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MarketViews - August 2016 Edition
Natalie Mayer

Dear Readers

Welcome to the August edition of MarketViews.

Dwaine van Vuuren of Powerstocks Research writes about the JSE’s technical glitch that resulted in a R134bn over-estimation of non-resident buying of SA local stocks from May-July. He notes that the error is so large it simply cannot be wished away, as it effectively brought annual net purchases into positive territory, telling a very different story to the truth. With the corrected numbers, Dwaine reveals that annual net outflows are in fact at record-setting levels, even higher than those set by the 2008 Great Financial Crises.

Diversification is a much-repeated but solid principle of sound investing. But does your portfolio include property - excluding your own residence? AJ Cilliers explores ways of diversifying your property holdings through listed property funds, and provides advantages and disadvantages of investing in this type of instrument.

This month I give a brief summary of the Retail Distribution Review (RDR), which when it comes into effect will significantly affect the Financial Services sector - particularly financial advisors and their customers. Currently there is a conflict of interest: financial advisors are supposed to act in the best interest of the customer, but they’re paid by the suppliers of financial products. Advisors thus may prioritise sales over customer-appropriate advice. The RDR was therefore created to address this conflict. The article explores the background, impact and industry response to the RDR.

Wishing you good reading and a successful month’s investing,

Natalie Mayer

Editor

Top 4 reads for July on Sharenet Views

Overseas Investors Fleeing SA
The JSE’s R134bn equity purchases error is so large it simply cannot be wished away, even when considering the bond market flows.

Putting Massive JSE Error Into Perspective
A programming error at the JSE has caused the bourse to grossly misrepresent foreign sellers of SA equities as net buyers of R98.10bn worth of local stocks from May to July 2016.

Declining Market Breadth
The JSE is suffering from low participation meaning fewer and fewer shares are contributing to its rise – a precursor to bear markets for the last 80 years in US and no different for JSE.

JSE Investors Should Be Thankful For Rand Collapse
JSE investors should be thankful for the collapse in the Rand since 2011 - it’s the only thing that stopped us from going into a bear market.

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Feature
The Retail Distribution Review (RDR): A Briefing
Natalie Mayer
Initiated by the Financial Services Board (FSB), the Retail Distribution Review is intended to ensure that customers receive fair outcomes when buying financial products.
Articles
Listed Property Funds: The Pro's And Con's
AJ Cilliers
As an individual investor, should you consider an investment in a listed property fund?
StockPicks July 2016 Winners Announced
Sharenet
CONGRATULATIONS! To our July WINNERS
Technical Analysis
Overseas Investors Fleeing SA
Dwaine van Vuuren
The JSE's R134bn equity purchases error is so large it simply cannot be wished away, even when considering the bond market flows.

Cast Your Vote

Were you concerned about the JSE's R134 billion equity purchases error?
What error?
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