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The Sharenet Daily 
Tuesday, 12 March 2013 - 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
 
The Investor and the Rhythm of History

In the recently released Berkshire Hathaway annual CEO letter to shareholders, super investor Warren Buffett included the comment that although the immediate future is uncertain, American businesses will do fine over time and stocks, which are tied to business performance will do just as well.

He noted that while there will be periodic setbacks, investors and managers are in a “game that is heavily stacked in their favour.”

Credit Suisse release an annual report titled the “global investment yearbook”. In this, they analyse the returns of the equity and bond market across 22 countries around the world and three regions for periods which extend back to 1900.

The annual Credit Suisse report has quantified just what this outperformance has meant to investors who have had the ability to have a longer term investment horizon.

Credit Suisse also compiled an aggregate index across all 22 countries weighted by the starting year equity market capitalisation.

The results are interesting. On the aggregate index including the US, the long run (113 year) real return (i.e. after inflation) for an investment into equities has been measured at 5% pa and 1.8% pa for bonds. When measured from the start of the 21st century, however, global equities (with the high weighting to the US) have given 0% real return pa and bonds 6.1% pa.

Figure 1 – Including the USA

Because the USA comprises such a large percentage of the weight in this index, they also compiled a data series excluding the USA in order to eliminate the possible “success” bias of the USA. Reducing the number of contributing countries to 21, the real return on world equity markets ex-USA comes down to 4.4% pa and global bonds just 1.4% pa.

It is also interesting to note that the return has been similar to the index that includes the USA over the last 50 years and since 2000.

Figure 2 – Excluding the USA

According to their analysis, the biggest stock market in 1900 was the UK, which comprised 25% of their index, while the USA made up 15%. By the end of 2012, the UK had shrunk to 8% and the USA had grown to 45%. South Africa had shrunk from 3% to 1% of the total world stock market.

It is always important to track long run history in an attempt to try and understand the future. As Mark Twain supposedly quoted, "History does not repeat itself, but it does rhyme.”

Kind regards,

Ian de Lange

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

Tue, 12 Mar 2013
Top News
[IMAGE]
Revenue jumped to R1.38 billion (R1.37 billion) and profit from operating activities rose to R405.6 million (R380.1 million). Profit for the year tumbled to R302.1 million (R341.8 million). Headline earnings per share fell to 473.2c per ordinary share (562.4c per ordinary share). Divide  Full story
[IMAGE]
Revenue was up 45.5% to R2.4 billion (R1.6 billion). Gross margin was higher at R997.1 million (R716.7 million). Net attributable profit was more than 50% larger at R163.5 million (R106.5 million). In addition, headline earnings per share grew by 35.2% to 171.5cps (126.9cps). Outlook EO  Full story
 
Markets
U.S. stock index futures rose on Friday, putting the S&P 500 on track to rise for a sixth straight session and the Dow. . .  Full story
British equities nudged up to fresh 5-year peaks on Friday, with investors looking to U.S. jobs data to show improvement in the world's. . .  Full story
European shares rose on Friday as investors anticipated a strong U.S. jobs figure, with unprecedented central bank monetary policy supporting equities around multi-year highs.. . .  Full story
World shares hit their highest level since June 2008 and the dollar touched a fresh 3-1/2-year high against the yen on Friday, ahead. . .  Full story
Britain's top shares advanced on Friday in the run-up to the U.S. February jobs report, as investors looked for more signs that the. . .  Full story
European shares rose early on Friday with investors positioning themselves cautiously for a potentially stronger reading of U.S. jobs figures, while unprecedented central bank. . .  Full story
Hong Kong shares rose more than 1 percent on Friday, lifting both key indexes up for the week, with growth-sensitive counters buoyed by. . .  Full story
Gold hovered around $1,580 an ounce on Friday, ahead of the release of a key U.S. job market report, after recent upbeat data. . .  Full story
Company News
Shareholders are advised that Mr Adrian Lee Bock has resigned from the Board of Trustco, effective 31 March 2013, having completed. . .  Full story
The board announced the appointment of Louis von Zeuner as a non-executive director of the Company with effect from 1 April. . .  Full story
The financial effects of the proposed empowerment transaction, including the acquisition of the acquisition properties and the specific issue of linked. . .  Full story
Freda Evans resigned as Chief Financial Officer in September 2012 and Aarti Takoordeen, joined the JSE on 1 February 2013, as. . .  Full story
Vukile has proposed implementing a sustainable and commercially driven black economic transformation transaction through the acquisition of an approximate R1.4 billion. . .  Full story
Notice was given that a shareholders' meeting of ELB ordinary shareholders will be held at 09h30 in the Boardroom of ELB. . .  Full story
The board would like to advise shareholders that the basic earnings per linked unit is expected to improve from (0.00) cents. . .  Full story
Shareholders of Barloworld are advised that management of the company, will be attending the Merrill Lynch conference at Sun City. The. . .  Full story
Company Results
Revenue increased by 11% to R4.9 billion (R4.4 billion). Gross profit rose 9% to R2.2 billion (R2.1 billion). Operating profit before. . .  Full story
Turnover rose to R85.4 billion (R83.3 billion) whilst gross profit jumped to R32.4 billion (R29.4 billion). Operating profit shrunk to R18.9. . .  Full story
Total income for the interim period jumped by 22% to R365.5 million (2011: R300.4 million). Profit from operations rose to R88.7. . .  Full story
Revenue increased by 22.8% to R646.3 million (R526.1 million). Operating profit rose by 35.5% to R59.2 million (R43.7 million). Total comprehensive. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0040952.46-31.00-0.08%
JSE Top 4017:0036374.35-16.00-0.05%
JSE Gold17:001950.9729.001.56%
JSE Financial17:0030918.08-217.00-0.70%
JSE Industrial17:0050446.67-200.00-0.40%
JSE Indust 2517:0043534.62-175.00-0.40%
JSE Resource17:0050766.46510.001.02%
DJ Futures19:3414365.00-16.00-0.11%
DJ Ind19:5814436.08-11.21-0.08%
SP 50019:581551.10-5.12-0.33%
Nasdaq19:583238.29-14.58-0.45%
FTSE 10018:356510.626.990.11%
DAX19:087966.12-18.17-0.23%
CAC4019:083839.973.700.10%
Nikkei08:3812314.81-34.24-0.28%
Shanghai09:282286.60-23.99-1.04%
Hang-Seng10:2822890.60-200.22-0.87%
All Ords07:405128.60-31.40-0.61%
NZSE 5008:344378.7612.180.28%
NameTimeRPMove% Move
Gold $19:581592.3011.110.70%
Gold R19:5814604.89238.121.66%
Gold R/kg19:5846976687001.89%
Silver $19:5929.1700.19300.67%
Platinum $19:591590.50-8.25-0.52%
Palladium $19:59772.30-6.00-0.77%
R15717:325.37.010.28%
R20417:396.09.010.16%
R20717:356.34-.03-0.47%
Brent Crude19:58109.96-.89-0.80%
Rand / Dollar19:589.17580.09131.01%
Rand / Pound19:5513.62940.10150.75%
Rand / Euro19:5511.94280.08470.71%
Rand / NZD19:587.57160.05880.78%
Rand / AUD19:559.46830.12551.34%
Yen / Dollar19:5995.9300-0.3630-0.38%
Euro / Dollar19:550.76790.00160.21%
Dollar / Euro19:591.3020-0.0024-0.18%
Pound / Dollar19:550.67130.00120.18%

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The JSE Today

 Trading Statistics
DateAdv.Decl.Unch.ActivesVolumeValueTradesOrders
12/03/201317816773418190,868,621R13,143,764,2111527901569271
11/03/201321312275410208,663,090R13,726,712,2831421491387435
08/03/201320713877422222,629,503R13,780,571,2181480731687512
07/03/201320115274427223,487,735R13,647,973,9731596521730303
06/03/201318515488427237,624,362R15,655,477,4971698201485971
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 DELRAND  1404040.00.%67
2 NICTUS  1291412.17.%3000
3 BAUBA  1101010.00.%2500
4 AME  65004006.56.%500
5 DCENTRIX  330206.45.%12550
6 SPANJRD  510306.25.%3932
7 AQUARIUS  764324.37.%957321
8 HOSP-B  480204.35.%728605
9 OCTODEC  2140803.88.%24104
10 INVICTA  105243743.68.%185015
11 ARB  501173.51.%158494
12 SPURCORP  2999993.41.%79062
13 TRNSHEX  330103.13.%16316
14 PINNACLE  2160653.10.%948498
15 BASREAD  1165353.10.%72993
16 BELL  2600752.97.%4859
17 PETMIN  24472.95.%99631
18 PHUMELELA  1050302.94.%137033
19 CBH  370102.78.%6580
20 OCEANA  77002002.67.%21657

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Major Moves Down
SharenameSaleMove% MoveVolume
1 LONAFRIC  115-15-11.54.%14000
2 TORRE  110-14-11.29.%87096
3 SYNERGY-A  985-115-10.45.%2436
4 DIAMONDCP  137-12-8.05.%48500
5 JUBILEE  110-9-7.56.%218785
6 HOWDEN  2960-140-4.52.%2500
7 ADAPTIT  220-10-4.35.%165030
8 S-OCEAN  156-7-4.29.%30950
9 MPACT  2180-85-3.75.%395458
10 A-V-I  5600-195-3.36.%783434
11 IMPERIAL  19699-681-3.34.%704487
12 CLOVER  1635-55-3.25.%1040755
13 TRUWTHS  9200-275-2.90.%3122388
14 BRAIT  3350-100-2.90.%621320
15 SANTOVA  103-3-2.83.%470897
16 COAL  220-6-2.65.%230771
17 CML  4660-127-2.65.%427026
18 FPT  893-23-2.51.%709269
19 SASFIN  3900-100-2.50.%1401
20 NAMPAK  3151-80-2.48.%640989

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New Highs
SharenameSaleHighMove% MoveVolume
1 AME  650065004006.56.%500
2 INVICTA  10524105503743.68.%185015
3 ARB  501550173.51.%158494
4 SPURCORP  29992999993.41.%79062
5 OCEANA  770077002002.67.%21657
6 GROUP-5  37273727792.17.%153749
7 RAUBEX  20192049341.71.%426392
8 SASOL  41322414255721.40.%1882444
9 SANTAM  21255212992080.99.%112128
10 DAWN  76676660.79.%5252
11 FAMBRANDS  84008770260.31.%85934
12 REINET  1825184010.05.%2016285
13 REMGRO  1789018061-30-0.17.%763981
14 INVLTD  69657030-24-0.34.%871270
15 INVPLC  69367036-64-0.91.%1160776
16 SANLAM  48124900-49-1.01.%2634124
17 NEDCOR  1985920132-249-1.24.%439479
18 HOWDEN  29603401-140-4.52.%2500

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New Lows
SharenameSaleLowMove% MoveVolume
1 JDGROUP  35443521-55-1.53.%1593851
2 ARGENT  591591-9-1.50.%11998

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Index Summary
Index NameRPMove% Move
Top 4036,374.00-16.00-0.05%
Industrial50,446.00-200.00-0.40%
Mid Cap56,456.00-159.00-0.28%
Small Cap43,818.0043.000.10%
Resource 2050,766.00510.001.02%
Industrial 2543,534.00-175.00-0.40%
Financial 1511,631.00-86.00-0.74%
Financial & Ind. 3047,354.00-246.00-0.52%
All Share40,952.00-31.00-0.08%
Oil & Gas 31,270.00433.001.40%
Mining 31,978.00289.000.91%
Gold Mining1,950.0029.001.56%
Platinum Mining50.00.001.70%
GENERAL MINING8,700.0084.000.98%
Oil & Gas Producers 16,813.00233.001.41%
Basic Materials 27,853.00234.000.85%
Chemicals 19,333.00-45.00-0.23%
Forestry & Paper 21,387.0042.000.20%
Industrial Metals 27,903.00209.000.76%
Industrials 41,381.00-151.00-0.36%
General Industrials 119.00.000.67%
Consumer Goods 46,650.0088.000.19%
Automobiles & Parts 7,615.00-3.00-0.05%
Household Goods173.00-1-0.76%
Health Care 60,978.00-115.00-0.19%
Beverages 161.00.000.48%
Index NameRPMove% Move
Food Producers 70,831.00-1015.00-1.41%
Personal Goods 751.007.001.03%
Consumer Services 83,226.00-1095.00-1.30%
General Retailers 62,913.00-848.00-1.33%
Travel & Leisure 5,349.008.000.17%
Media 136.00-2.00-1.56%
Support Services 2,400.0035.001.52%
Telecommunications 83,571.00-1056.00-1.25%
Financials 30,918.00-217.00-0.70%
Banks 53,450.00-605.00-1.12%
Non-life Insurance 54,247.00531.000.99%
Life Insurance 28,698.00-145.00-0.50%
General Financial 2,868.00-22.00-0.79%
Technology 37,029.0052.000.14%
SHARIAH TOP40 3,475.00190.56%
FTSE/JSE SHARIAH ALL3,602.00170.49%
COAL MINING21,205.00-524-2.41%
FTSE JSE Fledgling 5,934.0060.11%
FTSE/JSE Alt X 902.00-20-2.25%
SA LISTED PROPERTY 525.00-0.13%
CAPPED PROPERTY 417.00-0.09%
RESOURCE 27,899.002730.99%
DIVIDEND PLUS222.000-0.32%
FTSE/JSE RAFI 408,366.00-6-0.07%
Capped Top 4019,179.00-15-0.08%
Capped All Share20,722.00-17-0.08%
JSE TABACO 6,132.00-14-0.23%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
IPLIMPERIAL HOLDINGS LTDHOLD21/01/2013
BILBHP BILLITON PLCHOLD21/01/2013
TRUTRUWORTHS INTERNATIONAL L...SELL21/01/2013
AMSANGLO AMERICAN PLATINUM C...HOLD21/01/2013
ANGANGLOGOLD ASHANTI LIMITEDHOLD21/01/2013
Results Expected**
ExpectedCompany NameFin. Date
13/03/2013AFGRIDecember 2012 (Interim)
13/03/2013CONTROLDecember 2012 (Final)
13/03/2013EASTPLATSDecember 2012 (Final)
13/03/2013ELBGROUPDecember 2012 (Interim)
13/03/2013ELBGROUP6December 2012 (Interim)
Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
SASFIN-P11/03/201327/03/201308/04/2013R 3.5565
BEE-SASOL11/03/201305/04/201315/04/2013R 5.7000
SASOL11/03/201305/04/201315/03/2013R 5.7000
SASFIN11/03/201305/04/201315/04/2013R 0.6000
SHOPCONV11/03/201322/03/201303/04/2013R 325.0000
Ex Div**
Share NameDec-DateLDTPay-DateAmount
KUMBA12/02/201308/03/201318/03/2013R 12.5000
DSY B PREF21/02/201308/03/201318/03/2013R 4.3123
TRUWTHS20/02/201308/03/201318/03/2013R 2.0400
CITYLDG13/02/201308/03/201318/03/2013R 1.7600
SHOPRIT19/02/201308/03/201318/03/2013R 1.2300
Upcoming AGMs**
CodeCompany NameDateStatus
Stock Exchange News Service
DateTimeHeadline
12/03/201317:49OLD MUTUAL PLC - Notification of Transactions of Directors, Persons Discharging ...
12/03/201317:42REDEFINE PROPERTIES LIMITED - Final Results of Accelerated Offer for Fountainhea...
12/03/201317:35EXXARO RESOURCES LIMITED - Trading of Exxaro ordinary shares on behalf of the Ex...
12/03/201317:34EXXARO RESOURCES LIMITED - Trading of Exxaro ordinary shares on behalf of the Ex...
12/03/201317:32EXXARO RESOURCES LIMITED - Exercise of matching awards and sale in terms of the ...
12/03/201317:15PETMIN LIMITED - Disclosure of beneficial interest in securities
12/03/201316:55Macquarie Securities SA (Pty) Ltd - Dividend Declaration Announcement
12/03/201316:54TRUSTCO GROUP HOLDINGS LIMITED - change to the board - resignation of director
12/03/201316:50AFGRI LIMITED - Appointment of Non-Executive Director
12/03/201316:41HULAMIN LIMITED - Acceptance of rights to participate in share incentive plans b...
12/03/201316:40LIBERTY HOLDINGS LIMITED - Disclosure of Significant Holding of Liberty Ordinary...
12/03/201316:40INGUZA INVESTMENTS (PTY) LIMITED - Interest Rate Reset - ING135 ING183
12/03/201316:38THE STANDARD BANK OF SA LTD - The Standard Bank of South Africa Limited New Fin...
12/03/201316:38THE STANDARD BANK OF SA LTD - The Standard Bank of South Africa Limited - New Fi...
12/03/201316:15ANGLO AMERICAN PLC - Anglo American Long Term Incentive Plan
12/03/201316:15Mondi Limited - Transaction in shares
12/03/201316:09CONVERGENET HOLDINGS LIMITED - Results of general meeting
12/03/201316:05RARE HOLDINGS LIMITED - Trading Statement
12/03/201315:45PLATFIELDS LIMITED - Renewal of cautionary announcement
12/03/201315:30THE STANDARD BANK OF SA LTD - The Standard Bank of South Africa Limited New Fin...
12/03/201315:23STANDARD BANK GROUP LIMITED - Directors dealings in securities
12/03/201315:16VUKILE PROPERTY FUND LIMITED - Press Release - Vukile Secures Major Empowerment ...
12/03/201315:15VUKILE PROPERTY FUND LIMITED - Announcement - Empowerment Transformation Transac...
12/03/201314:45METMAR LIMITED - Changes to board of directors
12/03/201314:28JSE LIMITED - Audited abridged results for 12 months ended 31 December 2012, cas...
12/03/201314:00FERRUM CRESCENT LIMITED - Interim results for period ended 31 December 2012
12/03/201313:50REAL PEOPLE INV HOLD (PTY) LTD - Interest Rate Reset - RP011
12/03/201313:45RESILIENT PROPERTY INCOME FUND LTD - Dealings in securities by an associate of a...
12/03/201313:00Italtile Limited - Posting Of Italtile Circular And Notice Of General Meeting
12/03/201312:58IMPERIAL HOLDINGS LIMITED - Trading in Securities by a Director of Imperial
12/03/201312:55HULAMIN LIMITED - Acceptance Of Rights To Participate In Share Incentive Plans B...
12/03/201312:10FIRSTRAND BANK LIMITED - Interest Rate Reset - FRC160
12/03/201312:00AFROCENTRIC INVESTMENT CORP LIMITED - Unaudited interim results
12/03/201311:48GROWTHPOINT PROPERTIES LIMITED - Response to announcement by Redefine and Renewa...
12/03/201311:32INTU PROPERTIES PLC - Notification of Major Interests in Shares
12/03/201311:15NEDBANK GROUP LIMITED - Dealings in securities by director : sale of shares foll...
12/03/201311:12RAUBEX GROUP LIMITED - Resignation of Financial and Commercial Director
12/03/201311:05INFRASORS HOLDINGS LIMITED - Changes to the board
12/03/201310:50RMB CIS MANCO (PTY) LIMITED - RMB Distribution Announcement- Salient Dates
12/03/201310:48RMB CIS MANCO (PTY) LIMITED - RMB Distribution Announcement- Salient Dates
12/03/201310:45TOYOTA FIN SERVICES (SA) PTY LTD - Full Capital Redemption - TFS103
12/03/201310:40REDEFINE PROPERTIES LIMITED - Update on Redefines accelerated offer for Fountain...
12/03/201310:20ELB GROUP LIMITED - Notice Of Shareholders Meeting
12/03/201310:19ORION REAL ESTATE LIMITED - Trading update
12/03/201310:15INVICTA HOLDINGS LIMITED - Director's dealing in securities
12/03/201310:15FORTRESS INCOME FUND LIMITED - Full Capital Redemption - FIFC04
12/03/201310:14RMB CIS MANCO (PTY) LIMITED - Distribution Announcement- Salient Dates
12/03/201310:13RMB CIS MANCO (PTY) LIMITED - RMB Mid Cap Share Split
12/03/201310:09THE STANDARD BANK OF SA LTD - Interest rate announcement / BISTDB -CLN280
12/03/201309:56ACUCAP PROPERTIES LIMITED - ACP - Dealings in securities by a director
12/03/201309:43INDWA INVESTMENTS LIMITED - New Instrument Listing - IND324
12/03/201309:40THE STANDARD BANK OF SA LTD - Interest rate announcement / BISTDB -SBN49
12/03/201309:05BARLOWORLD LIMITED - Investor Conference 12 and 13 March 2013
12/03/201309:00BLACKSTAR GROUP SE - Correction to announcement released on 8 February 2013 - Tr...
12/03/201309:00FIRESTONE ENERGY LIMITED - Firestone confirms extension of time for despatch of ...
12/03/201308:54TAWANA RESOURCES NL - New Discovery Significant Friable Itabirite and DSO Inters...
12/03/201308:30THE STANDARD BANK OF SA LTD - Interest rate announcement/ BISTDB -SSN001
12/03/201308:20TRUWORTHS INTERNATIONAL LIMITED - Repurchase of Shares
12/03/201308:15YORK TIMBER HOLDINGS LIMITED - Unaudited condensed consolidated interim financia...
12/03/201308:13BRITISH AMERICAN TOBACCO PLC - Transaction in own shares
12/03/201307:30PPC LIMITED - Presentation to Investors
12/03/201307:20CASHBUILD LIMITED - Audited consolidated interim results and dividend declaratio...
12/03/201307:15CLOVER INDUSTRIES LIMITED - Unaudited Interim Condensed Consolidated Results And...
12/03/201307:10EOH HOLDINGS LIMITED - Reviewed condensed consolidated results for the six month...
12/03/201307:05AMALGAMATED APPLIANCE HOLDINGS LD - Unaudited Interim Results for the Period End...
12/03/201307:05VUNANI LIMITED - Trading Update
12/03/201307:05PROTECH KHUTHELE HOLDINGS LIMITED - Opinion of the Independent Expert and recomm...

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