013R 0.1000
SYNERGY B01/03/201314/03/201325/03/2013R 0.2475
NEPI01/03/201320/03/201308/04/2013R 0.1205
OLDMUTUAL01/03/201319/04/201331/05/2013R 0.0525
Ex Div**
Share NameDec-DateLDTPay-DateAmount
HUDACO01/02/201301/03/201311/03/2013R 3.1000
ASSORE13/02/201301/03/201311/03/2013R 2.5000
WOOLIES14/02/201301/03/201311/03/2013R 0.8600
GFIELDS14/02/201301/03/201311/03/2013R 0.7500
BHPBILL20/02/201301/03/201328/03/2013R 0.5700

Upcoming AGMs**
CodeCompany NameDateStatus
TCPTransaction Capital Ltd.05/03/2013Confirmed
RACRACEC Group Ltd.05/03/2013Confirmed
JDHJohn Daniel Holdings Ltd.05/03/2013Unconfirmed
SLPSable Platinum Ltd.06/03/2013Confirmed

Stock Exchange News Service
05/03/201317:40KIBO MINING PLC - Capital reorganisation and issue of equity
05/03/201317:35FONEWORX HOLDINGS LIMITED - Renewal of cautionary announcement
05/03/201317:03INFRASORS HOLDINGS LIMITED - Disclosure of disposal of securities
05/03/201317:00NAMPAK LIMITED - Settlement And Allotment Of Shares To An Executive Director
05/03/201317:00AH-VEST LIMITED - Renewal of Cautionary Announcement
05/03/201316:57BUILDMAX LIMITED - Buildmax trading statement for the year ended 28 February 201...
05/03/201316:50INGUZA INVESTMENTS (PTY) LIMITED - Full Capital Redemption - ING168
05/03/201316:45BSI STEEL LIMITED - interim trading statement
05/03/201316:40IVUZI INVESTMENTS LIMITED - Full Capital Redemption - IVA310
05/03/201316:31TIMES MEDIA GROUP LIMITED - Change To The Board Of Directors
05/03/201316:28SHOPRITE HOLDINGS LIMITED - Dealing in securities by a non-executive director
05/03/201316:23OLD MUTUAL PLC - Notification of Transactions
05/03/201316:20OLD MUTUAL PLC - Total Voting Rights and Shares in Issue
05/03/201316:05FIRST STRUT (PROPRIETARY) LIMITED - Interest Rate Reset - FTG1
05/03/201315:20THE STANDARD BANK OF SA LTD - Interest rate Announcement / BISTDB - CLN289
05/03/201315:17ACUCAP PROPERTIES LIMITED - ACP - Dealings in securities by a director
05/03/201314:57INVESTEC BANK LIMITED - Declared dividend announcement on Firstrand Limited Hot ...
05/03/201314:51THE STANDARD BANK OF SA LTD - Interest Rate Announcement / BISTDB - CLN116, CLN1...
05/03/201314:50COMPU-CLEARING OUTSOURCING LIMITED - Directors exercise of share options
05/03/201314:41STEINHOFF INTERNATIONAL HOLDINGS LD - Interim Results for the 6 months ended 31 ...
05/03/201314:33NEDBANK LIMITED - Dividend Distribution - GFINNG
05/03/201314:31BUILDMAX LIMITED - Voluntary announcement relating to a new contract awarded in ...
05/03/201314:30PROTECH KHUTHELE HOLDINGS LIMITED - Announcement regarding changes to the compos...
05/03/201314:15JSE LIMITED - Early redemption of Credit Linked Note - Full capital redemption -...
05/03/201313:43LONMIN PLC - Total Voting Rights and Capital as at 28 February 2013
05/03/201313:32GROUP FIVE LIMITED - Dealing in securities by a director of a major subsidiary
05/03/201313:10LONMIN PLC - Director share dealing
05/03/201312:08INFRASORS HOLDINGS LIMITED - Dealings by Directors
05/03/201312:04INFRASORS HOLDINGS LIMITED - Changes to the Board
05/03/201312:00AFGRI LIMITED - Voluntary Trading Update
05/03/201311:45SYNTHESIS FUNDING LIMITED - SYN985 Synthesis Funding Limited - New Financial In...
05/03/201311:11NEW GOLD ISSUER LIMITED - GLD - Results of Meeting of NewGold Bullion Debenture ...
05/03/201311:00OCEANA GROUP LIMITED - Increase in beneficial holding of Tiger Brands Limited
05/03/201310:42CARGO CARRIERS LIMITED - Update on Proposed Property Disposal by a Wholly-Owned ...
05/03/201310:23THE STANDARD BANK OF SA LTD - The Standard Bank of South Africa Limited New Fina...
05/03/201310:01TRANSACTION CAPITAL LIMITED - Results of the Annual General Meeting
05/03/201310:00BRITISH AMERICAN TOBACCO PLC - Notification Of Transactions By Directors, Person...
05/03/201310:00IMPALA PLATINUM HOLDINGS LIMITED - Proposed compulsory acquisition of Zimplats m...
05/03/201310:00ROCKCASTLE GLOBAL REAL EST CO LTD - Opening of private placing
05/03/201310:001TIME HOLDINGS LIMITED - Change To The Board Of Directors - Resignation And Chan...
05/03/201310:00PROP INDEX TRACKER COL INV SCHEME - Lisitng of 100 000 additional PropTrax TEN s...
05/03/201309:45TRANSACTION CAPITAL LIMITED - AGM Statement by the Group Chief Executive Officer
05/03/201309:20CAPITEC BANK HOLDINGS LIMITED - Trading statement & Moodys rating action
05/03/201309:18ASTRAL FOODS LIMITED - Notice in terms of Section 45(5) of the Companies Act No....
05/03/201308:58STANDARD BANK OF SOUTH AFRICA LD - SCIB: The Standard Bank Of South Africa Limit...
05/03/201308:45WILLIAM TELL HOLDINGS LIMITED - Voluntary Announcement
05/03/201308:28SHERBOURNE CAPITAL LIMITED - Update on Arkein acquisition and suspension of secu...
05/03/201308:23ROYAL BAFOKENG PLATINUM LIMITED - Audited abridged results for the year ended 31...
05/03/201308:03BRITISH AMERICAN TOBACCO PLC - Transaction in own shares
05/03/201308:00FIRSTRAND LIMITED - Unaudited results and cash dividend declaration for the six ...
05/03/201307:34MERAFE RESOURCES LIMITED - Abridged Audited Group Annual Financial Statements fo...
05/03/201307:16ANGLO AMERICAN PLC - Bonus Share Plan (BSP) 2013 award
05/03/201307:15ANGLO AMERICAN PLC - PDMR/Directors Interests
05/03/201307:15AFRICAN BANK INVESTMENTS LIMITED - Moodys downgrades African Banks global and lo...
05/03/201307:05BLUE LABEL TELECOMS LIMITED - Directors dealings
05/03/201307:05BRIMSTONE INVESTMENT CORPORATION LD - Reviewed results for the year ended 31 Dec...

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