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 The Sharenet Daily 
Wednesday, 22 June 2016 - 20:00
 
Charts
News
Top News
Markets
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 - The Look-Back Folly

Looking back and reflecting is essential to the human experience. You can learn much from your preparation for and reaction to past events and mistakes in an effort to better yourself. This is crucial to the investment process, but herein lays both opportunity and danger.

Looking back may lead to naïve extrapolation of past results into future expectations. Although this may sound condescending it is by no means the intent, it happens to the best of us. While price momentum undoubtedly exists and is a valid input in the investment decision making process, it relies on a couple of underlying factors that do not necessarily work in isolation. It is deceptively easy to assume that because a certain company or asset class produced good recent returns it will continue going forward (or vice versa) without due regard for potential pitfalls of this line of thinking.

Many of the various decisions you need to make really come down to one line: “Are you positioned correctly for the future given that you know today?” Although it sounds very simple it is by no means easy to do. Selling out of a position that performed well recently is hard enough, but buying into one that has done poorly in recent times is sometimes even harder.

Keep in mind that no-one is going to be right 100% of the time. When you reach the point where you need to cut your loss and move forward it is imperative to make the choice by thinking ahead instead of looking back. Focusing on your discontent with a particular outcome will not add much value.

When reviewing your portfolio it is important to determine the effectiveness of each strategy in context. A well-constructed portfolio will contain various strategies which will inevitably pay off at different times. Even if a strategy did not perform well compared to the overall portfolio it may have done exceedingly well given the goal (which may include risk reduction), and have good prospects going forward. Looking only at the bottom line of the strategy without context may lead to a sub-optimal overall portfolio and is detrimental to the eventual performance. Reviewing a strategy should have the primary goal of determining if the strategy worked, did what it was supposed to and whether it can be improved, reviewing thus helps to optimise the strategy. Reviewing should not necessarily be the step where the strategy is dropped or included.

Successful investing is hard when you only follow the trend and invest in good news stories. You normally won’t be the first there and will most likely lag the early adopters. There is merit in strategies such as these but it relies on being quick to enter and exit and having a high tolerance for error. Spending too much time and energy on looking back may lead a person to follow the herd, leave little room for looking ahead and ensuring you are positioned for the future.

South African investors looking back over the past year will have little to be happy about. Sure the Rand weakness may have pushed up the value of offshore assets in our own currency and there were little pockets of very good performing assets/strategies, but overall the sentiment’s been mostly negative. We are unsure of how long this malaise will last and when the outlook will turn positive. What we do know is that positioning going forward will be of utmost importance when volatility is high and the near-term outlook is not very positive, diversification and proper portfolio construction will get you out alive at the other end.

Kind regards,

Stefan Keeve

Tel +27 21 914 4966
Fax +27 21 914 4912
Email info@seedinvestments.co.za

Seed is hiring: Visit Seed Analytics LinkedIn Profile to view vacancies.

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Wed, 22 Jun 2016
Top News
[IMAGE]
South African power utility Eskom has raised its wage offer to 7 percent from 5.75 in negotiations with workers, the National Union of Mineworkers (NUM) spokesman said on Wednesday.  Full story

[IMAGE]
South Africa's rand marked a fourth straight session of gains against the dollar on Wednesday, aided by a surprise slowing of inflation locally and improved risk conditions abroad.  Full story
France's government said on Wednesday that trade unions could hold a protest march in Paris after earlier telling police to ban the demonstration, reversing course under fire from union bosses and dissenters in the ruling Socialist Party.  Full story
South African police said on Wednesday that two suspected looters had been shot dead in the capital in violence triggered by the ruling party's choice of a mayoral candidate for local polls.  Full story
Japanese Prime Minister Shinzo Abe began an upper house election campaign on Wednesday with a pledge to rev-up the economy as surveys showed his ruling bloc ahead, despite doubts over Abe's growth recipe and his push to revise the pacifist constitution.  Full story
 
SA Business
South Africa's headline consumer inflation unexpectedly slowed in May, adding to recent data that could prompt the central bank to keep interest rates on hold at its policy meeting next month.. . .  Full story

A member of South Africa's wealthy Gupta family on Wednesday denied allegations of undue political influence, including offering cabinet positions, in its first public comment on charges that have plagued President Jacob Zuma's time in office.. . .  Full story
Company News
Distell announced the appointment of Kevin Hedderwick as a non-executive director to the Board of Distell, with effect from 22 June. . .  Full story
Shareholders of HCI ("HCI Shareholders") are referred to the announcement released by HCI on SENS on Thursday, 28 April 2016 (˘Announcement÷). . .  Full story
Following the announcement on 17 June 2016, Intu Properties announced the completion of the acquisition of the remaining 50 per cent. . .  Full story
Pan African, the African-focused precious metals producer, is pleased to announce the appointment of BMO Capital Markets Ltd. as joint broker. . .  Full story

Shareholders are advised that Ansys changed its year-end to 31 March 2016 as announced to shareholders on 30 May 2016. Ansys is currently finalising its results for the 13 month period. . .  Full story
Shareholders are advised that the Joint Business Rescue Practitioners have prepared a business rescue update report for June 2016 to the Companies and Intellectual Property Commission and to all Affected Persons. . .  Full story
Shareholders of the company are advised that the European benchmark ferrochrome price for the third quarter of 2016 has been settled at USD98c per pound, an increase of 19.51 percent from. . .  Full story
Company Results
Revenue for the year rose to R171.6 million (R140.4 million) whilst operating profit grew to R124.1 million (R104.9 million). Profit for the year lowered to R81.5 million (R206.8 million). In addition, headline earnings per share decreased to 47cps (54cps). Notice of Annual General Meeting Shareholders are hereby advised that SafariĂs integrated annual report will be dispatched to shareholders on 22 June 2016. Notice is hereby given that the annual general meeting (˘AGM÷) will be hel. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0053557.20602.021.14%
JSE Top 4017:0047475.23563.201.20%
JSE Gold17:002032.45-14.06-0.69%
JSE Financial17:0042428.16909.432.19%
JSE Industrial17:0080911.21723.390.90%
JSE Indust 2517:0073167.47699.730.97%
JSE Resource17:0030239.89226.420.75%
DJ Futures19:4217686.00-49.00-0.28%
DJ Ind19:5817819.80-9.93-0.06%
SP 50019:582091.232.330.11%
Nasdaq19:584848.354.590.09%
FTSE 10016:596299.1272.571.17%
DAX18:0810071.0655.520.55%
CAC4018:084380.0312.790.29%
Nikkei08:3016065.72-103.39-0.64%
Shanghai09:282905.5526.990.94%
Hang-Seng10:2820795.12126.680.61%
All Ords08:375349.50-3.80-0.07%
NZSE 5009:026781.74-57.66-0.84%
NameTimeRPMove% Move
Gold $19:591264.20-3.19-0.25%
Gold R19:5918468.03-192.49-1.03%
Gold R/kg19:58599959-6508-1.07%
Silver $19:5917.2380-0.0210-0.12%
Platinum $19:59975.851.800.18%
Palladium $19:59557.257.251.32%
R18617:448.90-0.08-0.89%
R20417:357.95-0.10-1.24%
R20717:238.22-0.12-1.38%
Brent Crude18:4249.84-0.81-1.60%
USD / ZAR19:5914.6012-0.1170-0.79%
GBP / ZAR19:5521.3617-0.2552-1.18%
EUR/ ZAR19:5516.4963-0.0745-0.45%
NZD/ ZAR19:5910.4614-0.0283-0.27%
AUD / ZAR19:5510.9440-0.0577-0.52%
USD / JPY19:59104.4610-0.3100-0.30%
EUR / USD19:591.12980.00500.45%
GBP / USD19:591.4660-0.0010-0.07%

Click here for the Sharenet Spot Price page
The JSE Today

Trading Statistics
DateAdv.Decl.Unch.ActivesVolumeValueTradesOrders
22/06/201621512660401288,273,705R22,536,790,7792441392381055
21/06/201618115965405251,602,221R17,515,862,9582389191454067
20/06/201619415560409265,531,404R19,229,412,4592385042432113
17/06/201620815469431331,097,328R28,552,213,7702623322715526
15/06/201619913871408514,150,690R52,513,326,6292571632456118
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 WORKFORCE  1441410.77.%595158
2 NET1UEPS  1599010907.32.%102
3 THARISA  1150756.98.%2050
4 BASREAD  335206.35.%300459
5 MERAFE  10166.32.%6438437
6 ACSION  850506.25.%20000
7 REBOSIS  1015586.06.%2503738
8 ATLEAF  23001064.83.%5
9 BIDCORP  2820512954.81.%1716546
10 CML  69033074.65.%529799
11 SANTAM  2365010484.64.%78956
12 ACCELERAT  640284.58.%96720
13 AFRIMAT  1950854.56.%73104
14 MRPRICE  210228784.36.%1706759
15 OLDMUTUAL  42101754.34.%8737759
16 B-AFRICA  151486094.19.%3150491
17 PSG  197177493.95.%139806
18 TELKOM  67772573.94.%2408120
19 LIB-HOLD  127124653.80.%556945
20 PINNACLE  1537563.78.%55029

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Major Moves Down
SharenameSaleMove% MoveVolume
1 YORK  257-23-8.21.%9300
2 DELTA  114-9-7.32.%57479
3 MUSTEK  505-35-6.48.%465084
4 PPC  780-49-5.91.%8734621
5 HOWDEN  2650-150-5.36.%83320
6 VALUE  295-15-4.84.%10113
7 PALLINGHT  301-15-4.75.%115710
8 HOSP-A  1177-57-4.62.%170
9 ARCMITTAL  827-39-4.50.%206175
10 NORTHAM  4010-160-3.84.%1217909
11 DAWN  355-14-3.79.%335948
12 INVICTA  4800-185-3.71.%88339
13 SAFARI  715-25-3.38.%121181
14 MPACT  3140-109-3.35.%1113026
15 STELLAR  175-5-2.78.%755203
16 GRANPRADE  343-9-2.56.%156860
17 CASHBIL  34801-895-2.51.%11341
18 WESCOAL  165-4-2.37.%82123
19 TRADEH  2900-70-2.36.%16738
20 ALARIS  169-4-2.31.%4973

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New Highs
SharenameSaleHighMove% MoveVolume
1 THARISA  11501150756.98.%2050
2 MERAFE  10110766.32.%6438437
3 JSE  17826181231260.71.%188288
4 PIKWIK  34513559210.61.%367498
5 CLICKS  1182712091-63-0.53.%608531

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New Lows
SharenameSaleLowMove% MoveVolume
1 DAWN  355349-14-3.79.%335948
2 MPACT  31402996-109-3.35.%1113026
3 STELLAR  175165-5-2.78.%755203
4 ASTORIA  12461240-14-1.11.%219617
5 TOWER  7807700.210000

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Index Summary
Index NameRPMove% Move
Top 4047,475.23563.201.20%
Industrial80,911.21723.390.90%
Mid Cap73,988.41694.880.95%
Small Cap59,287.8682.160.14%
Resource 2030,239.89226.420.75%
Industrial 2573,167.47699.730.97%
Financial 1515,580.63384.812.53%
Financial & Ind. 3075,904.78932.111.24%
All Share53,557.20602.021.14%
Oil & Gas 7,195.69.000.00%
Mining 21,728.17203.170.94%
Gold Mining2,032.45-14.06-0.69%
Platinum Mining23.01-.33-1.41%
GENERAL MINING5,569.3998.961.81%
Oil & Gas Producers 38,689.88.000.00%
Basic Materials 21,346.04135.740.64%
Chemicals 20,623.78-103.30-0.50%
Forestry & Paper 50,739.82401.640.80%
Industrial Metals 6,310.23-108.43-1.69%
Industrials 45,759.19503.311.11%
General Industrials 175.542.531.46%
Consumer Goods 78,844.58160.130.20%
Automobiles & Parts 4,504.01156.253.59%
Household Goods616.69142.25%
Health Care 9,988.3245.260.46%
Beverages 312.25-1.59-0.51%
Index NameRPMove% Move
Food Producers 9,272.9655.430.60%
Personal Goods 911.174.690.52%
Consumer Services 18,485.58364.392.01%
General Retailers 7,739.98101.021.32%
Travel & Leisure 5,918.8911.880.20%
Media 485.6710.432.19%
Support Services 2,128.4371.333.47%
Telecommunications 8,068.2441.590.52%
Financials 42,428.16909.432.19%
Banks 6,650.29186.052.88%
Non-life Insurance 60,360.022674.734.64%
Life Insurance 39,969.951181.393.05%
General Financial 4,569.2086.841.94%
Technology 48,957.55185.430.38%
SHARIAH TOP40 3,104.30401.32%
FTSE/JSE SHARIAH ALL3,394.74351.04%
COAL MINING8,440.90320.38%
FTSE JSE Fledgling 7,069.28-16-0.23%
FTSE/JSE Alt X 1,537.5080.55%
SA LISTED PROPERTY 647.536.751.05%
CAPPED PROPERTY 573.131.13%
RESOURCE 17,031.971080.64%
DIVIDEND PLUS204.2231.63%
FTSE/JSE RAFI 409,603.941261.33%
Capped Top 4025,249.143101.24%
Capped All Share27,287.843101.15%
JSE TABACO 11,771.19140.12%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
SBKSTANDARD BANK GROUP LIMIT...HOLD20/06/2016
FSRFIRSTRAND LIMITEDHOLD20/06/2016
BAWBARLOWORLD LIMITEDBUY20/06/2016
BGABARCLAYS AFRICA GRP LTDHOLD20/06/2016
ANGANGLOGOLD ASHANTI LIMITEDBUY20/06/2016
Results Expected**
ExpectedCompany NameFin. Date
23/06/2016BSI STEELMarch 2016 (Final)
23/06/2016GIYANIMarch 2016 (Q)
23/06/2016VISUALFebruary 2016 (Final)
24/06/2016NASPERSMarch 2016 (Final)
24/06/2016NASPERS-NMarch 2016 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
ECSP A317/06/1601/07/1611/07/16ZAR 0.7671
ECSP C317/06/1601/07/1611/07/16ZAR 1.1123
ECSP A17/06/1601/07/1611/07/16ZAR 0.7671
ECSP C17/06/1601/07/1611/07/16ZAR 1.1123
ECSP B1217/06/1601/07/1611/07/16ZAR 1.1123
Ex Div**
Share NameDec-DateLDTPay-DateAmount
MRPRICE23/05/1617/06/1627/06/16ZAR 4.1900
VODACOM16/05/1617/06/1627/06/16ZAR 4.0000
HCI25/05/1617/06/1627/06/16ZAR 1.5000
TONGAAT30/05/1617/06/1630/06/16ZAR 0.6000
SAFARI31/05/1617/06/1627/06/16ZAR 0.3200

Upcoming AGMs**
CodeCompany NameDateStatus
ISAISA Holdings Ltd.23/06/2016Unconfirmed
PSGPSG Group Ltd.24/06/2016Confirmed
PGFPPSG Group Ltd.24/06/2016Confirmed
ESREsor Ltd.24/06/2016Confirmed
ZEDZeder Investments Ltd.24/06/2016Confirmed

Stock Exchange News Service
DateTimeHeadline
22/06/201617:40DISTELL GROUP LIMITED - Appointment of non-executive director
22/06/201617:33GROWTHPOINT PROPERTIES LIMITED - GTR12 - New Financial Instrument Listing
22/06/201617:30REDEFINE PROPERTIES LIMITED - Interest Rate Reset: RDFB06
22/06/201617:29LIFE HEALTHCARE GROUP HOLDINGS LIMITED - Dealings in securities by directors and...
22/06/201617:00FORTRESS INCOME FUND LIMITED - Full capital redemption - FIFB03
22/06/201616:02VUKILE PROPERTY FUND LIMITED - Dealings in securities by directors and by the co...
22/06/201615:40OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure - British Polythe...
22/06/201615:35OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure - Deutsche Boerse...
22/06/201615:30GIYANI GOLD CORPORATION - Lifts halt irn trade
22/06/201615:24HOSKEN CONSOLIDATED INVESTMENTS LIMITED - Posting of circular and notice of gene...
22/06/201615:00BEIGE HOLDINGS LIMITED - Update on delisting and renewal of cautionary announcem...
22/06/201614:59RARE HOLDINGS LIMITED - Announcement of the Firm Intention of Mayfair Speculator...
22/06/201614:59INSIMBI REFRACTORY & ALLOY SUP LIMITED - Detailed Cautionary Announcement - Prop...
22/06/201614:37BARCLAYS AFRICA GROUP LIMITED - Dealings in securities on behalf of Barclays Afr...
22/06/201614:30TONGAAT HULETT LIMITED - Share Scheme Transactions: Executive Directors And Comp...
22/06/201614:05INTU PROPERTIES PLC - Completion of the Acquisition of the Remaining 50 Per Cent...
22/06/201614:00PAN AFRICAN RESOURCES PLC - Appointment of joint broker
22/06/201613:40IVUZI INVESTMENTS LIMITED - IVA638-New Instrument Listing
22/06/201613:33SA CORPORATE REAL ESTATE LIMITED - Dealing in securities by directors and the co...
22/06/201613:30FIRSTRAND BANK LIMITED - FRC219-Partial Redemption
22/06/201613:24RECM AND CALIBRE LIMITED - Distribution of circular and notice of general meetin...
22/06/201612:03HUGE GROUP LIMITED - Notice of an increase in a beneficial interest in securitie...
22/06/201612:01ANGLO AMERICAN SA FINANCE LIMITED - Interest Rate Reset
22/06/201612:00BLUE TITANIUM CONDUIT (RF) LIMITED - BTC133 Listed Instument
22/06/201611:09CITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY - COJ08 - New Financial Instrumen...
22/06/201611:00BID CORPORATION LIMITED - Director's dealing in securities
22/06/201610:40WORKFORCE HOLDINGS LIMITED - Trading Statement
22/06/201610:40ANSYS LIMITED - Trading Statement
22/06/201610:30STANDARD BANK OF SA LTD - New Financial Instrument Listing Announcement
22/06/201610:30STANDARD BANK OF SA LTD - New Financial Instrument Listing Announcement
22/06/201610:30STANDARD BANK OF SA LTD - New Financial Instrument Listing Announcement - CLN450
22/06/201610:00CLOVER INDUSTRIES LIMITED - Dealings in share appreciation rights ("SARs") by an...
22/06/201609:30COMMISSIONER STREET NO 1 (PTY) LIMITED - MFS1A2 - Partial Capital Redemption
22/06/201609:25MASONITE (AFRICA) LIMITED - Second report to shareholders by the business rescue...
22/06/201609:15COMMISSIONER STREET NO 1 (PTY) LIMITED - MFS1A2 - Partial Capital Redemption
22/06/201609:12EVRAZ HIGHVELD STEEL & VANADIUM LTD - Report in terms of S132(3) (a) of the Comp...
22/06/201609:00TRANSNET SOC LIMITED - TN25; TN40 Bond Tap Issue
22/06/201609:00ADCORP HOLDINGS LIMITED - Further cautionary announcement
22/06/201609:00SABMILLER PLC - Rule 2.10 announcement
22/06/201609:00TRANSNET SOC LIMITED - TSP212; TSP213 Short Term New Issue
22/06/201609:00SAFARI INVESTMENTS (RSA) LIMITED - Abridged Consolidated Financial Statements Fo...
22/06/201608:36FERRUM CRESCENT LIMITED - Results of General Meeting
22/06/201608:30MERAFE RESOURCES LIMITED - Ferrochrome price announcement : Q3 2016
22/06/201608:30TOWER PROPERTY FUND LIMITED - Successful closing of acquisition of Agrokor Portf...
22/06/201607:40EASTERN PLATINUM LIMITED - Eastplats: Independent Proxy Advisor ISS Recommends t...

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