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 The Sharenet Daily 
Tuesday, 11 November 2014 - 20:00
 
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Top News
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Major Moves
Index Summary
Latest Consensus Changes / Results Expected
Recent Dividends / Ex Div
Upcoming AGMs
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Those of you who know me, or have seen my photo, will know that whilst I am not “follicle impaired” like a lot of men my age, there is definitely a lot more salt than pepper on my head.

One of the main reasons for the abundance of grey is the fact that the returns in financial products are seldom linear (i.e. they don’t move up in a straight line).

One of the most common products that financial planners use for long term growth is Multi Asset High Equity Funds which we used to call Balanced Funds. Below, I have attached a graph showing the average high equity manager’s growth from December 1998 to date along with pre-tax money market returns and CPI. You will see that the growth in this investment over this period has been in excess of 700%. While nobody will disagree that this growth is more than acceptable, I would like to highlight a few areas which caused most of the aforementioned grey hairs.

If you look at the period from February 2000 to November 2000 nothing seems to be wrong. However, if you analyse the results for this period you will see than investors lost 1% over 9 months, when money market yielded 7.5% for the same period. The number of calls I got from clients wanting to switch out of their high equity investment to money market was incredible. The second period of concern, which also looks fairly innocuous now in hindsight, was from June 2002 to April 2003. In this 10 month period investors really started wondering about the wisdom of investing in balanced funds because they were down 6% in 10 months and my task as a Financial Coach/ Wealth Manager was really difficult because a lot of clients I had persuaded to stay in the Investment in 2000 were now really worried, fortunately we had a good run after that and markets increased beautifully. Then came 2007…. anybody who invested money in November 2007 would have lost 21.5% by February 2009. Imagine how many grey hairs this caused, both for me and my clients. But those clients that stuck it out were rewarded in spades with incredible growth for a number of years thereafter.

I hear a number of you asking what is this reminiscing got to do with me and my investment now. The answer is quite simple: you may have noticed that the top of the graph has now had a downward tendency for the last couple of months and clients are starting to worry once more!

The fact of the matter is I can’t say whether the next 10 months are going to be like the flat period we had in 2000, the slight drop we had in 2003 or the major fall we had in 2008. We could even have a nice upswing like we had after September 2011, the fact is, returns are never linear and returns will always be variable over short time frames. Investors need to have a clearly defined plan and stick to it through the ups and downs of the market, those that have done so in the past have been richly rewarded, those that have panicked (and panic was rationally justifiable in 2008) have missed out on incredible growth.

Kind regards,

Barry Hugo

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

Tue, 11 Nov 2014
Top News
[IMAGE]
Local markets A sudden selloff in resources shares saw the index retreat 1.91% which was responsible for the JSE All Share Index shedding 0.25% by close of business on Tuesday. Furthermore, local data revealed an 8% rise in Septemberís year-on-year local manufacturing output, w  Full story

[IMAGE]
South Africa risks losing its coveted investment grade credit status within five years if it fails to recover from an economic slump that prompted a downgrade by Moody's last week. Moody's decision piled more pressure on President Jacob Zuma's administration as it struggles to  Full story
Senior officials from Western powers and Iran started a one-day round of talks in Muscat on Tuesday, with a deadline for reaching a nuclear deal less than two weeks away and no imminent breakthrough in sight.  Full story
Japanese Prime Minister Shinzo Abe on Tuesday welcomed China's efforts this year on crafting a roadmap for the Free Trade Area of the Asia-Pacific (FTAAP) scheme, which he said should be based on bilateral and regional economic cooperation.  Full story
The captain of a South Korean ferry that capsized in April killing 304 passengers was jailed for 36 years on Tuesday after a court found him guilty of negligence, but was acquitted of homicide for which prosecutors had sought the death penalty.  Full story
 
Markets
U.S. stock prices dipped on Tuesday after the Dow and Standard & Poor's 500 hit record intraday highs for a fifth straight session,. . .  Full story
Gold rose 1 percent on Tuesday as the previous session's two-percent slide triggered physical buying interest among Asian investors, though prices remain under pressure. . .  Full story
Global stocks and the dollar rose on Tuesday as investors weighed the prospect of further stimulus to aid the recovery of the global. . .  Full story
Hong Kong shares finished up on Tuesday, outperforming mainland markets, as Hong Kong investors bought into Chinese banking shares connected with the upcoming launch. . .  Full story

China stocks closed slightly weaker on Tuesday after rising in early trade as investors sold off small-cap shares and bought financial services.. . .  Full story
Japan's Nikkei share average hit a seven-year high on Tuesday as speculation swirled that Prime Minister Shinzo Abe may postpone a planned sales. . .  Full story
Australian shares eased on Tuesday as weakness in metals, mining and energy stocks offset the positive catalyst from Wall Street's record close.. . .  Full story
- Australian shares are set to open higher on Tuesday, tracking Wall Street's rise, but resources stocks are likely to cap any gains,. . .  Full story
SA Business
Standard & Poor's on Tuesday affirmed its BBB- rating with a negative outlook on South African power utility Eskom, citing. . .  Full story
South Africa's HomeChoice Holdings plans to list on the Johannesburg stock market next month, the retailer of household goods said on. . .  Full story
South Africa's AngloGold Ashanti plans to cut staff through voluntary severance packages as the bullion producer feels the pinch of lower. . .  Full story
South Africa's manufacturing production rose more than expected in September, expanding 8 percent year-on-year from a revised 1 percent contraction in. . .  Full story

South African power utility Eskom [ESCJ.UL] said on Tuesday it may implement rolling blackouts between 1800-2200 (1600-2000 GMT) because the electricity. . .  Full story
South African stocks ended a four-week bull run on Tuesday as concerns about falling metal prices, ratings downgrades and a broader. . .  Full story
The South African rand steadied against the dollar early on Tuesday, after opening the week strongly as emerging markets continued to. . .  Full story
Global mining companies stung by slumping commodity prices are looking forward to a modest consolation prize - weaker local currencies and falling oil prices. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0050355.38-128.71-0.25%
JSE Top 4017:0044980.97-180.17-0.40%
JSE Gold17:001016.12-16.83-1.63%
JSE Financial17:0039991.14232.540.58%
JSE Industrial17:0069086.6562.760.09%
JSE Indust 2517:0061156.0010.570.02%
JSE Resource17:0048551.49-946.41-1.91%
DJ Futures19:3217560.007.000.04%
DJ Ind19:5817602.06-11.68-0.07%
SP 50019:582037.46-0.80-0.04%
Nasdaq19:584651.53-0.09-0.00%
FTSE 10018:356627.4016.150.24%
DAX19:089369.0317.160.18%
CAC4019:084244.1021.280.50%
Nikkei08:5217124.11343.582.05%
Shanghai09:282469.67-4.00-0.16%
Hang-Seng06:2823893.96-45.78-0.19%
All Ords07:405494.00-7.40-0.13%
NZSE 5006:485490.7920.450.37%
NameTimeRPMove% Move
Gold $19:591162.189.850.85%
Gold R19:5813038.1060.350.47%
Gold R/kg19:58419005-1986-0.47%
Silver $19:5915.6940.11100.71%
Platinum $19:591199.753.850.32%
Palladium $19:59770.409.501.25%
R15722/096.99-.020.00%
R18616:537.96.020.25%
R20416:537.04.040.64%
R20716:537.26.020.28%
Brent Crude19:5881.16-2.23-2.67%
Rand / Dollar19:5911.2264-0.0350-0.31%
Rand / Pound19:5517.7930-0.0259-0.15%
Rand / Euro19:5513.9810-0.0140-0.10%
Rand / NZD19:588.75380.02400.27%
Rand / AUD19:559.73490.01860.19%
Yen / Dollar19:59115.70200.88300.77%
Euro / Dollar19:550.8026-0.0021-0.26%
Dollar / Euro19:591.24630.00390.31%
Pound / Dollar19:550.6295-0.0013-0.21%

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The JSE Today

Trading Statistics
DateAdv.Decl.Unch.ActivesVolumeValueTradesOrders
11/11/201417018364417210,098,739R13,598,985,1022032711253798
10/11/201423411362409236,495,992R16,430,671,3882478221357153
07/11/201419016375428245,552,119R16,221,298,4782574461139705
06/11/201415918461404199,655,150R14,492,887,9001793671409284
05/11/201414021171422237,006,017R16,040,251,5671958091505421
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 CENRAND  500370284.62.%93368
2 DELRAND  65025062.50.%63124
3 INDEQTY  60011022.45.%420
4 COMPCLEAR  6509116.28.%1229
5 SPANJRD  3705015.62.%67106
6 ATLATSA  2403014.29.%6098
7 OANDO  120109.09.%17920
8 MAZOR  13575.47.%15540
9 HOLDSPORT  47002305.15.%30004
10 STEFSTOCK  750354.90.%25096
11 GRANPRADE  741334.66.%539841
12 HUGE  230104.55.%281300
13 SEARDELN  18484.55.%186500
14 FINBOND  290124.32.%388458
15 KEATON   269114.26.%21851
16 PIKWIK  2244894.13.%231090
17 MPACT  35581363.97.%272812
18 DELTA  353133.82.%3101
19 BRAIT  83503003.73.%716828
20 ASTRAL  150255393.72.%159316

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Major Moves Down
SharenameSaleMove% MoveVolume
1 ARGENT  542-48-8.14.%21035
2 VILLAGE  556-49-8.10.%236163
3 DIAMONDCP  140-10-6.67.%104720
4 DRDGOLD  264-18-6.38.%633212
5 TRUSTCO  280-15-5.08.%12200
6 EXXARO  11350-515-4.34.%866650
7 INVPROP  1546-64-3.98.%7502
8 ASSORE  21129-858-3.90.%112153
9 EASTPLATS  1620-65-3.86.%55763
10 LONMIN  3370-129-3.69.%1163146
11 ANGGOLD  10270-378-3.55.%981681
12 ARCMITTAL  3156-109-3.34.%81777
13 HARMONY  1707-58-3.29.%3015331
14 FAIRVEST  150-5-3.23.%21285
15 ANGLOPLAT  37000-1200-3.14.%314148
16 ROCKWELL  310-10-3.12.%800
17 POYNTING  280-9-3.11.%14488
18 METROFILE  440-14-3.08.%71576
19 QUANTUMF  320-10-3.03.%69943
20 INTEWASTE  133-4-2.92.%14920

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New Highs
SharenameSaleHighMove% MoveVolume
1 CENRAND  500650370284.62.%93368
2 INDEQTY  60060011022.45.%420
3 RMIH  40804105992.49.%736893
4 MRPRICE  23500235764521.96.%587351
5 BIDVEST  30580307755301.76.%680818
6 CLICKS  796580501041.32.%957441
7 FIRSTRAND  47804788601.27.%7676953
8 MMIHLDGS  29762994301.02.%1573804
9 SANLAM  72717317731.01.%2790883
10 RMBH  61166164210.34.%1368915
11 DISCOVERY  1047810701280.27.%954872
12 MUSTEK  8158200.21040
13 INVLTD  1034510448-17-0.16.%783920
14 HYPROP  95609820-22-0.23.%91356
15 INVPLC  1028710408-30-0.29.%823552
16 REMGRO  2550025719-80-0.31.%423378
17 SA-CORP  458475-2-0.43.%1228827
18 TELKOM  62506473-60-0.95.%2480871

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New Lows
SharenameSaleLowMove% MoveVolume
1 VILLAGE  556505-49-8.10.%236163
2 HARMONY  17071671-58-3.29.%3015331
3 PPC  27002697-40-1.46.%897856
4 MRHLD  22302177-5-0.22.%1689158

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Index Summary
Index NameRPMove% Move
Top 4044,980.97-180.17-0.40%
Industrial69,086.6562.760.09%
Mid Cap66,501.47282.420.43%
Small Cap56,461.77445.840.80%
Resource 2048,551.49-946.41-1.91%
Industrial 2561,156.0010.570.02%
Financial 1515,380.6388.870.58%
Financial & Ind. 3065,382.4866.720.10%
All Share50,355.38-128.71-0.25%
Oil & Gas 41,090.53-530.48-1.27%
Mining 28,157.24-599.75-2.09%
Gold Mining1,016.12-16.83-1.63%
Platinum Mining35.86-.97-2.63%
GENERAL MINING8,474.58-176.69-2.04%
Oil & Gas Producers 22,093.62-285.23-1.27%
Basic Materials 25,450.89-463.65-1.79%
Chemicals 24,460.5124.240.10%
Forestry & Paper 33,846.39285.110.85%
Industrial Metals 15,541.79-383.88-2.41%
Industrials 47,135.51198.660.42%
General Industrials 160.431.280.80%
Consumer Goods 61,757.11-192.34-0.31%
Automobiles & Parts 8,695.52226.452.67%
Household Goods380.5471.82%
Health Care 10,071.73-5.49-0.05%
Beverages 213.25-2.97-1.37%
Index NameRPMove% Move
Food Producers 8,736.00156.721.83%
Personal Goods 962.71-4.59-0.47%
Consumer Services 13,275.8835.150.27%
General Retailers 70,545.68618.780.88%
Travel & Leisure 6,257.2768.881.11%
Media 305.54-1.24-0.40%
Support Services 2,810.15-9.59-0.34%
Telecommunications 11,095.2191.260.83%
Financials 39,991.14232.540.58%
Banks 68,492.90321.350.47%
Non-life Insurance 53,474.13416.010.78%
Life Insurance 38,274.37319.570.84%
General Financial 3,920.7031.330.81%
Technology 47,343.5833.890.07%
SHARIAH TOP40 3,852.79-36-0.92%
FTSE/JSE SHARIAH ALL4,034.94-31-0.75%
COAL MINING14,348.39-651-4.34%
FTSE JSE Fledgling 6,467.97-28-0.43%
FTSE/JSE Alt X 1,347.67-3-0.19%
SA LISTED PROPERTY 574.850.18%
CAPPED PROPERTY 499.160.03%
RESOURCE 26,333.55-516-1.92%
DIVIDEND PLUS224.5310.30%
FTSE/JSE RAFI 409,675.42-28-0.29%
Capped Top 4023,924.61-84-0.35%
Capped All Share25,525.30-64-0.25%
JSE TABACO 8,280.30480.59%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
IPLIMPERIAL HOLDINGS LTDSELL10/11/2014
TRUTRUWORTHS INTERNATIONAL L...BUY10/11/2014
AMSANGLO AMERICAN PLATINUM C...BUY07/11/2014
IMPIMPALA PLATINUM HOLDINGS ...HOLD07/11/2014
OCEOCEANA GROUP LIMITEDHOLD07/11/2014
Results Expected**
ExpectedCompany NameFin. Date
12/11/2014ARCMITTALSeptember 2014 (Q)
12/11/2014EFFICIENTAugust 2014 (Final)
12/11/2014MITTALSAPSeptember 2014 (Q)
12/11/2014PERGRINSeptember 2014 (Interim)
12/11/2014PERGRINPSeptember 2014 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
ARROWB10/11/1428/11/1408/12/14ZAR 0.1822
TONGAAT10/11/1423/01/1505/02/15ZAR 1.7000
ARROWA10/11/1428/11/1408/12/14ZAR 0.1822
RAUBEX10/11/1428/11/1408/12/14ZAR 0.3500
INVICTA10/11/1428/11/1408/12/14ZAR 0.8400
Ex Div**
Share NameDec-DateLDTPay-DateAmount
REMGRO17/09/1407/11/1417/11/14ZAR 2.3300
STEINHOFF09/09/1407/11/1417/11/14ZAR 1.5000
ECSP C31/10/1407/11/1417/11/14ZAR 1.1253
ECSP A31/10/1407/11/1417/11/14ZAR 0.8493
OASIS16/10/1407/11/1417/11/14ZAR 0.4900

Upcoming AGMs**
CodeCompany NameDateStatus
VILVillage Main Reef Ltd.12/11/2014Confirmed
YRKYork Timber Holdings Ltd.12/11/2014Unconfirmed
YRKPYork Timber Holdings Ltd.12/11/2014Unconfirmed
WBOWilson Bayly Holmes - Ovcon Ltd.12/11/2014Confirmed
WBOPWilson Bayly Holmes - Ovcon Ltd.12/11/2014Confirmed

Stock Exchange News Service
DateTimeHeadline
11/11/201417:50ABSA BANK LIMITED - BIABS - Absa Bank's rating adjustment by Moody's Investor Se...
11/11/201417:35Investec Bank Limited - Remihj - Final Dividend Announcement
11/11/201417:28INVESTEC BANK LIMITED - SHFIHA - Cash dividend announcement
11/11/201417:15JSE LIMITED - Index Change Advice - 20141119 Ellies Holdings Ltd Shares In Issue...
11/11/201417:07JSE LIMITED - Index Change Advice - 20141119 Atlantic Leaf Properties Ltd Shares...
11/11/201417:00ASPEN PHARMACARE HOLDINGS LIMITED - Clarification in Respect of Form of Proxy
11/11/201417:00CONVERGENET HOLDINGS LIMITED - Disclosure of acquisition of securities in terms ...
11/11/201416:16TORRE INDUSTRIES LIMITED - No change statement and notice of annual general meet...
11/11/201416:14NAMPAK LIMITED - Cautionary announcements
11/11/201416:12NEDBANK LIMITED1 - Credit rating actions by Moodys
11/11/201415:45BONATLA PROPERTY HOLDINGS LIMITED - Disposal of Property - Madeline Street Prope...
11/11/201415:30OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
11/11/201415:30NIVEUS INVESTMENTS LTD - Trading Statement
11/11/201414:00OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
11/11/201413:47FIRSTRAND BANK LIMITED - Amendment to the credit ratings of FirstRand Bank Limit...
11/11/201413:12WESIZWE PLATINUM LIMITED - New Non-Executive Director Appointed to the Wesizwe P...
11/11/201413:00GIJIMA GROUP LIMITED - Further cautionary announcement
11/11/201412:57Astral Foods Limited - Appointment Of Member To The Audit And Risk Management Co...
11/11/201412:55ABSA BANK LIMITED - Interest Rate Reset - ASN025
11/11/201412:37LEWIS GROUP LIMITED - Interest Rate Reset - LEW01
11/11/201412:30BARLOWORLD LIMITED - Interest Rate Reset - BAW15
11/11/201412:05ASSORE LIMITED - Dealing in Securities by an Associate of a Director
11/11/201412:00VUNANI LIMITED - Notification in terms of section 122(3) of The Companies Act an...
11/11/201411:50ARROWHEAD PROPERTIES LIMITED - Correction announcement: Condensed consolidated ...
11/11/201411:45OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
11/11/201411:42LEWIS GROUP LIMITED - TRP121: Notification of a disposal of a beneficial interes...
11/11/201411:40OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
11/11/201411:30COAL OF AFRICA LIMITED - Notification of Interest in Shares
11/11/201411:30COAL OF AFRICA LIMITED - Interest in Shares
11/11/201410:40BAUBA PLATINUM LIMITED - Acquisition of Chrome Asset Mining Permit and Fulfilmen...
11/11/201410:35ROLFES HOLDINGS LIMITED - Dealing in securities by directors
11/11/201410:30FAMOUS BRANDS LIMITED - Dealings in Securities by a Director
11/11/201409:59BLUE LABEL TELECOMS LIMITED - Renewal of Cautionary
11/11/201409:45TREMATON CAPITAL INVESTMENTS LTD - Trading statement for the year ended 31 Augus...
11/11/201409:43LABAT AFRICA LIMITED - Update on posting of Annual Report
11/11/201409:00CENTRAL RAND GOLD LIMITED - Central Rand Gold and Hiria Group Company Limited en...
11/11/201409:00DIAMONDCORP PLC - Industrial action update
11/11/201409:00GLENCORE PLC - GLN - Transaction in own shares
11/11/201408:30ESKOM HOLDINGS SOC LIMITED - Moodys rating action
11/11/201408:11THE STANDARD BANK OF SA LTD - Ratings of The Standard Bank of South Africa Limit...
11/11/201408:00IVUZI INVESTMENTS LIMITED - Full capital redemption - IVA446
11/11/201407:08GLOBAL ASSET MANAGEMENT LTD - Pre-approval of Institutional funding, proposed R1...
11/11/201407:05CAPITEC BANK HOLDINGS LIMITED - Capitec Bank Deposit Ratings
11/11/201407:05MASSMART HOLDINGS LIMITED - Sales Update for the 44 weeks to 2 November 2014
11/11/201407:05CORONATION FUND MANAGERS LIMITED - Reviewed preliminary financial results for th...
11/11/201407:05PINNACLE POINT GROUP LIMITED - Renewal of cautionary announcement

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