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 The Sharenet Daily 
Wednesday, 12 March 2014 - 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)

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Seed Weekly - Emerging Markets ? Starting to Show Value?

As multi managers we are tasked with determining which asset classes are showing the most value and then finding those managers that are best placed to capitalise on the opportunities presented – thereby generating satisfactory risk adjusted returns for our clients.

Asset class, in this context, is an extremely wide term and can be defined as any asset class in any region (or grouping thereof). A few examples include, South African banking companies, global equity, European property, emerging market debt, precious metals, small cap equity, Asian technology companies, etc. As can be seen from the above, asset classes can either be very broadly (global equity) or narrowly (South African banking) defined. We typically allocate into broader asset classes, allowing the underlying manager to find the best opportunities, but there will be times when we’ll make a special allocation to a more tightly defined asset class where we see a special opportunity.

Making these kinds of decisions requires a fair amount of research into the relative performance and valuations of the various asset classes, how the returns are correlated with other asset classes in our Funds, prospects for the asset class, whether there are any managers that have shown a proven ability in the specific asset class, etc.

Over the past few years, for instance, our global equity allocation has been allocated purely to high quality, globally branded companies that have delivered excellent – market beating – returns. While the returns have been great, we understand that all good things come to an end, and valuations of these companies are not as attractive as they were in 2011. We are currently in the process of reducing our allocation to high quality companies in favour of more a more cyclical allocation. Also on the radar is whether to move a portion into Emerging Market (EM) equities.

The chart below shows the relative performance of Developed Market (DM) and EM equities since the inception of the EM index (both in US$). The line going up represents EM outperformance and the line heading down represents DM outperformance.

Emerging Market equities have outperformed Developed Markets by 3.6% per annum over this period, but have been underperforming since October 2010. The underperformance has been a combination of high starting relative valuations (in local currency) being de-rated to more normal levels and the vast majority of EM currencies weakening against the US$ over the past 3 years or so. There naturally is risk that Emerging Markets can continue to underperform over the next couple years, but the entry point is getting more attractive both on a currency and a valuation viewpoint.

We are busy with the process of identifying a suitable EM manager and determining when the correct entry point will be, so that when the time is right we are ready to invest!

Take care,

Mike Browne

021 914 4966

Wed, 12 Mar 2014
Top News
South African stocks fell just over 1 percent on Wednesday, as concerns about slowing growth in China hit mining companies such as Assore and African Rainbow Minerals.  Full story

South Africa's parliament passed changes to its main petroleum law on Wednesday, giving the state a stake of 20 percent in new gas and oil exploration and production ventures, a move industry said would have a chilling effect on investment.  Full story
M alaysia's military has traced what could have been the jetliner missing for almost five days to an area south of the Thai holiday island of Phuket, hundreds of miles from its last known position, the country's air force chief said on Wednesday.  Full story
Tens of thousands of mourners chanting anti-government slogans marched through central Istanbul on Wednesday for the funeral of a teenager wounded in street protests last summer whose death has sparked renewed unrest across Turkey.  Full story
European shares fell on Wednesday, sending benchmark indexes to one-month lows, as mounting worries over China's economic growth rate and persistent tensions in Ukraine. . .  Full story
Britain's top share index fell to a one-month low on Wednesday, led down by G4S after the security firm agreed a settlement with. . .  Full story
Global stock indexes declined for a fourth day and copper hit four-year lows before rebounding on Wednesday as increasing concern about China's economic slowdown. . .  Full story
U.S. stocks were little changed on Wednesday, as equities recouped much of their earlier declines amid signs of progress in diplomatic attempts to. . .  Full story

Gold hit a near six-month high on Wednesday, as fears of more corporate defaults in China and the geopolitical tug-of-war between Russia, Ukraine. . .  Full story
U.S. stocks fell at the open on Wednesday, putting the S&P 500 on track for a third straight decline, as concerns grew over. . .  Full story
European shares fell in early trading on Wednesday, with poor earnings outlook from some companies and concerns about the Chinese credit market hurting sentiment.. . .  Full story
Chinese shares listed in Hong Kong closed at their lowest since July on Wednesday, led by resources-related counters after commodities markets again slumped to. . .  Full story
SA Business
South Africa ended 2013 with a smaller current account deficit than expected but the narrowing was driven by the biggest tumble in imports in four years, a sign that Africa's powerhouse. . .  Full story
Spending in South Africa contracted in the fourth quarter of 2013 as households curbed consumption and the pace of growth in fixed capital spending declined, the central bank said on Wednesday.. . .  Full story
South Africa's rand was trading at its lowest level against the dollar in more than a week on Wednesday amid heightened risk aversion due to political tensions in Ukraine.. . .  Full story

South African steel and vanadium producer Evraz Highveld said on Wednesday it was unable to borrow more money after it posted a loss for the second straight year, and said there was doubt about the company's future as a going concern.. . .  Full story
Emerging stocks hit a one-month low on Wednesday after fears about China's economy dragged down copper and other commodities, while worries about western sanctions on Russia weighed on the rouble, forcing the central bank to intervene.. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0047188.84-423.97-0.89%
JSE Top 4017:0042607.46-448.53-1.04%
JSE Gold17:001594.7221.291.35%
JSE Financial17:0033318.37-300.38-0.89%
JSE Industrial17:0061888.48-498.18-0.80%
JSE Indust 2517:0054862.02-497.40-0.90%
JSE Resource17:0054975.16-628.36-1.13%
DJ Futures10/0314331.64-100.360.00%
DJ Ind19:5216322.77-28.48-0.17%
SP 50020:001865.08-2.55-0.14%
FTSE 10018:356620.90-64.62-0.97%
All Ords07:395400.50-28.80-0.53%
NZSE 5006:485096.53-5.41-0.11%
NameTimeRPMove% Move
Gold $19:591366.8517.771.32%
Gold R19:5914789.03160.951.10%
Gold R/kg20:0047549959371.26%
Silver $19:5921.2200.37401.79%
Platinum $19:591473.5014.000.96%
Palladium $19:59774.007.000.91%
Brent Crude20:00107.88-.20-0.19%
Rand / Dollar19:5910.8205-0.0229-0.21%
Rand / Pound19:5517.9487-0.0488-0.27%
Rand / Euro19:5515.04910.01450.10%
Rand / NZD19:599.1800-0.0078-0.08%
Rand / AUD19:559.7226-0.0178-0.18%
Yen / Dollar19:59102.6560-0.3490-0.34%
Euro / Dollar19:590.7192-0.0024-0.33%
Dollar / Euro19:591.39040.00470.34%
Pound / Dollar19:550.6015-0.0001-0.02%

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 REX-TRUE  1150245492134.70.%
2 PALAMIN  113501119098.59.%
3 MASONITE  3300250075.76.%
4 CONVERGE  12386.96.%62300
5 INDEQTY  480306.67.%2500
6 JDGROUP  20651256.44.%1497737
7 VALUE  546244.60.%9500
8 CADIZ  11054.55.%
9 AMECOR  280103.70.%29950
10 MMG  1140403.64.%11927
11 LITHA  20073.63.%66013
12 GFIELDS  43871513.56.%3796767
13 MIXTEL  523183.56.%83941
14 FINBOND  300103.45.%89723
15 HARMONY  37321233.41.%1734776
16 YORK  380123.26.%13155
17 ALTRON  2434692.92.%64062
18 ADVTECH  710202.90.%684112
19 TRNSHEX  372102.67.%58150
20 ITLTILE  760202.63.%

Click here for more Major Moves...
Major Moves Down
SharenameSaleMove% MoveVolume
1 ALLIANCE  215-80-37.21.%
2 AF-OVR6PP  1200-400-33.33.%
3 CROOKES  7300-634-8.68.%
4 SEARDEL  195-15-7.14.%48776
5 OANDO  135-8-5.59.%4300
6 MARSHALL  805-45-5.29.%16036
7 CENRAND  395-20-5.06.%
8 ABIL  999-50-4.77.%4236988
9 MAS  2100-100-4.76.%
10 CSG  240-10-4.00.%40971
11 AFRIMAT  1307-38-2.83.%24186
12 LIFEHC  3645-100-2.67.%7041745
13 ELLIES   405-11-2.64.%638758
14 KELLY  185-5-2.63.%5000
15 ARM   20350-550-2.63.%752006
16 RMBH  4625-124-2.61.%1952972
17 MASTDRILL  975-25-2.50.%141138
18 ILIAD  655-16-2.38.%9050
19 NIVEUS  2100-51-2.37.%2936505
20 HOLDSPORT  3800-89-2.29.%9208

Click here for more Major Moves...

New Highs
SharenameSaleHighMove% MoveVolume
1 ADAPTIT  794800141.79.%314411
2 MONDILTDP  19777198081420.72.%422733
3 CML  94009450600.64.%453815
4 MONDIPLCP  19850198601100.56.%483626
5 BATS  58384589882040.35.%763058
6 COMAIR  42042510.24.%43077
7 AFGRI  70770710.14.%1024243
8 BEE-SASOL  42500425000.536
9 BLACKSTAR  125012500.58039
10 SAPPI  36703695-15-0.41.%684399
11 SIBANYE  24242513-13-0.53.%2349964
12 REINET  23842405-16-0.67.%1639432
13 GRANPRADE  538543-5-0.92.%308100
14 CULLINAN  330341-5-1.49.%2895
15 SASOL  5760058495-904-1.55.%1345557
16 NASPERSN  132500132755-2909-2.15.%2312178

Click here for more Major Moves...
New Lows
SharenameSaleLowMove% MoveVolume
1 ELLIES   405402-11-2.64.%638758
2 TRANSCAP  495491-5-1.00.%622000
3 PINNACLE  20101985-17-0.84.%3615916
4 WBHO  1300012939-50-0.38.%68184
5 TONGAAT  1090010880-40-0.37.%83710
6 DIPULA-B  698640-2-0.29.%193190
7 KUMBAIO  3680036622-100-0.27.%1216051
8 CAT  16051600-2-0.12.%38927
9 AVENG  20722050261.27.%257700
10 LITHA  20018673.63.%66013
11 JDGROUP  206519201256.44.%1497737

Click here for more Major Moves...

Index Summary
Index NameRPMove% Move
Top 4042,607.46-448.53-1.04%
Mid Cap58,646.03-22.32-0.04%
Small Cap51,067.67-82.12-0.16%
Resource 2054,975.16-628.36-1.13%
Industrial 2554,862.02-497.40-0.90%
Financial 1512,751.39-119.81-0.93%
Financial & Ind. 3057,945.67-561.15-0.96%
All Share47,188.84-423.97-0.89%
Oil & Gas 43,588.55-684.09-1.55%
Mining 32,794.93-319.15-0.96%
Gold Mining1,594.7221.291.35%
Platinum Mining49.34.120.24%
GENERAL MINING9,342.06-138.52-1.46%
Oil & Gas Producers 23,436.76-367.82-1.55%
Basic Materials 29,193.39-241.71-0.82%
Chemicals 24,149.20-.73-0.00%
Forestry & Paper 33,150.85140.430.43%
Industrial Metals 20,864.4930.240.15%
Industrials 41,546.77-69.73-0.17%
General Industrials 130.41-.10-0.08%
Consumer Goods 56,758.55-545.85-0.95%
Automobiles & Parts 9,805.11-13.58-0.14%
Household Goods361.61-5-1.30%
Health Care 72,957.12-425.52-0.58%
Beverages 175.82-2.86-1.60%
Index NameRPMove% Move
Food Producers 63,800.14-179.10-0.28%
Personal Goods 1,049.40-8.69-0.82%
Consumer Services 11,872.06-161.95-1.35%
General Retailers 55,739.77-5.76-0.01%
Travel & Leisure 5,310.694.420.08%
Media 289.16-6.33-2.14%
Support Services 2,617.41-5.00-0.19%
Telecommunications 9,736.94-33.75-0.35%
Financials 33,318.37-300.38-0.89%
Banks 55,536.99-902.90-1.60%
Non-life Insurance 49,026.45503.631.04%
Life Insurance 32,636.92-270.52-0.82%
General Financial 3,325.63-21.55-0.64%
Technology 43,618.64161.320.37%
SHARIAH TOP40 4,058.78-40-0.97%
FTSE/JSE SHARIAH ALL4,155.33-32-0.77%
COAL MINING17,922.221610.90%
FTSE JSE Fledgling 6,577.2840.07%
FTSE/JSE Alt X 1,196.31-1-0.09%
CAPPED PROPERTY 418.89-0.31%
RESOURCE 30,116.42-327-1.07%
DIVIDEND PLUS204.28-1-0.34%
FTSE/JSE RAFI 409,382.73-83-0.87%
Capped Top 4022,563.53-234-1.03%
Capped All Share23,895.92-213-0.89%
JSE TABACO 7,460.45260.35%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
13/03/2014AFGRIDecember 2013 (Interim)
13/03/2014EASTPLATSDecember 2013 (Final)
13/03/2014EHSVDecember 2013 (Final)
13/03/2014ELBGROUPDecember 2013 (Interim)
13/03/2014ELBGROUP6December 2013 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
SASFIN-P11/03/1428/03/1407/04/14ZAR 3.5351
SASFIN11/03/1404/04/1414/04/14ZAR 0.6534
ILIAD11/03/1423/04/1405/05/14ZAR 0.2000
JSE11/03/1423/05/1402/06/14ZAR 0.5000
JSE11/03/1423/05/1402/06/14ZAR 3.5000
Ex Div**
Share NameDec-DateLDTPay-DateAmount
KUMBA11/02/1407/03/1417/03/14ZAR 19.9400
DSY B PREF20/02/1407/03/1417/03/14ZAR 4.2849
TRUWTHS20/02/1407/03/1417/03/14ZAR 2.1600
TRANSCAP17/02/1407/03/1417/03/14ZAR 2.1000
CITYLDG13/02/1407/03/1417/03/14ZAR 2.0200

Upcoming AGMs**
CodeCompany NameDateStatus
REBRebosis Property Fund Ltd.19/03/2014Confirmed

Stock Exchange News Service
12/03/201417:30GIJIMA GROUP LIMITED - Changes to the board
12/03/201417:30TORRE INDUSTRIAL HOLDINGS LIMITED - Unaudited interim condensed results for the ...
12/03/201416:35GRINDROD LIMITED - Disposal of Ordinary Shares - GND/GNDP
12/03/201416:30SUPER GROUP LIMITED - Dealing in securities by a director of major subsidiaries
12/03/201416:30COAL OF AFRICA LIMITED - Director Share Purchases
12/03/201416:21SEPHAKU HOLDINGS LIMITED - Notification of share dealings by directors of Sephak...
12/03/201416:05EXXARO RESOURCES LIMITED - Directors Dealings
12/03/201416:00OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
12/03/201415:55OLD MUTUAL PLC - Notification of Transactions of Directors/Persons Discharging M...
12/03/201415:49FOUNTAINHEAD PROPERTY TRUST - Change to the board of directors
12/03/201415:28Global Asset Management Ltd - Trading Statement
12/03/201414:35BARLOWORLD LIMITED - Directors dealings in securities
12/03/201414:35STEINHOFF INTERNATIONAL HOLDINGS LD - Dealing in securities by a director
12/03/201414:30THE THEKWINI WAREHOUSING CONDUIT (RF) LTD - New Financial Instrument Listing - T...
12/03/201414:25NEDBANK GROUP LIMITED - Dealings in securities by executive directors
12/03/201414:23DIPULA INCOME FUND LIMITED - Dealing in securities by an associate of directors ...
12/03/201414:17THE SPAR GROUP LIMITED - Dealing In Securities By The Spar Group Limited Employe...
12/03/201414:00BRIMSTONE INVESTMENT CORPORATION LD - Proposed specific repurchase of Brimstone ...
12/03/201414:00CONTROL INSTRUMENTS GROUP LIMITED - Audited Preliminary Results for the year end...
12/03/201412:57METAIR INVESTMENTS LIMITED - Closing of the MTO Transaction
12/03/201412:52EKURHULENI METRO MUNICIPLALITY - Increase of DMTN Programme Amount
12/03/201412:34FORBES & MANHATTAN COAL CORP - Posting of circular including notice of General M...
12/03/201412:03RCL FOODS LIMITED - Notice of redemption of 8.75% Senior Secured Notes due 2018
12/03/201411:40NEDBANK LIMITED - NCLN89 - New Financial Instrument Listing
12/03/201410:57EVRAZ HIGHVELD STEEL & VANADIUM LTD - Group Reviewed Preliminary Results for the...
12/03/201410:40NEW GOLD ISSUER LIMITED - Listing of additional NewGold Platinum Debentures - NG...
12/03/201410:30MURRAY & ROBERTS HOLDINGS LIMITED - Successful conclusion of the disposal of Hal...
12/03/201410:28NEW GOLD ISSUER LIMITED - Listing of additional NewGold Platinum Debentures - NG...
12/03/201409:00MAS REAL ESTATE INC - Results of the private placement
12/03/201408:55METROFILE HOLDINGS LIMITED - Notification of reduction in beneficial holding
12/03/201408:50BRITISH AMERICAN TOBACCO PLC - Transaction in own shares
12/03/201408:45METROFILE HOLDINGS LIMITED - Dealings in securities
12/03/201408:45SYNERGY INCOME FUND LIMITED - Further cautionary announcement
12/03/201407:05EOH HOLDINGS LIMITED - Reviewed condensed consolidated results for the six month...
12/03/201407:05ANGLO AMERICAN PLC - Anglo American Bonus Share Plan

Click here for more SENS news