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 The Sharenet Daily 
Tuesday, 21 July 2015 - 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 - Peter Lynch

Peter Lynch was born in 1944 in the USA, just before the end of the Second World War. He is most well-known for his management roles and especially the fund management role at Fidelity Investments Inc.

His father died when he was seven so at the age of 11 he got his first job at caddying golf to help his mother to pay the bills. This eventually gained him a contact to an internship at Fidelity after graduating from college.

After serving two years in the military he went on to finish his MBA studies in 1968 at the University of Pennsylvania. He returned to work for Fidelity Investments as an investment analyst, eventually working himself up to the firm's director of research. Thereafter Lynch was named manager of the (then little known) “Fidelity Magellan Fund” in 1977 which he continued to manage until his retirement in 1990. During his management tenure, the fund's assets grew from $20 million to $14 billion while he outperformed the S&P 500 Index benchmark in 11 of those 13 years, achieving an annual average return of 29% - making it one of the best performing mutual funds in the world.

His most famous investment principle is simply, "Invest in what you know". He had a chameleon-like investment style in that he adapted to whatever investment style worked at the time. He worked around the clock, talking with company executives, other investment managers, industry experts and analysts. Always keeping an eye out for opportunities, he found many investment opportunities when not in his office, during everyday life while out with his family, driving around or making a purchase at the mall. "If you stay half-alert, you can pick the spectacular performers right from your place of business or out of the neighborhood shopping mall, and long before Wall Street discovers them."

He dedicated himself to a high level of due diligence and company research. "Investing without research is like playing stud poker and never looking at the cards." He disregarded market noise and concentrated on a company's fundamentals rather, using a bottom-up approach. "Go for a business that any idiot can run – because sooner or later, any idiot is probably going to run it." He believed it futile to predict the economy and interest rates. "If you spend more than 13 minutes analyzing economic and market forecasts, you've wasted 10 minutes."

He avoided the “long shots” rather investing for the long run and paid little attention to short-term market fluctuations. "Absent a lot of surprises, stocks are relatively predictable over twenty years. As to whether they're going to be higher or lower in two to three years, you might as well flip a coin to decide."

Over the course of his life he is widely written and quoted. He’s known for coining the phrase "ten bagger" which refers to an investment which is worth ten times its original purchase price.

Perhaps his most famous book you might find on any investor’s bookshelf is "One up on Wall Street" (1989). This book as well as “Beating the Street" (1993) and “Learn to earn” (1996) are widely considered to be mandatory reading for any investor.

Following retirement, he continues to work part-time as vice chairman of Fidelity Management & Research Co., spending most of his time mentoring young analysts. He has also been an active participant in a variety of philanthropic endeavors (which he sees as social investment).

Keep well,

Lourens Rabé

Investopedia, Bloomberg, Wikipedia

Tel 0219144966
Fax 0219144912
E-mail info@seedinvestments.co.za

Seed is hiring: Click through to our LinkedIn profiles to see vacancies at Seed Investment Consultants and Seed Analytics


Tue, 21 Jul 2015
Top News
Local markets The JSE All Share ended 0.16% lower on Tuesday as gains in gold miners and resources were not enough to offset losses in other sectors.  Full story

South Africa's rand strengthened against the dollar on Tuesday supported by a recovery in commodity prices and as the greenback paused its recent rally against a basket of currencies. At 1435 GMT, the rand was trading 0.59 percent firmer at 12.3615 to the dollar compared with its c  Full story
A policeman and an opposition official died in violence at the start of Burundi's presidential election on Tuesday, held amid protests over President Pierre Nkurunziza's decision to run for a third term and an opposition boycott.  Full story
President Barack Obama on Tuesday listed Americans held in Iran by name and said the United States will not give up until they are returned.  Full story
France's hard line towards Iran in nuclear negotiations won't hurt its businesses once sanctions are lifted, Foreign Minister Laurent Fabius said on Tuesday before a trip to Tehran aimed at reviving relations.  Full story
Crude oil edged higher and gold prices rose on Tuesday on the back of a softer U.S. dollar, while earnings hurt Wall Street. . .  Full story
A rush of activity in near-term Comex gold options after Monday morning's dramatic price rout suggests investors are braced for the market sliding. . .  Full story
Gold was on the brink of five-year lows on Tuesday, with more losses expected in the coming months following Monday's "bear raid" when. . .  Full story
A dramatic slide in gold prices this week threatens to squash a run of mining mergers and acquisitions just as momentum in the. . .  Full story

Hong Kong stocks rose on Tuesday, with investors encouraged by signs that mainland share markets are stabilising.. . .  Full story
China stocks rose for the fourth straight session on Tuesday, with gains in telecoms and start-up firms offsetting weakness in banks, as investors regained. . .  Full story
Australian shares ended up 0.35 percent on Tuesday, rising for a sixth straight session, led by solid gains in banks and consumer staples. . .  Full story
Japan's Nikkei share average climbed to near four-week highs on Tuesday, supported by growing expectations for strong first-quarter earnings while gains in Chinese shares. . .  Full story
SA Business
South Africa's Evraz Steel and Vanadium said on Tuesday it could lay off more than 1,000 workers after temporarily ceasing the. . .  Full story
South African private education group Advtech said on Tuesday it had rejected a takeover offer from its bigger rival Curro Holdings,. . .  Full story
South Africa's Kumba Iron Ore suspended its half-year dividend for the first time after a plunge in profits and warned low. . .  Full story
Officials from the world's largest emerging nations launched the New Development Bank (NDB) on Tuesday, the second of two new policy. . .  Full story

China's central bank and finance ministry will inject billions of dollars into the country's policy banks, Caixin reported on Tuesday without specifying the source of its information.. . .  Full story
South African platinum producer Northam Platinum said on Tuesday output at its Booysendal mine had been disrupted by protesters in the surrounding town of Steelpoort.. . .  Full story
Company News
Further to the announcement on 20 July 2015, in relation to the allotment of 1,689,556 ordinary ZAR 0.01 shares to satisfy. . .  Full story
Shareholders are referred to the further cautionary announcement published on SENS on Tuesday, 14 July 2015. Following receipt of the initial. . .  Full story
Shareholders are advised that despite successful efforts to reduce fixed costs as well as process improvements in efficiencies, it was decided. . .  Full story
Medclin shareholders are referred to the announcement released on the Stock Exchange News Service ("SENS") on 22 June 2015 relating to. . .  Full story

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 47,9% beneficiary. . .  Full story
Shareholders are advised that the annual report containing the annual financial statements for the year ended 28 February 2015, will be. . .  Full story
Cenrand announced the appointment, with immediate effect, of Panmure Gordon (UK) Ltd. as the CompanyŽs nominated adviser and broker. This follows. . .  Full story
Anglo wished to draw attention to Kumba Iron Ore Ltd.Žs ("Kumba") announcement of its results for the six months ended 30. . .  Full story
Company Results
Net sales revenue grew 7% to R29.8 billion (R27.8 billion). Operating profit shot up 976% to R3.8 billion (R0.4 billion). Profit attributable to owners increased by 470% to R2.4 billion (R0.4 billion). In addition, headline earning per share jumped to 946cps. . .  Full story
Revenue for the interim period decreased to R20.5 billion (2014: R26.4 billion). Operating profit weakened to R5.8 billion (2014: R12.3 billion), while profit for the period attributable to owners of Kumba lowered to R2.5 billion (2014: R6.5 billion). Furthermore, headline earnings. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0052901.42-86.90-0.16%
JSE Top 4017:0047256.32-132.35-0.28%
JSE Gold17:00869.8022.872.70%
JSE Financial17:0045865.95-130.90-0.28%
JSE Industrial17:0076674.85-100.85-0.13%
JSE Indust 2517:0068450.30-92.17-0.13%
JSE Resource17:0037580.52-37.19-0.10%
DJ Futures19:4817804.00-199.00-1.11%
DJ Ind19:5817882.98-217.43-1.20%
SP 50019:582117.31-10.97-0.52%
FTSE 10017:356769.07-19.62-0.29%
All Ords08:465688.5019.500.34%
NZSE 5007:485876.9114.990.26%
NameTimeRPMove% Move
Gold $19:591102.754.300.39%
Gold R19:5813602.14-48.89-0.36%
Gold R/kg19:58437031-4348-0.99%
Silver $19:5914.8070.15201.04%
Platinum $19:59979.175.170.53%
Palladium $19:59626.2023.203.85%
Brent Crude19:4856.84-.88-1.52%
USD / ZAR19:5912.3324-0.0965-0.78%
GBP / ZAR19:5519.1588-0.1558-0.81%
EUR/ ZAR19:5513.50200.04800.36%
NZD/ ZAR19:588.19480.04110.50%
AUD / ZAR19:559.16690.00390.04%
USD / JPY19:59123.8490-0.4610-0.37%
EUR / USD19:591.09480.01251.16%
GBP / USD19:591.5559-0.00000.00%

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 AEEI  2483214.81.%24044
2 CADIZ  1601913.48.%180686
3 STELLAR  275218.27.%1042858
4 ROLFES  370257.25.%348696
5 ARCMITTAL  15501006.90.%862694
6 DAWN  620396.71.%77046
7 ENX  218136.34.%1000
8 AVENG  641386.30.%1158066
9 Cognition  200105.26.%20000
10 MONTAUK  1420715.26.%96944
11 GFIELDS  36151805.24.%2387267
12 NIVEUS  27801194.47.%1694
13 CONDUIT  245104.26.%39100
14 ANCHOR  1271514.18.%86249
15 MRHLD  1306493.90.%677090
16 JSE  147505133.60.%128868
17 GRINDROD  1326463.59.%991483
18 WBHO  103543543.54.%95312
19 METROFILE  440153.53.%293628
20 TRNSHEX  320103.23.%8213

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Major Moves Down
SharenameSaleMove% MoveVolume
1 DENEB  201-24-10.67.%187
2 RANGOLD  208-22-9.57.%500
3 TEX  1030-90-8.04.%300
4 RARE  250-20-7.41.%5000
5 ASCEN_A  545-40-6.84.%800
6 MIXTEL  353-22-5.87.%579600
7 AQUARIUS  125-7-5.30.%3710426
8 TRUSTCO  455-25-5.21.%182234
9 SEPHAKU  753-37-4.68.%593217
10 PIKWIK  2550-120-4.49.%96849
11 PETMIN  134-6-4.29.%70045
12 ALTRON  1150-50-4.17.%2335
13 ALTRON-P  1149-50-4.17.%10233
14 INTEWASTE  115-5-4.17.%17076
15 COMAIR  370-15-3.90.%599923
16 PIVOTAL  2140-85-3.82.%665503
17 ONELOGIX  465-15-3.12.%37930
18 ADVTECH  1160-35-2.93.%511549
19 CASHBIL  32000-900-2.74.%31664
20 OCTODEC  2543-68-2.60.%16701

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New Highs
SharenameSaleHighMove% MoveVolume
1 CADIZ  1601601913.48.%180686
2 STELLAR  275276218.27.%1042858
3 ANCHOR  12711300514.18.%86249
4 JSE  14750147505133.60.%128868
5 MONDILTDP  2926629570-110-0.37.%520792
6 MONDIPLCP  2920029607-186-0.63.%600380
7 STEINHOFF  79318050-59-0.74.%9462024

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New Lows
SharenameSaleLowMove% MoveVolume
1 ARM   73517245-191-2.53.%539158
2 PAN-AF  143142-2-1.38.%1130613
3 RBPLAT  36903477-50-1.34.%274933
4 HARMONY  12731189231.84.%2339050
5 SIBANYE  17951692452.57.%1625548

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Index Summary
Index NameRPMove% Move
Top 4047,256.32-132.35-0.28%
Mid Cap69,475.23343.030.50%
Small Cap59,884.49109.460.18%
Resource 2037,580.52-37.19-0.10%
Industrial 2568,450.30-92.17-0.13%
Financial 1517,380.15-79.24-0.45%
Financial & Ind. 3073,718.07-189.28-0.26%
All Share52,901.42-86.90-0.16%
Oil & Gas 12,021.03601.055.26%
Mining 22,470.28-23.13-0.10%
Gold Mining869.8022.872.70%
Platinum Mining23.54.180.77%
GENERAL MINING6,862.19-32.86-0.48%
Oil & Gas Producers 64,634.853231.745.26%
Basic Materials 22,020.2312.340.06%
Chemicals 22,394.13216.960.98%
Forestry & Paper 47,069.16-309.13-0.65%
Industrial Metals 7,531.27114.751.55%
Industrials 45,475.9356.330.12%
General Industrials 162.51-.58-0.36%
Consumer Goods 67,950.39-461.26-0.67%
Automobiles & Parts 7,921.08108.701.39%
Household Goods544.29-4-0.74%
Health Care 10,036.68-31.52-0.31%
Beverages 229.37-2.47-1.07%
Index NameRPMove% Move
Food Producers 8,772.43-1.22-0.01%
Personal Goods 1,038.11-4.40-0.42%
Consumer Services 17,188.6564.110.37%
General Retailers 86,525.34613.510.71%
Travel & Leisure 6,268.85-43.31-0.69%
Media 421.321.560.37%
Support Services 3,298.67-11.99-0.36%
Telecommunications 10,576.6716.980.16%
Financials 45,865.95-130.90-0.28%
Banks 79,663.26-113.72-0.14%
Non-life Insurance 57,019.16-507.90-0.88%
Life Insurance 43,144.62-338.41-0.78%
General Financial 4,815.54-39.38-0.81%
Technology 63,989.02-882.74-1.36%
SHARIAH TOP40 3,533.05-6-0.17%
FTSE/JSE SHARIAH ALL3,733.74-1-0.04%
COAL MINING9,696.23-68-0.70%
FTSE JSE Fledgling 6,744.26-1-0.02%
FTSE/JSE Alt X 1,341.7660.48%
RESOURCE 20,408.93-20-0.10%
DIVIDEND PLUS220.1700.11%
FTSE/JSE RAFI 409,607.16-16-0.16%
Capped Top 4025,196.24-71-0.28%
Capped All Share26,832.56-44-0.16%
JSE TABACO 8,991.92-41-0.45%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
24/07/2015ANGLOJune 2015 (Interim)
24/07/2015ANGLO-PJune 2015 (Interim)
24/07/2015STELLARFebruary 2015 (Interim)
27/07/2015HULAMINJune 2015 (Interim)
27/07/2015HULAMINAJune 2015 (Interim)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
ARGENT30/06/1525/09/1505/10/15ZAR 0.0900
NASPERS-N29/06/1511/09/1521/09/15ZAR 4.7000
TRUSTCO29/06/1524/07/1521/08/15NAD 0.0400
PRIMESERV26/06/1502/10/1512/10/15ZAR 0.0100
HUDACO26/06/1506/08/1517/08/15ZAR 1.8000
Ex Div**
Share NameDec-DateLDTPay-DateAmount
ILPREF230/06/1517/07/1527/07/15ZAR 13.8847
ILRPREF130/06/1517/07/1527/07/15ZAR 12.8930
AMECOR30/06/1517/07/1527/07/15ZAR 0.0800
NAMPAK 6.522/06/1517/07/1527/07/15ZAR 0.0650
NAMPAK 6%P22/06/1517/07/1527/07/15ZAR 0.0600

Upcoming AGMs**
CodeCompany NameDateStatus
SPASpanjaard Ltd.21/07/2015Unconfirmed
VUNVunani Ltd.21/07/2015Unconfirmed
EQUEquites Property Fund Ltd.21/07/2015Confirmed
MDCMediclinic International Ltd.23/07/2015Confirmed
CRGCargo Carriers Ltd.23/07/2015Confirmed

Stock Exchange News Service
21/07/201517:40STELLAR CAPITAL PARTNERS LIMITED - Update in respect of the acquisition of a str...
21/07/201517:30DATATEC LIMITED - Further issue of shares
21/07/201517:23EQUITES PROPERTY FUND LIMITED - Results of annual general meeting and change to ...
21/07/201517:23JSE LIMITED - Index Change Advice - 20150722 Adcock Ingram Holdings Scheme of Ar...
21/07/201516:50A E C I LIMITED - Trading statement
21/07/201516:36THE DB X-TRACKER COL INVEST SCHEME - Distribution Finalisation Announcement For ...
21/07/201516:33THE DB X-TRACKER COL INVEST SCHEME - Distribution finalisation announcement for ...
21/07/201516:29THE DB X-TRACKER COL INVEST SCHEME - Distribution finalisation announcement for ...
21/07/201516:25THE DB X-TRACKER COL INVEST SCHEME - Distribution finalisation announcement for ...
21/07/201516:19The Db X-tracker Col Invest Scheme - Distribution Finalisation Announcement For ...
21/07/201516:05TRUSTCO GROUP HOLDINGS LIMITED - Dealing in securities by an alternate director
21/07/201516:00ADVTECH LIMITED - ADvTECH Limited: Withdrawal of Cautionary Announcement
21/07/201515:03SYNTHESIS FUNDING LIMITED - New Financial Instrument Listing - SY1253
21/07/201514:55OLD MUTUAL PLC - Public Opening Position Disclosure/Dealing Disclosure by a Pers...
21/07/201514:34VUNANI LIMITED - Results of general meeting
21/07/201514:25VUNANI LIMITED - Results of annual general meeting
21/07/201513:19AVI LIMITED - Voluntary Trading Update and Statement for the year ended 30 June ...
21/07/201512:38AFRICA ETF ISSUER LTD (RF) - LISTING OF ADDITIONAL AfricaPlatinum debentures
21/07/201512:05ELLIES HOLDINGS LIMITED - TRP121: Notification of a decrease in interests in sec...
21/07/201511:46ANSYS LIMITED - Director dealings in securities
21/07/201511:24NEW GOLD ISSUER LIMITED - NGPLT-Additional Listing of NewGold Platinum Debenture...
21/07/201511:23JUBILEE PLATINUM PLC - Update on general meeting and invite to live webcast
21/07/201511:05EVRAZ HIGHVELD STEEL & VANADIUM LTD - Section 189 notice and update on investmen...
21/07/201510:57STANDARD BANK OF SOUTH AFRICA LD - SCIB: The Standard Bank of South Africa Limit...
21/07/201510:44FIRSTRAND BANK LIMITED - FRC113-Partial Redepmtion
21/07/201510:41MEDICLINIC INTERNATIONAL LIMITED - Rights Issue Declaration Announcement
21/07/201510:40THE THEKWINI WAREHOUSING CONDUIT (RF) LIMITED - Redemption of TWC096 Notes
21/07/201510:23GREENHOUSE FUNDING (RF) LIMITED - Revised-Greenhouse Funding (RF) Limited_GRH1A2...
21/07/201510:21CoreShares Index Tracker Managers (RF) Proprietary Limited - Listing of 1 100 00...
21/07/201510:05ROLFES HOLDINGS LIMITED - Disclosure of Holding in Rolfes Shares
21/07/201510:01TRENCOR LIMITED - Textainer announces date for second quarter 2015 earnings rele...
21/07/201510:00DATATEC LIMITED - No change statement, notice of annual general meeting and boar...
21/07/201509:35BLUE TITANIUM CONDUIT (RF) LIMITED - New Financial Instrument Listing Announceme...
21/07/201508:00ANGLO AMERICAN PLC - Kumba Iron Ore Limited interim results 2015
21/07/201508:00CENTRAL RAND GOLD LIMITED - Appointment of Adviser
21/07/201508:00KIBO MINING PLC - Mbeya Coal to Power Project SEPCO III Joint Development Agreem...
21/07/201507:45NORTHAM PLATINUM LIMITED - Disruption to Booysendal operations
21/07/201507:30REINET INVESTMENTS S.C.A - Net asset value of Reinet Fund S.C.A., F.I.S. as at 3...
21/07/201507:05KUMBA IRON ORE LIMITED - Interim results for the six months ended 30 June 2015

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