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 The Sharenet Daily 
Tuesday, 23 June 2015 - 20:00
 
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Major Moves
Index Summary
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Recent Dividends / Ex Div
Upcoming AGMs
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Seed Weekly - Investment Rules

All of the successful investors attribute at least part of their success to a set of investment rules. There is no “one size fits all” when it comes to a set of investment rules, but at a minimum, successful investors try as far as possible not to deviate from a set of rules or their investment process.
Warren Buffett reportedly has 2 rules for investing: Rule no 1 – don’t lose money. Rule no 2 – don’t forget rule no 1. This is often cited more tongue in cheek, but over the years he has freely expressed his investment views in his annual Berkshire Hathaway shareholder letter.
Some of his more important investment rules include things like:
• A stock is a business not a piece of paper;
• Invest with a view not to have to sell;
• Macro opinions and market predictions are a waste of time;
• Focus on the income earning capacity of an investment and not on its prospective price changes.

Dr. Steve Sjuggerud, from investmentu.com lists 12 classic rules that all investors should look at and adopt. These are:
1. An attempt at making a quick buck often leads to losing much of that buck;
2. Don't let a small loss become large;
3. Cut your losers; let your winners ride.
4. A rising tide raises all ships, and vice versa. So assess the tide, not the ships;
5. When a stock hits a new high, it's not time to sell something that is going right;
6. Buy and hold doesn't ALWAYS work;
7. Bear markets begin in good times. Bull markets begin in bad times;
8. If you don't understand the investment, don't buy it;
9. Buy value, and sell hysteria;
10. Investing in what's popular never ends up making you any money;
11. When it's time to act, don't hesitate;
12. Expert investors care about risk; novice investors shop for returns.
The chart below is a depiction of the investment psychology of a typical investor without a set of predefined investment rules. All too often a typical investor is overcome by the emotion of fear and greed. It is in order to limit the effect of these emotions that successful investors define a set of investment rules.

Chart 1: Investment psychology of an investor without a set of defined investment rules

Risk management

Investing is often more about managing risk that trying to overreach for investment returns. There are many definitions of investment risk – e.g. price volatility, liquidity risk to the risk of capital losses that cannot be recovered.
Most top fund managers adopt investment rules with a focus on risk management. Examples include:
• Top hedge fund manager Seth Klarman from the Baupost Group
“Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.”
• Jeremy Grantham, chief investment strategist at US fund manager GMO
“You don’t get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk; you are going to be punished for it.”
• Howard Marks – co founder of Oaktree Capital Management
“Rule No. 1: Most things will prove to be cyclical. – Rule No. 2: Some of the greatest opportunities for gain and loss come when other people forget Rule No. 1.”

• James Montier, from firm GMO
"There is a simple, although not easy alternative [to forecasting]... Buy when an asset is cheap, and sell when an asset gets expensive.... Valuation is the primary determinant of long-term returns, and the closest thing we have to a law of gravity in finance."
• George Soros, founder of Soros Fund Management
“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.”

At Seed Investments we have a defined investment philosophy and investment process. This does not guarantee success but it’s an important step in aiming for it.

Kind regards

Ian de Lange

Tel 0219144966
Fax 0219144912
Email info@seedinvestments.co.za
Website www.seedinvestments.co.za

Seed is hiring: Click through to our LinkedIn page to see available vacancies

Tue, 23 Jun 2015
Top News
[IMAGE]
Local markets With resource shares leading the JSE upwards, the All Share index ended 0.77% higher on Tuesday with gains across the board. The SARB reported a smaller-than-expected current account deficit for the first quarter, boosting investor confidence.  Full story

[IMAGE]
South Africa's power supply crisis poses the biggest obstacle to growth, while state support to ailing utility Eskom and increased public sector wages may weigh on public finances, the International Monetary Fund said on Tuesday. The global lending body singled out delays in easing  Full story
Greek lawmakers reacted angrily on Tuesday to concessions Athens offered in debt talks and parliament's deputy speaker warned the proposals might be rejected, puncturing optimism that a deal to pull Greece back from the abyss might be sealed quickly.  Full story
The heir-apparent of South Korea's massive Samsung Group bowed in apology during a nationally televised address on Tuesday for failing to stop the spread of Middle East Respiratory Syndrome (MERS) at a Seoul hospital run by a group foundation.  Full story
A heat wave has killed more than 400 people in Pakistan's southern city of Karachi over the past three days, health officials said on Tuesday, as they set up emergency medical camps in the streets.  Full story
 
Markets
The U.S. dollar and bond yields rose on Tuesday as prospects for a Federal Reserve interest rate hike this year improved, while optimism. . .  Full story
Gold eased on Tuesday as the euro slid sharply against the dollar, and as stock markets rallied on hopes that Greece would reach. . .  Full story
Hong Kong stocks tracked regional markets higher, inspired by renewed optimism over Greek debt talks, a sharp rebound in mainland shares and fresh. . .  Full story
China stocks ended sharply higher in a volatile session on Tuesday, after an earlier sell-off attracted fresh buying from both local and foreign investors. . .  Full story

Australian shares rose to their highest level in three weeks on Tuesday as investors bet that Greece's latest budget proposals would stave off. . .  Full story
Japan's Nikkei share average rose to a fresh 15-year high on Tuesday as hopes grew for progress in Greek debt talks and lifted. . .  Full story
World stock indexes rose and U.S. Treasuries prices fell on Monday as Greece made a new offer on a reform package to avoid. . .  Full story
Gold fell more than 1 percent on Monday as global equities jumped on possible signs of progress in Greek debt talks, which curbed. . .  Full story
SA Business
South African power firm Eskom will issue Islamic bonds or sukuks in international markets its acting chief executive said on Tuesday,. . .  Full story
The South African ferrochrome industry could face a closure of smelters and possibly as much as 200,000 job losses due to. . .  Full story
The deficit on South Africa's current account deficit narrowed in the first quarter of the year, a central bank report showed. . .  Full story
Spending in South Africa grew at an annualised 3.4 percent in the first quarter of the year after rising 0.3 percent. . .  Full story

South Africa's rand weakened more than one percent to the dollar on Tuesday, softening to a one week low of 12.2300. . .  Full story
South African state-owned transport group Transnet has agreed to borrow 2.8 billion rand ($230 million) from Germany's KfW Development Bank to. . .  Full story
South African gold producer Sibanye Gold warned on Tuesday Eskom's proposed electricity price increase could lead to mine closures and job. . .  Full story
The global gold mining industry is showing signs of life as merger activity picks up and industry veterans set up new companies and. . .  Full story

South Africa's rand was slightly weaker against the dollar on Tuesday ahead of the release of the central bank's quarterly bulletin,. . .  Full story
The world's No. 1 platinum producer Anglo American Platinum plans to overhaul a number of its South African mines to make. . .  Full story
South African diversified chemical services provider Omnia, reported a slight rise in year earnings on Tuesday, with growth constrained by the. . .  Full story
South Africa's biggest fast-food restaurant chain Famous Brands will take a 51 percent stake in its Botswana franchise partner, it said. . .  Full story
Company News
The board of directors of Omnia (˘the board÷) hereby notifies its shareholders of the resignation of Mr Noel Fitz-Gibbon as non-executive. . .  Full story
Shareholders are referred to the announcement released on SENS on Wednesday, 17 June 2015 in respect of the rights offer by. . .  Full story
Trencor draws attention to the following news release issued by Textainer Group Holdings Ltd., in which Trencor has a 47.9% beneficiary. . .  Full story
Business Day reported that SA Healthcare group Mediclinic International's expansion is gaining pace after it entered into an agreement to buy. . .  Full story

Rustenburg Platinum Mines Ltd., a wholly owned subsidiary of Amplats, (˘RPM÷) has issued a Section 189 (3) notice to relevant parties in terms of Section 189A of the Labour Relations Act, 66 of 1995, for the commencement of a consultation process on the proposed redesign of RPMĂs organisational support structure that envisages a reduction of up to 420 mainly managerial and supervisory positions. The proposed redesign takes into account the financial difficulties in the PGM industry an. . .  Full story
Company Results
Revenue for the year remained unchanged at R10.5 billion. Gross profit was higher at R3.1 billion (R2.9 billion). Operating profit lowered. . .  Full story
Revenue for the year jumped to R748.8 million (221.3 million). Operating profit multiplied to R506.7 million (R147.3 million). Profit after tax. . .  Full story
Revenue increased by 4% to R16.8 billion (R16.3 billion). Gross profit rose to R3.9 billion (R3.6 billion) and operating profit improved. . .  Full story
Revenue shot up to R1.7 billion (R1.1 billion) and gross profit grew to R219.6 million (R125.5 million). Operating profit decreased to. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0052592.00402.680.77%
JSE Top 4017:0047002.30409.300.88%
JSE Gold17:001013.362.850.28%
JSE Financial17:0043701.86384.050.89%
JSE Industrial17:0075357.28474.880.63%
JSE Indust 2517:0067289.56463.310.69%
JSE Resource17:0042142.92530.941.28%
DJ Futures19:5818043.0018.000.10%
DJ Ind19:5818134.0614.280.08%
SP 50019:582122.860.010.00%
Nasdaq19:585153.62-0.35-0.01%
FTSE 10017:356834.879.200.13%
DAX18:0811542.5482.040.72%
CAC4018:085057.6859.071.18%
Nikkei08:2820809.42381.231.87%
Shanghai09:284576.4998.132.19%
Hang-Seng10:3027333.46252.610.93%
All Ords08:355671.4068.301.22%
NZSE 5008:285772.13.080.00%
NameTimeRPMove% Move
Gold $19:591176.73-9.00-0.76%
Gold R19:5914338.75-6.68-0.05%
Gold R/kg19:58460920-135-0.03%
Silver $19:5915.7660-.4010-2.48%
Platinum $19:591064.527.520.71%
Palladium $19:59696.653.650.53%
R18617:028.28-.01-0.12%
R20416:567.58-.00-0.07%
R20717:027.80-.01-0.19%
Brent Crude19:5864.771.752.78%
USD / ZAR19:5912.18370.08530.71%
GBP / ZAR19:5519.1058-0.0013-0.01%
EUR/ ZAR19:5513.5932-0.1245-0.91%
NZD/ ZAR19:598.34160.03430.41%
AUD / ZAR19:559.41380.05980.64%
USD / JPY19:59123.86500.51100.41%
EUR / USD19:591.1163-0.0177-1.56%
GBP / USD19:591.5713-0.0112-0.71%

Click here for the Sharenet Spot Price page
The JSE Today

Trading Statistics
DateAdv.Decl.Unch.ActivesVolumeValueTradesOrders
23/06/201521412765406268,672,702R17,348,535,9701985021546021
22/06/201518419066440226,940,587R16,549,676,7021920031608582
19/06/201515817886422349,160,465R25,408,760,4502247881629547
18/06/201519516352410497,292,677R48,821,872,5632257971878574
17/06/201517516264401274,462,578R20,297,213,170284187239210
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 HOWDEN  330036912.59.%35493
2 WESCOAL  1601611.11.%750432
3 OMNIA  1720013008.18.%453179
4 ILIAD  810608.00.%1561720
5 ASSORE  111366366.06.%106518
6 RARE  270145.47.%1822
7 ADVHLTH  258135.31.%9951
8 CHOPPIES  615294.95.%419912
9 NET1UEPS  235009904.40.%10723
10 TELKOM  56002304.28.%9583759
11 AECI  115004614.18.%228908
12 CADIZ  12043.45.%1278008
13 TFG  158905033.27.%578944
14 FPT  877263.06.%534205
15 ROCKCASTL  2744803.00.%759546
16 SIBANYE  1930552.93.%1221421
17 ASCEN_B  28882.86.%513
18 DISTELL  161494482.85.%12107
19 RANGOLD  22062.80.%26500
20 MMG  1900502.70.%81175

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Major Moves Down
SharenameSaleMove% MoveVolume
1 AEEI  260-35-11.86.%23643
2 ALTRON-P  1151-98-7.85.%167357
3 FAIRVEST  167-13-7.22.%26
4 INFRASORS  127-8-5.93.%2
5 MRHLD  1310-82-5.89.%3223994
6 ARCMITTAL  1350-82-5.73.%284504
7 AVENG  595-35-5.56.%1543464
8 LABAT  106-6-5.36.%1228964
9 DCENTRIX  470-25-5.05.%61401
10 ACCELERAT  675-35-4.93.%5537
11 ALEXANDER  850-43-4.82.%4081139
12 HUDACO  12525-625-4.75.%11467
13 ALARIS  210-10-4.55.%27005
14 PUTPROP  541-24-4.25.%2410
15 TREMATON  350-15-4.11.%5224
16 ERIN  5725-225-3.78.%2687
17 ADCORP  3305-115-3.36.%108937
18 ATLATSA  145-5-3.33.%10710
19 ADAPTIT  855-27-3.06.%18229
20 PPC  1840-58-3.06.%3398042

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New Highs
SharenameSaleHighMove% MoveVolume
1 PERGRIN  30353100-35-1.14.%542843
2 TRUSTCO  461470-8-1.71.%411603

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New Lows
SharenameSaleLowMove% MoveVolume
1 ARCMITTAL  13501350-82-5.73.%284504
2 AVENG  595580-35-5.56.%1543464
3 PUTPROP  541541-24-4.25.%2410
4 HARMONY  15851569-45-2.76.%4991090
5 SANTOVA  33013-9-2.65.%94227
6 GRINDROD  14631450-22-1.48.%1715208
7 AQUARIUS  142140-2-1.39.%1242916
8 ARM   88408671-80-0.90.%583033
9 PAN-AF  190187-1-0.52.%1683740
10 HOSP-A  133513000.26088
11 WBHO  1025010063500.49.%183717

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Index Summary
Index NameRPMove% Move
Top 4047,002.30409.300.88%
Industrial75,357.28474.880.63%
Mid Cap68,855.37252.440.37%
Small Cap59,541.26-230.44-0.39%
Resource 2042,142.92530.941.28%
Industrial 2567,289.56463.310.69%
Financial 1516,621.27178.251.08%
Financial & Ind. 3072,016.08567.130.79%
All Share52,592.00402.680.77%
Oil & Gas 62,644.80-846.55-1.33%
Mining 25,365.71298.051.19%
Gold Mining1,013.362.850.28%
Platinum Mining29.02-.44-1.49%
GENERAL MINING7,651.32116.901.55%
Oil & Gas Producers 33,682.95-455.18-1.33%
Basic Materials 23,815.90280.001.19%
Chemicals 22,366.07417.471.90%
Forestry & Paper 44,876.8359.890.13%
Industrial Metals 8,742.18-32.95-0.38%
Industrials 44,311.58205.810.47%
General Industrials 156.341.731.12%
Consumer Goods 66,128.54376.160.57%
Automobiles & Parts 8,149.79-2.26-0.03%
Household Goods517.11112.11%
Health Care 9,831.9141.980.43%
Beverages 222.66.780.35%
Index NameRPMove% Move
Food Producers 8,237.6748.380.59%
Personal Goods 1,028.734.700.46%
Consumer Services 16,812.2491.620.55%
General Retailers 85,126.78969.691.15%
Travel & Leisure 5,953.2413.830.23%
Media 415.191.680.41%
Support Services 3,393.62-6.51-0.19%
Telecommunications 11,002.0889.230.82%
Financials 43,701.86384.050.89%
Banks 78,073.211335.261.74%
Non-life Insurance 55,536.32-45.94-0.08%
Life Insurance 40,740.16222.180.55%
General Financial 4,439.176.980.16%
Technology 61,446.14255.280.42%
SHARIAH TOP40 3,683.07461.26%
FTSE/JSE SHARIAH ALL3,876.28391.03%
COAL MINING11,327.012672.41%
FTSE JSE Fledgling 6,776.37-63-0.93%
FTSE/JSE Alt X 1,321.4720.16%
SA LISTED PROPERTY 610.520.60%
CAPPED PROPERTY 534.390.60%
RESOURCE 23,030.232701.19%
DIVIDEND PLUS224.3421.07%
FTSE/JSE RAFI 409,794.93860.88%
Capped Top 4025,073.802230.90%
Capped All Share26,675.622040.77%
JSE TABACO 8,789.26250.28%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
ARLASTRAL FOODSBUY17/06/2015
MTNMTN GROUP LIMITEDHOLD17/06/2015
VODVODACOM GROUP LIMITEDHOLD17/06/2015
SGLSIBANYE GOLD LIMITEDSELL15/06/2015
MNDMONDI LIMITEDBUY15/06/2015
Results Expected**
ExpectedCompany NameFin. Date
24/06/2015KEATONMarch 2015 (Final)
24/06/2015OMNIAMarch 2015 (Final)
24/06/2015OMNIACPMarch 2015 (Final)
24/06/2015PRESCIENTMarch 2015 (Final)
24/06/2015SAFARIMarch 2015 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
NAMPAK 6.522/06/1517/07/1527/07/15ZAR 0.0650
INVICTA22/06/1510/07/1520/07/15ZAR 1.1199
NAMPAK 6%P22/06/1517/07/1527/07/15ZAR 0.0600
ACCPROP22/06/1510/07/1520/07/15ZAR 0.2521
BRAIT17/06/1531/07/1511/08/15ZAR 0.7712
Ex Div**
Share NameDec-DateLDTPay-DateAmount
BRAIT PREF01/06/1519/06/1529/06/15ZAR 4.7968
VODACOM18/05/1519/06/1529/06/15ZAR 4.0000
TIGBRANDS20/05/1519/06/1529/06/15ZAR 3.3900
RMBTOP4001/06/1519/06/1530/06/15ZAR 0.4650
SAFARI03/06/1519/06/1529/06/15ZAR 0.3400

Upcoming AGMs**
CodeCompany NameDateStatus
BSRBasil Read Holdings Ltd.23/06/2015Confirmed
ADHADvTECH Ltd.24/06/2015Confirmed
ISAISA Holdings Ltd.24/06/2015Confirmed
ISBInsimbi Refractory and Alloy Supplies Lt...25/06/2015Confirmed
GIYGiyani Gold Corporation25/06/2015Confirmed

Stock Exchange News Service
DateTimeHeadline
23/06/201517:30THE DB X-TRACKER COL INVEST SCHEME - Change in constituents within db X-trackers...
23/06/201517:28PRIMESERV GROUP LIMITED - Trading statement for the twelve months ended 31 March...
23/06/201517:07STANLIB COLLECTIVE INVESTMENTS LTD - Distribution Announcement - STPROP
23/06/201516:55STANLIB COLLECTIVE INVESTMENTS LTD - Distribution Announcement - STANSX
23/06/201516:49STANLIB COLLECTIVE INVESTMENTS LTD - Distribution Announcement - STAN40
23/06/201516:44REDEFINE PROPERTIES LIMITED - Interest rate reset: RDFC22
23/06/201516:40OLD MUTUAL PLC - The Old Mutual Wealth Joint Share Ownership Plan
23/06/201516:08KIBO MINING PLC - Kibo Share Forfeiture
23/06/201516:00ASCENSION PROPERTIES LIMITED - Results of scheme meetings and general meetings
23/06/201515:45OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
23/06/201515:45SABMILLER PLC - Annual Financial Report
23/06/201515:45OMNIA HOLDINGS LIMITED - Changes to the Board of Directors - Resignation
23/06/201515:45RMB CIS MANCO (PTY) LIMITED - Rebalancing of the RMB Top 40 exchange traded fund...
23/06/201515:45RMB CIS MANCO (PTY) LIMITED - Rebalancing of the RMB Mid Cap Exchange Traded Fun...
23/06/201515:20FAMOUS BRANDS LIMITED - Dealings in Securities by a Director
23/06/201515:01JSE LIMITED - Dealing in securities by directors under the terms of the JSEs lon...
23/06/201514:55OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
23/06/201514:15ARGENT INDUSTRIAL LIMITED - Further Trading Statement
23/06/201514:00CLOVER INDUSTRIES LIMITED - Dealings in securities by directors of the Company
23/06/201514:00ROCKCASTLE GLOBAL REAL EST CO LTD - Dealing in securities by an associate of a d...
23/06/201514:00KAP INDUSTRIAL HOLDINGS LIMITED - Dealings in Securities by a Director of Major ...
23/06/201513:33MPACT LIMITED - Dealings in securities by the Mpact Limited Incentive Scheme Tru...
23/06/201513:32THE STANDARD BANK OF SA LTD - Publication of 2014 Annual Financial Statements
23/06/201513:00BARLOWORLD LIMITED - Directors Dealings in Shares
23/06/201512:55OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
23/06/201512:20FIRSTRAND BANK LIMITED - FRS130 - Extension of Maturity Date and Step-Up Rate
23/06/201512:05FIRSTRAND BANK LIMITED - FRS116 - Full Capital Redemption
23/06/201512:02JSE LIMITED - GEN - General - Amendments to the JSE Listings Requirements
23/06/201511:45INDLUPLACE PROPERTIES LIMITED - Dealings in securities by a director and by an a...
23/06/201511:40MERCEDES-BENZ SOUTH AFRICA LIMITED - Release of Annual Financial Statements
23/06/201511:20INGUZA INVESTMENTS (RF) LIMITED - ING305 - New Instrument Listing
23/06/201511:07NEW GOLD ISSUER LIMITED - Partial Redemption of NewGold Debentures
23/06/201510:55ELLIES HOLDINGS LIMITED - Rights offer finalisation announcement
23/06/201510:37GROWTHPOINT PROPERTIES LIMITED - Dealings in securities by a director of a major...
23/06/201510:36COMMISSIONER STREET NO 1 (PTY) LTD - Commissioner Street No. 1 (RF) Ltd-MFS1A1-P...
23/06/201510:32STANDARD BANK OF SOUTH AFRICA LD - SCIB: The Standard Bank of South Africa Limit...
23/06/201510:28SHOPRITE HOLDINGS LIMITED - Dealings in securities by director of main subsidiar...
23/06/201510:10TRENCOR LIMITED - Textainer extends and lowers pricing on US$700 million revolvi...
23/06/201510:00COAL OF AFRICA LIMITED - Appendix 3X - Initial Directors Interest Notice
23/06/201510:00ABSA BANK LIMITED - Absa Bank Notes Listing on Stock Exchange of Mauritius ("SEM...
23/06/201509:30NAMPAK LIMITED - Retirement of Chief Financial Officer and appointment of acting...
23/06/201508:00ANGLO AMERICAN PLAT LTD - Rustenburg Platinum Mines Limited proposes new organis...
23/06/201507:40WESCOAL HOLDINGS LIMITED - Reviewed condensed consolidated results for the year ...
23/06/201507:30ROCKCASTLE GLOBAL REAL EST CO LTD - Dealing in securities by an associate of a d...
23/06/201507:05OMNIA HOLDINGS LIMITED - Audited Results for the Year Ended 31 March 2015
23/06/201507:05FAMOUS BRANDS LIMITED - Acquires 51% of Retail Group (Pty) Ltd, Botswana

Click here for more SENS news