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 The Sharenet Daily 
Tuesday, 04 November 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 - Investment greats ? George Soros

Our short bio on investments greats for today is George Soros – the legendary “man who broke the bank of England” hedge fund manager known for his large bets on macro-economic events.

Photo: georgesoros.com

Currently aged 84, and residing in New York, George Soros was born in Hungary. He survived the Nazi occupation of Budapest and thereafter fled the communist rule in Hungary in 1947 when he went to London as an impoverished student to study at the London School of Economics. There he studied philosophy and paid his way, working as a railway porter. In 1956 he moved to America and started working as an analyst and trader.

In 1973, after some positions at New York based investment firms, Soros went on his own and started Soros Fund Management. Their flagship fund, The Quantum Fund, which he ran for almost two decades, reported annualised returns in excess of 30% from 1970 to 2000, one of the most successful hedge funds in history.

He is known for his logical, yet abstract, investment style and has developed what he calls the theory of reflexivity. In its economic perspective it basically says that prices do in fact influence fundamentals, and that these newly influenced set of fundamentals then proceed to change expectations, thus influencing prices and the process continues in a self-reinforcing pattern. Because the pattern is self-reinforcing, markets tend towards disequilibrium. He believed that financial markets can at best be described as chaotic. Prices and currencies depend on people or traders (professional and non-professional) who buy and sell these assets. People often tend to act out of emotions rather than logical considerations.

He is most known for his highly leveraged trades in the international currency markets. He was a short term speculator – making huge bets on the direction of financial markets. He was very aware of behavioural biases in the financial markets. "I rely a great deal on animal instincts." He was not shy to “move with the herd”, but always watched for an opportunity to get out in front and "make a killing." "It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong."

He would have an instinctive physical reaction about when to buy and sell; making his strategy a difficult model to emulate. “I'm only rich because I know when I'm wrong ... I basically have survived by recognizing my mistakes. I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight. When [I] make the decision, the backache goes away.”

George Soros gained international notoriety when, in 16 September 1992 (aka “Black Wednesday”), he put a $ 10bn trade on a single currency speculation when shorting the British pound. He turned out to be right, and the trade generated a $ 1bn profit in one day. This trade is considered one of the greatest trades of all time. Later it was reported that his profit on the transaction almost reached $ 2bn. As a result, he is famously known as the "the man who broke the Bank of England."

He has written a few books, his first and most famous being the Alchemy of Finance (1988).

He is no longer managing his own money full-time, but his touch remains: last year, he apparently made a reported $ 1bn shorting the Japanese yen. Today he actively focuses his time on philanthropy and politics and you will see his views regularly on international news sites. He once wrote “My success in the financial markets has given me a greater degree of independence than most other people... This allows me to take a stand on controversial issues: In fact, it obliges me to do so because others cannot.”

Upon receiving an honorary doctorate from Oxford University he said he wanted to be presented as follows: “I would like to be called a financial, philanthropic and philosophical speculator." Food for thought.

Keep well,

Lourens Rabé

Investopedia, Forbes, Wikipedia, GeorgeSoros.com

Tue, 04 Nov 2014
Top News
South African stocks fell on Tuesday as commodity prices kept heading lower, but domestic bullion companies got a lift from technical factors and a ratings upgrade for Africa's top producer, AngloGold Ashanti.  Full story

South Africa's rand edged up against the dollar on Tuesday, arresting a recent slide against a strong dollar before the release of domestic business-activity figures.  Full story
A gathering of millions of Shi'ite Muslims at shrines and mosques across Iraq for the Ashoura religious commemoration passed without any major attacks on Tuesday, under tight security imposed for fear of Islamic State bombers.  Full story
United Nations Secretary-General Ban Ki-moon said on Tuesday the holding of separatist elections in eastern Ukraine at the weekend was "unfortunate and counterproductive".  Full story
Global equity markets fell on Tuesday as European shares dropped and U.S. equities extended declines after a Reuters report saying central bankers in. . .  Full story
Gold edged higher on Tuesday, recovering from last week's four-year low, as the dollar's retreat from multi-year highs against a currency basket relieved downward. . .  Full story
European shares gained ground and core bond yields dipped on Tuesday following a raft of company trading updates, bucking a more muted trend. . .  Full story
Hong Kong shares ended mixed in a volatile session on Tuesday, with Chinese listings in the territory gaining on optimism over planned. . .  Full story

China shares ended flat on Tuesday after a five-day rally as profit taking capped gains in engineering and machinery companies, which rose after. . .  Full story
Japan's Nikkei share average hit a seven-year high on Tuesday as investors gave a thumbs up to the Bank of Japan's unexpected move. . .  Full story
Australian shares edged up 0.1 percent on Tuesday, with miners and banks providing support after the Reserve Bank of Australia left interest rates unchanged. . .  Full story
China shares were flat on Tuesday morning after a five-day rally as profit taking capped gains in engineering and machinery companies, which rose. . .  Full story
SA Business
French energy major Total has halted oil exploration off the southern coast of Africa due to mechanical problems with a rig,. . .  Full story
South Africa's tax revenues jumped by 10.6 percent in the 2013/2014 fiscal year, helped by more people paying income tax due. . .  Full story
French energy major Total will only resume drilling off the South African coast in 2016 after the rig it was using. . .  Full story
Failed South African lender African Bank Investments (Abil) said on Tuesday it had delayed publication of its annual results as it. . .  Full story

Ketso Gordhan, the former head of PPC, wants to return to South Africa's biggest cement manufacturer as either chief executive or board member, he said on Tuesday.. . .  Full story
The ousted former head of South Africa's PPC said on Tuesday he would hold on to his shares in the cement maker even if he does not return as chief executive.. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0049788.32-234.32-0.47%
JSE Top 4017:0044451.72-254.19-0.57%
JSE Gold17:001008.477.130.71%
JSE Financial17:0039512.63-170.74-0.43%
JSE Industrial17:0068527.72-172.64-0.25%
JSE Indust 2517:0060674.27-172.38-0.28%
JSE Resource17:0047575.34-533.84-1.11%
DJ Futures19:2217275.00-2.00-0.01%
DJ Ind19:5817376.209.960.06%
SP 50019:582011.39-6.42-0.32%
FTSE 10017:576451.70-36.27-0.56%
All Ords07:495498.2013.200.24%
NZSE 5006:485423.265.040.09%
NameTimeRPMove% Move
Gold $19:591169.174.240.36%
Gold R19:5812905.7815.080.12%
Gold R/kg19:584148804890.12%
Silver $19:5916.0120-.0990-0.61%
Platinum $19:591224.70-9.85-0.80%
Palladium $19:59788.90-13.00-1.62%
Brent Crude19:5882.61-2.17-2.56%
Rand / Dollar19:5911.0415-0.0250-0.23%
Rand / Pound19:5517.6295-0.0211-0.12%
Rand / Euro19:5513.85500.03100.22%
Rand / NZD19:588.59030.02560.30%
Rand / AUD19:559.64150.02090.22%
Yen / Dollar19:59113.5190-0.2910-0.26%
Euro / Dollar19:550.7968-0.0036-0.45%
Dollar / Euro19:591.25450.00550.44%
Pound / Dollar19:550.6250-0.0006-0.10%

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 DIAMONDCP  1502721.95.%54018
2 CARGO  180023915.31.%500
3 COMPCLEAR  5595811.58.%6124
4 TRUSTCO  2903011.54.%36968
5 S-OCEAN  11498.57.%22509
6 TRNSHEX  429307.52.%303607
7 SEPHAKU  640416.84.%182953
8 POYNTING  299196.79.%11500
9 WESCOAL  195126.56.%671442
10 KEATON   270155.88.%62450
11 MASSMART  127155404.44.%866249
12 HARMONY  1835653.67.%3532471
13 CALGRO  930303.33.%24700
14 VUNANI  16053.23.%38641
15 OCEANA  77992293.03.%73604
16 METAIR  38301102.96.%281155
17 PAN-AF  21962.82.%1388055
18 FORTRESSA  1700452.72.%67324
19 TRADEH  2000502.56.%11000
20 PNR-FOODS  124993072.52.%215463

Click here for more Major Moves...
Major Moves Down
SharenameSaleMove% MoveVolume
1 WILDRNESS  350-50-12.50.%100000
2 VILLAGE  645-55-7.86.%611584
3 DELTA  360-29-7.46.%2500
4 STEFSTOCK  650-49-7.01.%55383
5 ATLATSA  260-15-5.45.%23760
6 ALTRON  1905-95-4.75.%9409
7 EQSTRA  487-23-4.51.%42880
8 MRHLD  2299-95-3.97.%1441204
9 MASTDRILL  1300-50-3.70.%18690
10 YORK  270-10-3.57.%147330
11 SASOL  54300-2001-3.55.%2033229
12 EASTPLATS  820-30-3.53.%12201
13 FAIRVEST  140-5-3.45.%121000
14 CONVERGE  223-7-3.04.%8976
15 MPACT  3513-107-2.96.%175850
16 RICHEMONT  9073-231-2.48.%4582958
17 TELKOM  5887-143-2.37.%1353439
18 DISTELL  13050-305-2.28.%59732
19 PSG-KST  660-15-2.22.%174403
20 ASSORE  21163-475-2.20.%140923

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New Highs
SharenameSaleHighMove% MoveVolume
1 CALGRO  930932303.33.%24700
2 PNR-FOODS  12499127223072.52.%215463
3 CAPITEC  29400294005681.97.%239109
4 TORRE  34536551.47.%312264
5 MRPRICE  23105231892050.90.%526915
6 SANLAM  71407169520.73.%5402833
7 CLICKS  76007751500.66.%1446205
8 RMIH  39874002220.55.%1815968
9 BIDVEST  3004330448490.16.%836726
10 MEDCLIN  990810241-9-0.09.%2104337
11 PSG  1128011795-20-0.18.%271292
12 FIRSTRAND  47204777-40-0.84.%7317441
13 RMBH  60596147-59-0.96.%1439890
14 NAMPAK  44504551-50-1.11.%1680817
15 SUPRGRP  31953300-37-1.14.%161411
16 A-V-I  71787387-113-1.55.%1238749

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New Lows
SharenameSaleLowMove% MoveVolume
1 EQSTRA  487487-23-4.51.%42880
2 PSG-KST  660621-15-2.22.%174403

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Index Summary
Index NameRPMove% Move
Top 4044,451.72-254.19-0.57%
Mid Cap65,785.8837.100.06%
Small Cap56,514.467.260.01%
Resource 2047,575.34-533.84-1.11%
Industrial 2560,674.27-172.38-0.28%
Financial 1515,173.37-83.40-0.55%
Financial & Ind. 3064,765.60-272.06-0.42%
All Share49,788.32-234.32-0.47%
Oil & Gas 41,091.29-1514.24-3.55%
Mining 27,493.77-108.57-0.39%
Gold Mining1,008.477.130.71%
Platinum Mining35.46.000.00%
GENERAL MINING8,245.50-43.68-0.53%
Oil & Gas Producers 22,094.03-814.18-3.55%
Basic Materials 24,868.30-75.45-0.30%
Chemicals 24,394.53168.080.69%
Forestry & Paper 32,737.8091.760.28%
Industrial Metals 16,
Industrials 47,232.37-12.94-0.03%
General Industrials
Consumer Goods 60,201.98-367.56-0.61%
Automobiles & Parts 8,672.88249.092.96%
Household Goods389.88-0-0.07%
Health Care 9,989.5750.500.51%
Beverages 212.02-.27-0.13%
Index NameRPMove% Move
Food Producers 8,377.2126.710.32%
Personal Goods 906.18-23.07-2.48%
Consumer Services 13,069.735.020.04%
General Retailers 71,106.50635.830.90%
Travel & Leisure 6,087.18-10.32-0.17%
Media 299.53-1.31-0.44%
Support Services 2,862.72-8.69-0.30%
Telecommunications 11,722.71-54.81-0.47%
Financials 39,512.63-170.74-0.43%
Banks 68,625.02-848.19-1.22%
Non-life Insurance 52,320.53-96.98-0.19%
Life Insurance 37,229.32-44.80-0.12%
General Financial 3,845.91-.73-0.02%
Technology 48,025.34181.330.38%
SHARIAH TOP40 3,857.09-27-0.71%
FTSE/JSE SHARIAH ALL4,032.28-23-0.57%
COAL MINING14,639.16-215-1.45%
FTSE JSE Fledgling 6,542.09-5-0.07%
FTSE/JSE Alt X 1,324.6940.32%
CAPPED PROPERTY 496.46-0.14%
RESOURCE 25,839.61-279-1.07%
DIVIDEND PLUS225.04-1-0.37%
FTSE/JSE RAFI 409,582.01-53-0.55%
Capped Top 4023,654.84-136-0.57%
Capped All Share25,240.12-119-0.47%
JSE TABACO 8,040.841071.35%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
05/11/2014DELTA INTMay 2014 (Q)
05/11/2014HARMONYSeptember 2014 (Q)
05/11/2014HARMONY-PSeptember 2014 (Q)
05/11/2014RAUBEXAugust 2014 (Interim)
05/11/2014SVFJune 2014 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
TRNSHEX03/11/1421/11/1401/12/14ZAR 0.5000
SPANJAARD31/10/1414/11/1424/11/14ZAR 0.1000
ECSP A31/10/1407/11/1417/11/14ZAR 0.8493
CAR31/10/1428/11/1408/12/14ZAR 0.0600
ECSP C31/10/1407/11/1417/11/14ZAR 1.1253
Ex Div**
Share NameDec-DateLDTPay-DateAmount
PSG13/10/1431/10/1410/11/14ZAR 0.5500
DELPROP13/10/1431/10/1410/11/14ZAR 0.4001
FPT09/10/1431/10/1410/11/14ZAR 0.2928
EQUITES10/10/1431/10/1410/11/14ZAR 0.2037
ANCHOR29/09/1431/10/1410/11/14ZAR 0.0300

Upcoming AGMs**
CodeCompany NameDateStatus
GRFGroup Five Ltd.04/11/2014Confirmed
IPLImperial Holdings Ltd.04/11/2014Confirmed
IPLPImperial Holdings Ltd.04/11/2014Confirmed
IPLPPImperial Holdings Ltd.04/11/2014Confirmed
AEGAveng Ltd.04/11/2014Confirmed

Stock Exchange News Service
04/11/201417:40IMBALIE BEAUTY LIMITED - Reviewed Group condensed interim financial results for ...
04/11/201417:30EOH HOLDINGS LIMITED - Dealings in Securities By a Director
04/11/201417:15GIYANI GOLD CORPORATION - Giyani appoints interim president
04/11/201417:15PURPLE GROUP LIMITED - Trading statement and capital distribution out of share p...
04/11/201417:14GIYANI GOLD CORPORATION - Giyani signs amended agreement
04/11/201417:10JSE LIMITED - Index Change Advice - Zeder Investments Shares In Issue and Free F...
04/11/201417:08JSE LIMITED - Index Change Advice - 20141112 Texton Property Fund Shares In Issu...
04/11/201417:00SACOIL HOLDINGS LIMITED - Reviewed interim results for the six months ended 31 A...
04/11/201417:00OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
04/11/201416:55CAMAC ENERGY INCORPORATED - CAMAC schedules third quarter 2014 earnings release ...
04/11/201416:47SHOPRITE HOLDINGS LIMITED - Dealing in securities by non-executive director
04/11/201416:45NUTRITIONAL HOLDINGS LIMITED - Distribution of Circular and Notice of General Me...
04/11/201416:25TRENCOR LIMITED - Third quarter update
04/11/201416:23COMPU-CLEARING OUTSOURCING LIMITED - No change statement and notice of AGM
04/11/201416:15IMPERIAL HOLDINGS LIMITED - Results of Annual General Meeting (AGM)
04/11/201416:07MAZOR GROUP LIMITED - Unaudited Condensed Consolidated Interim Results
04/11/201416:00SEKUNJALO INVESTMENTS LIMITED - Audited Condensed Group results for the year end...
04/11/201416:00INGENUITY PROPERTY INVESTMENTS LTD - Audited preliminary condensed consolidated ...
04/11/201415:55HARMONY GOLD MINING COMPANY LIMITED - Notification in terms of Section 122(3)(b)...
04/11/201415:29SOUTH OCEAN HOLDINGS LIMITED - Director's Dealings
04/11/201415:18AFRICAN RAINBOW MINERALS LIMITED - No change statement and notice of annual gene...
04/11/201415:00IMPERIAL HOLDINGS LIMITED - Resignation of Director
04/11/201414:34METROFILE HOLDINGS LIMITED - Director Resignation
04/11/201414:05SEKUNJALO INVESTMENTS LIMITED - Further trading statement
04/11/201413:53DISCOVERY LIMITED - No change statement and notice of annual general meeting
04/11/201413:52ASCENDIS HEALTH LIMITED - Director's Dealings
04/11/201413:47JSE LIMITED - Dealings in securities by a director
04/11/201413:40TORRE INDUSTRIES LIMITED - Acceptance of share appreciation rights granted to di...
04/11/201413:31SANTOVA LIMITED - Dealing in securities by director
04/11/201412:32COMPU-CLEARING OUTSOURCING LIMITED - Change to the board
04/11/201412:30AVENG LIMITED - Aveng Group Chairman Angus Band's statement to shareholders at t...
04/11/201412:30AVENG LIMITED - Results of Annual General Meeting
04/11/201412:17EMIRA PROPERTY FUND - Full capital redemption - EPFC09
04/11/201411:49DISTELL GROUP LIMITED - Dealings in securities by a director of a major subsidia...
04/11/201411:31TORRE INDUSTRIES LIMITED - Share dealings by an associate of a director of a sub...
04/11/201411:30FIRSTRAND BANK LIMITED - Listing of new instrument - FRC213
04/11/201411:30DIAMONDCORP PLC - Notification of change in interest of shares
04/11/201411:00RAND WATER BOARD - Consolidated Annual Financial Statements for the year ended 3...
04/11/201410:22VILLAGE MAIN REEF LIMITED - Clarification announcement in respect of the Share C...
04/11/201409:45STEFANUTTI STOCKS HOLDINGS LTD - Disclosure of Acquisition of Securities
04/11/201409:11PREMIUM PROPERTIES LIMITED - New Financial Instrument Listing - PMM15
04/11/201409:00GLENCORE PLC - GLN - Transaction in own shares
04/11/201409:00GLENCORE PLC - GLN - IMS & Third Quarter 2014 Production Report
04/11/201409:00IMPERIAL HOLDINGS LIMITED - CEOs AGM Statement and General Market Update
04/11/201408:55AUSTRO GROUP LIMITED - Trading Statement
04/11/201408:48W G WEARNE LIMITED - Correction to Trading Statement
04/11/201408:47W G WEARNE LIMITED - CANCELLATION OF S350710 Trading update
04/11/201407:41AFRICA ETF ISSUER LTD (RF) - Africa ETF Issuer (RF) Limited - LISTING OF ADDITIO...
04/11/201407:30PAN AFRICAN RESOURCES PLC - TR-1 Notification of a major interest in shares
04/11/201407:15WESCOAL HOLDINGS LIMITED - Unaudited condensed interim results for the six month...
04/11/201407:08INVICTA HOLDINGS LIMITED - Preference share cash dividend
04/11/201407:05AFRICAN BANK INVESTMENTS LIMITED - Further cautionary announcement

Click here for more SENS news