1. Art and Diseño

27 January 2015
www.privatewealth.sanlam.co.za
INDEX
DOW JONES
PTS
INDEX / COMMODITY
%
PTS
%
17679
6
0.03
JSE ALL SHARE
50338
521
1.05
S&P 500
2057
5
0.26
JSE RESOURCES
40596
-102
-0.25
NASDAQ COMPOSITE
4772
14
0.29
JSE FINANCIALS
15870
180
1.15
FTSE 100
6852
20
0.29
JSE INDUSTRIALS
63542
1048
1.68
17710
241
1.38
GOLD AT 07H00
1281
-13
-0.98
16
-1
-6.84
PLATINUM AT 07H00
1252
-16
-1.25
NIKKEI 225
VIX VOLATILITY INDEX
US EQUITIES
The S&P 500 added 0.3 percent to 2,057.09 at 4 p.m. in New York, extending gains in the final 30 minutes of
trading. The Dow Jones Industrial Average climbed 6.10 points, or less than 0.1 percent, to end almost flat at
17,678.70. The Nasdaq 100 Index slipped 0.1 percent, while the Russell 2000 Index of small caps rallied 1 percent.
About 6.2 billion shares changed hands on U.S. exchanges on Monday, seven percent below the three-month
average.
United Technology slid 2.1 percent in late trading after cutting its earnings forecast. Microsoft slid 1.7 percent in
after-market trading. Of the S&P 500 companies that have reported so far, 77 percent have exceeded earnings
projections after analysts reduced their estimates. Energy companies rose 1.4 percent, the most in three weeks, to
lead gains among six of the ten main S&P 500 groups. Chevron Corp. gained 1.9 percent for the biggest rise in the
Dow. D.R. Horton Inc. gained 5.5 percent. The largest U.S. homebuilder by revenue posted better-than-expected
first-quarter profit as sales and orders jumped.
1
MORNING DIGEST
US ECONOMY
For the world economy, it’s a case of U.S. and them. That was the conclusion of investors, executives and policy
makers as they ended their annual trip to Davos, Switzerland last week with the U.S. poised to outpace world
growth for the first time since 1999. The multi-speed global economy is already threatening the U.S. by driving the
dollar to an 11 year-high against the euro, with few in Davos willing to bet against further gains for the greenback. A
strong US dollar may hurt multinational US based companies that derive the majority of their income from abroad,
one has to take heed of the US dollar strength and what effect this will have on exports. Berkshire Hathaway
seems to be an all American play that investors will be looking at.
EUROPEAN AND ASIAN EQUITIES
European equities rose and the region’s shared currency strengthened, while Greek stocks retreated, after Syriza,
whose leader has pledged to renegotiate the nation’s international bailout, won 149 out of a possible 300 seats in
Parliament. The ASE dropped after jumping the most since October on Friday, Prime Minister-elect Alexis Tsipras’
mandate is now to confront the nation’s program of austerity, imposed in return for pledges of 240 billion euros in
aid since May 2010. Greece’s debt makes up about 175% of its gross domestic product‚ making it the second-most
indebted country in the world.
European stocks rose for an eighth day amid optimism about central-bank stimulus. The Stoxx Europe 600 Index
advanced 0.6 percent to 372.39 at the close of trading in London, the gauge jumped 5.1 percent last week, its
biggest gain in three years. National benchmark equity gauges from Italy, Spain and Portugal advanced more than
1 percent on Monday, while Germany’s DAX Index climbed 1.4 percent. The Swiss Market Index added 1.7 percent
for a second day of gains as the franc slipped against the euro.
Energy companies and automakers rallied the most among 19 industry groups in the Stoxx 600 with european car
manufacturers benefiting from the weakening Euro. Royal Dutch Shell Plc rose 1.5 percent and BG Group Plc
climbed 2.9 percent. Fiat Chrysler Automobiles NV added 3.7 percent and Bayerische Motoren Werke AG gained
2.4 percent.
The Nikkei 225 ended 0.25% softer on Monday morning, in today’s trading the index is 1.59 percent positive.
Australia’s ASX was closed on Monday due to Australia day, the S&P/ASX 200 Index increased 0.3 percent this
morning as trading resumed following yesterday’s holiday, the index is currently trading at 0.89 percent in the
green. Japan’s Topix index climbed 0.8 percent as the yen extended yesterday’s 0.6 percent slide against the
greenback. South Korea’s Kospi index added 0.5 percent. New Zealand’s NZX 50 Index rose 0.4 percent. The
MSCI Asia Pacific Index advanced 0.4 percent to 141.24 as of 9:03 a.m. in Tokyo. China’s shanghai composite
index is negative 2.17 percent in today’s trading
2
MORNING DIGEST
CURRENCIES
The rand was steady against the dollar in late trade‚ with traders continuing to watch offshore developments‚
particularly the euro zone. The local currency had earlier in the day found support from a firmer euro‚ which against
expectations gathered some strength against the dollar despite the results from the Greek election increasing the
possibility Greece could exit the euro zone. The Rand is trading at 11,45 rand to the US dollar, 17,28 rand to the
British pound and 12,89 rand to the Euro. The Swiss franc is trading at 1.01 to the Euro and one US dollar will give
you 118,45 Japanese Yen.
COMMODITIES
West Texas Intermediate is trading 0.94 percent lower at 45.16 dollars a barrel, Brent lost 1.27 percent and is
trading at 48.17 dollars a barrel at 11 pm South African time. The spot price of Gold is almost 1 percent lower at
1,281.31 dollars a fine ounce.
As the dollar continues to strengthen, precious metals are feeling the squeeze as investors seem to find comfort in
the dollar as a safe haven asset, as compared to gold. Platinum is down 1.25 percent to 1,252.88 dollars a fine
ounce, where copper strengthened 1.66 percent after a week long slide in its price to trade at 254.32 dollars a
pound at 11 pm South African time.
Iron ore retreated to the lowest level in more than five years as a slowdown in China hurt the outlook for demand in
the world’s biggest user, while the largest mining companies add to supply, boosting a surplus. Ore with 62 percent
content delivered to Qingdao, China, tumbled 4.3 percent to 63.54 dollars a dry metric ton, according to data by
Metal Bulletin Ltd. That’s the lowest price on record going back to May 2009, and was the biggest one-day fall
since November 18. The commodity is 11 percent lower this year.
JSE
The JSE ended Monday above the 50‚000 point mark for the first time since December 29‚ supported by banks and
industrials. The banking and industrial indices shot up 1.50% and 1.48% apiece‚ more than offsetting the poor
showing in the resources complex that was largely the result of a globally strong dollar. The all share gained 1.05
percent to 50‚337.98 by the close‚ with the blue-chip top 40 gaining 1.26 percent.
Meanwhile‚ the resource complex - in particular gold and platinum stocks - had a torrid session due to a
combination of a globally strong dollar and some profit-taking. The gold and platinum indices lost 3.58 percent and
3.54 percent respectively. Platinum counters were the hardest hit‚ with shares of Anglo American Platinum (AMS)‚
the world’s largest miner of the metal‚ nose-diving more than 5 percent to end on R349.41. Kumba Iron ore lost
another 4.68 percent to end on a new 52-week low of R213.83. As recently as February last year, the share traded
3
MORNING DIGEST
at a 52-week high of R465. The stock has now lost 37.7% over the last three months and 50.8% over the last 12
months. Glencore, which lost almost 6% on Friday, dropped another 1.98 percent to reach a new 52-week low of
R42.00. The share is 29.2 percent softer for the past 12 months.
Naspers, is again trading at an all-time high which again pushed the All-share index to just above 50 000 points.
Shares like SABMiller, Naspers and Richemont that have a big weight in the Industrial index, were the top
performers on Monday. The Industrial index gained 1.42 percent and the Financial index rose 0.57 percent, while
the market is trying to anticipate the South African Reserve Bank’s reaction to calls for interest rates to follow
inflation lower. The stronger industrial shares could be the forerunner of increased interest by foreign investors
using the cheap money that will become available in the ECB’s bond-buying programme to chase higher yields in
developing markets.
PPC sees headline earnings per share for the six months ended March 2015 to decline by between 25% and 45%
compared with the year-earlier period. Resilient property fund sees first-half distribution up between 15% and 17%.
Italtile is entrenching its position as the frontrunner in the do-it-yourself and home-improvement sector‚ achieving
double-digit growth in a languishing retail market. On Friday‚ Italtile said basic earnings per share from continuing
operations for the six months to December 31 last year would be between 36.3c and 36.9c‚ reflecting an increase
of 27%-29% compared with the previous corresponding period.
BONDS
South African bonds eased amid some profit-taking following a strong run in recent sessions. The yield on the
R186 government bond reached its lowest level since May 2013 last week following the announcement of the
European Central Bank’s multi-billion euro stimulus package. The bond market is already strengthening,
discounting the possibility, but it is extremely doubtful if the Reserve Bank will take such a major decision at this
week's monetary policy committee meeting as the monetary authorities will first want to check the sustainability of
the lower oil price and inflation dip. The benchmark R186 was bid at 7.225 percent and offered at 7.195 percent
from a Friday close of 7.160 percent. The middle-dated R207 was offered at 6.605 percent from a previous close of
6.570 percent. Data released on Monday showed that foreigners sold net R1.742bn South African bonds on Friday.
The yield on 10 year US Treasuries is 1.82 percent. The yield on the German ten year government bond is 0.39
percent, the British ten year government bond is yielding 1.51 percent, French ten year government bonds are
yielding 0.58 percent and Swiss ten year government bonds are yielding negative 0.25 percent.
JSE TODAY
US futures are negative but only just, European futures are all in the green, Asian markets are mixed. The markets
should take its direction from the sliding commodity prices overnight, expect commodity companies to start on the
4
MORNING DIGEST
back foot this morning, Tencent is in the red at negative 2.48 percent so expect Naspers to have a slower start,
Bhp Billiton in Australia is down 1.46 percent today.
QUOTE OF THE DAY
‘ If you plan for one year, plant rice. If you plan for 10 years, plant trees. If you plan 100 years educate mankind’Chinese proverb
KEY INDICATORS 26/27 January 2015
LAST
DOW JONES
PREV
CLOSE
CHG.
CHG.
PTS.
%
CLOSE
PREV
YEAR
YTD
CHG.
YTD
CHG.
%
LOCAL
% US $
PE Mean PE
RATIO
LAST 12
MTHS
Object
17679
17673
6
0.03
17823
-0.8
-0.8
S&P 500
2057
2052
5
0.26
2059
-0.1
-0.1
15.9 reference
Object
18.2 reference
Object
NASDAQ
4772
4758
14
0.29
4736
0.8
0.8
35.7 reference
MSCI WORLD $
1713
1708
5
0.28
1710
0.2
0.2
FTSE 100
6852
6833
20
0.29
6566
4.4
1.1
FRANKFURT DAX
10798
10650
149
1.40
9806
10.1
2.4
Object
19.6 reference
Object
18.6 reference
Object
NIKKEI 225
17710
17469
241
1.38
17451
1.5
1.5
HANG SENG
24710
24910
-200
-0.80
23605
4.7
4.8
5507
5468
39
0.71
5389
2.2
-0.9
JSE ALL SHARE
50338
49817
521
1.05
49771
1.1
2.0
17.2
17.5
JSE RESOURCES 20
40596
40698
-102
-0.25
41930
-3.2
-2.4
10.3
14.0
JSE FINANCIALS 15
15870
15690
180
1.15
15642
1.5
2.3
15.3
14.5
JSE INDUSTRIALS 25
63542
62494
1048
1.68
62353
1.9
2.8
23.0
22.1
GOLD PRICE $/OZ
1 281
1 294
-12.72
-0.98
1184.86
8.1
PLATINUM PRICE $/PZ
1 252
1 268
-15.85
-1.25
1208.00
3.7
BRENT CRUDE OIL $/BARREL
48.30
48.16
0.140
0.29
57.33
-15.8
RAND/$
11.46
11.44
0.017
0.15
11.551
0.8
RAND/£
17.30
17.28
0.021
0.12
18.023
4.0
RAND/€
12.88
12.90
-0.018
-0.14
13.980
7.8
1.12
1.13
-0.003
-0.28
1.210
7.0
AUSTRALIA ALL ORDINARIES
$/€
reference
Object
reference
5
MORNING DIGEST
ALL SHARE TOP 40 INDEX - DAY'S MOVES (AND YEAR TO DATE)
LAST (C)
PREV.
(C)
ANGLO AMERICAN PLC
18985
19062
-0.4%
-11.8%
ANGLO AMERICAN PLAT LTD
34941
36779
-5.0%
2.4%
ANGLOGOLD ASHANTI LTD
12270
12757
-3.8%
20.6%
ASPEN PHARMACARE HLDGS L
44300
43419
2.0%
BARCLAYS AFRICA (ABSA)
19122
18863
1.4%
BHP BILLITON PLC
24266
24346
-0.3%
-2.4%
NASPERS LTD -N-
BRITISH AMERICAN TOB PLC
64737
64525
0.3%
2.4%
BIDVEST LTD
31431
30959
1.5%
3.4%
CAPITAL&COUNTIES PROP PL
6739
6551
2.9%
2.1%
COMPAGNIE FIN RICHEMONT
9664
9545
1.2%
-8.0%
DISCOVERY
11489
11430
0.5%
3.1%
FIRSTRAND
4975
4903
1.5%
-1.6%
RAND MERCHANT INS HLDGS
GROWTHPOINT PROP LTD
3040
2943
3.3%
10.6%
SABMILLER PLC
IMPALA PLATINUM HLGS LTD
7650
7914
-3.3%
1.0%
STANDARD
14750
INVESTEC LTD
9790
9724
0.7%
0.4%
STEINHOFF INT HLDGS LTD
6000
INVESTEC PLC
9779
9663
1.2%
0.6%
SHOPRITE HOLDINGS LTD
20002
20000
0.0%
8.1%
SANLAM
SHARE
IMPERIAL HOLDINGS LTD
LAST (C)
PREV.
(C)
MONDI LTD
20263
19551
3.6%
MONDI PLC
20265
19650
3.1%
6.9%
MR PRICE GROUP LTD
25997
25739
1.0%
10.6%
9.1%
MTN GROUP LTD
20876
20405
2.3%
-5.7%
5.1%
NEDCOR
24874
24750
0.5%
-0.1%
170400
164900
3.3%
12.5%
NETCARE LIMITED
3779
3729
1.3%
-0.4%
OLD MUTUAL PLC
3539
3503
1.0%
2.0%
REINET INV SOC ANON
2540
2499
1.6%
0.6%
26809
26423
1.5%
5.6%
6368
6282
1.4%
-1.0%
4190
4200
-0.2%
2.5%
59344
58550
1.4%
-2.0%
14500
1.7%
2.8%
6020
-0.3%
1.0%
18450
18077
2.1%
9.7%
6762
6801
-0.6%
-3.4%
SASOL LIMITED
41530
40238
3.2%
-3.6%
TIGER BRANDS LTD
38656
38119
1.4%
5.0%
VODACOM GROUP LTD
13550
13370
1.3%
5.5%
8457
8457
0.0%
9.7%
CH. YTD CH.
INTU PROPERTIES PLC
6296
6221
1.2%
4.2%
KUMBA IRON ORE LTD
21654
22432
-3.5%
-9.7%
4277
4197
1.9%
0.0%
11745
11569
1.5%
16.7%
LIFE HEALTHC GRP HLDGS L
MEDICLINIC INTERNAT LTD
SHARE
REMGRO LTD
RMB HOLDINGS LTD
WOOLWORTHS HOLDINGS LTD
CH. YTD CH.
7.4%
6
MORNING DIGEST
MID CAP INDEX - DAY'S MOVES (AND YEAR TO DATE)
LAST (C)
PREV.
(C)
ARCELORMITTAL SA LIMITED
2380
2350
1.3%
-9.9%
ACUCAP PROPERTIES LTD
5700
5520
3.3%
9.9%
MURRAY & ROBERTS HLDGS
12700
12610
0.7%
-5.1%
NEW EUROPE PROP INV PLC
939
941
-0.2%
-1.2%
4360
4250
2.6%
-11.0%
AFRICAN RAINBOW MIN LTD
12061
12430
-3.0%
1.4%
ASSORE LTD
17200
17750
-3.1%
14.9%
ATTACQ LIMITED
2295
2300
-0.2%
AVI LTD
8175
8099
0.9%
BRAIT SE
7695
7675
0.3%
BARLOWORLD LTD
8989
8712
CLICKS GROUP LTD
8620
8595
10650
SHARE
AECI LIMITED
ALEXANDER FORBES GRP HLD
ADCOCK INGRAM HLDGS LTD
CORONATION
CAPITAL PROPERTY FUND LT
LAST (C)
PREV.
(C)
17283
17351
-0.4%
21.0%
1999
2000
0.0%
-6.0%
11700
11700
0.0%
2.6%
NORTHAM PLATINUM LTD
3966
4140
-4.2%
8.1%
NAMPAK LTD
4070
4008
1.5%
-6.7%
OCEANA GROUP LTD
10900
10950
-0.5%
3.9%
OMNIA HOLDINGS LTD
17000
17000
0.0%
-6.1%
4.3%
PIONEER FOODS GROUP LTD
15635
15550
0.5%
9.3%
4.7%
PIK N PAY STORES LTD
5704
5631
1.3%
8.4%
-2.2%
PPC LIMITED
2220
2369
-6.3%
-19.3%
3.2%
-6.1%
PSG GROUP LTD
4.1%
0.3%
6.4%
10968
-2.9%
CH. YTD CH.
SHARE
MASSMART HOLDINGS LTD
CH. YTD CH.
13296
12900
3.1%
ROYAL BAFOKENG PLATINUM
5385
5510
-2.3%
2.2%
-7.5%
RCL FOODS LIMITED
1819
1840
-1.1%
-6.2%
8.3%
1496
1480
1.1%
12.7%
REDEFINE PROPERTIES LTD
1159
1150
0.8%
CAPITEC/PSG
36600
35580
2.9%
7.6%
RESILIENT PROP INC FUND
8837
8441
4.7%
5.2%
DATATEC LTD
5915
5866
0.8%
6.2%
REUNERT LTD
5989
6097
-1.8%
-1.3%
EOH HOLDINGS LTD
11950
11869
0.7%
10.1%
REDEFINE INTERNATIONAL P
950
942
0.8%
-3.6%
EXXARO RESOURCES LTD
10200
10482
-2.7%
-1.4%
SAPPI LTD
4735
4704
0.7%
12.2%
FORTRESS INC FUND LTD A
1780
1764
0.9%
9.5%
34.1%
FORTRESS INC FUND LTD B
2000
1980
1.0%
14.2%
926
911
1.6%
9.6%
GOLD FIELDS LTD
6036
6306
-4.3%
15.4%
GRINDROD LTD
1831
1955
-6.3%
-18.3%
FOUNTAINHEAD PROP TRUST
SIBANYE GOLD LIMITED
3025
3093
-2.2%
22287
22400
-0.5%
3.7%
3275
3270
0.2%
-4.2%
THE SPAR GROUP LTD
17694
17565
0.7%
9.7%
SUN INTERNATIONAL LTD
12376
12500
-1.0%
-4.0%
THE FOSCHINI GROUP LIMIT
16280
16237
0.3%
22.2%
6863
6685
2.7%
-2.0%
16077
16400
-2.0%
-7.0%
SANTAM
SUPER GROUP LTD
HARMONY GM CO LTD
3191
3299
-3.3%
47.7%
HOSKEN CONS INV LTD
14924
14900
0.2%
0.2%
HYPROP INV LTD
10740
10541
1.9%
10.2%
TONGAAT HULETT LTD
2330
2390
-2.5%
-4.9%
TRENCOR LTD
7160
7148
0.2%
1.7%
494
495
-0.2%
0.8%
TRUWORTHS INT LTD
8330
8328
0.0%
7.8%
12870
12825
0.4%
4.9%
TSOGO SUN HOLDINGS LTD
2990
2990
0.0%
3.1%
LONMIN PLC
2960
3000
-1.3%
-6.4%
12343
12463
-1.0%
2.2%
MMI HOLDINGS
3086
3083
0.1%
2.9%
ILLOVO SUGAR LTD
KAP INDUSTRIAL HLDGS LTD
LIBERTY
TELKOM SA SOC LTD
WILSON BAYLY HLM-OVC LTD
7
MORNING DIGEST
SMALL CAP INDEX - DAY'S MOVES (AND YEAR TO DATE)
SHARE
LAST (C)
PREV.
(C)
CH.
YTD CH.
SHARE
AFROCENTRIC INV CORP LTD
520
528
-1.5%
0.0%
GROUP FIVE LTD
ADVTECH LTD
894
880
1.6%
2.8%
HUDACO INDUSTRIES LTD
ADCORP HOLDINGS LIMITED
3289
3184
3.3%
2.4%
HULAMIN LTD
AVENG GROUP LIMITED
1710
1682
1.7%
-1.7%
ALLIED ELECTRONICS CORP
1850
1800
2.8%
12.1%
ALLIED ELEC CORP N
1780
1752
1.6%
AFRIMAT LIMITED
1630
1606
1.5%
AFRICAN OXYGEN LIMITED
1499
1520
-1.4%
-6.5%
ASCENSION PROP LTD A
550
550
0.0%
4.8%
INVICTA HOLDINGS LTD
ASCENSION PROP LTD B
250
250
0.0%
1.6%
JSE LTD
ACCELERATE PROP FUND LTD
699
685
2.0%
-0.1%
PSG KONSULT LIMITED
AQUARIUS PLATINUM LTD
LAST (C)
PREV.
(C)
CH.
YTD CH.
2670
2671
0.0%
-8.7%
10999
10800
1.8%
13.5%
835
813
2.7%
3.1%
HOSPITALITY PROP FUND A
1674
1650
1.5%
20.4%
HOLDSPORT LIMITED
4900
4825
1.6%
4.0%
6.6%
HOWDEN AFRICA HLDGS LTD
4394
4390
0.1%
3.4%
-4.0%
INVESTEC AUSTRALIA PROP
1170
1180
-0.8%
-1.7%
INVESTEC PROPERTY FUND L
1730
1701
1.7%
8.8%
8300
8619.1296
-3.7%
11.7%
12255
12100
1.3%
1.3%
710
710
0.0%
-1.7%
252
258
-2.3%
-7.7%
LEWIS GROUP LTD
8270
8352
-1.0%
11.7%
19501
19500
0.0%
11.5%
MIX TELEMATICS LTD
270
268
0.7%
-11.5%
1629
1639
-0.6%
-1.9%
MONTAUK HOLDINGS LTD
305
305
0.0%
7.0%
ARROWHEAD PROPERTIES A
999
968
3.2%
6.8%
MPACT LIMITED
3492
3650
-4.3%
-5.0%
ARROWHEAD PROPERTIES B
1015
962
5.5%
8.0%
MERAFE RESOURCES LTD
92
93
-1.1%
-2.1%
BUSINESS CONNEXION GRP L
620
609
1.8%
-3.1%
METAIR INVESTMENTS LTD
3270
3240
0.9%
2.3%
NIVEUS INVESTMENTS LTD
ASTRAL FOODS LTD
ASCENDIS HEALTH LTD
BLUE LABEL TELECOMS LTD
820
826
-0.7%
-6.8%
3040
3040
0.0%
1.3%
BRIMSTONE INV CORP LTD-N
1650
1650
0.0%
0.0%
NET 1 UEPS TECH INC
14600
14600
0.0%
8.1%
CAXTON CTP PUBLISH PRINT
1491
1500
-0.6%
-1.3%
OCTODEC INVEST LTD
2775
2760
0.5%
18.1%
CONS INFRASTRUCTURE GRP
2775
2788
-0.5%
-4.3%
PAN AFRICAN RESOURCE PLC
208
208
0.0%
7.2%
12450
12237
1.7%
3.6%
PALLINGHURST RES LTD
390
395
-1.3%
-7.1%
CLIENTELE LTD
1780
1775
0.3%
4.7%
PEREGRINE HOLDINGS LIMIT
2290
2270
0.9%
-1.3%
CLOVER INDUSTRIES LTD
1930
1916
0.7%
2.8%
RAUBEX GROUP LTD
2150
2183
-1.5%
-2.1%
CURRO HOLDINGS LIMITED
3189
3150
1.2%
10.0%
REBOSIS PROPERTY FUND LT
1270
1232
3.1%
2.4%
CITY LODGE HOTELS LTD
CASHBUILD LTD
18184
17921
1.5%
10.7%
RHODES FOOD GRP HLDG LTD
1672
1660
0.7%
10.5%
CAPEVIN HOLDINGS LTD
850
850
0.0%
-4.2%
SA CORP REAL ESTATE FUND
536
521
2.9%
12.1%
DELTA PROPERTY FUND LTD
979
955
2.5%
12.5%
SPUR CORPORATION LTD
3594
3675
-2.2%
14.9%
EMIRA PROPERTY FUND
FAMOUS BRANDS LTD
GRAND PARADE INV LTD
1900
1879
1.1%
9.7%
10819
10834
-0.1%
-6.2%
TRANSACTION CAPITAL
TIMES MEDIA GROUP LTD
670
699
-4.1%
-3.6%
TRUSTCO GROUP HLDGS LTD
810
810
0.0%
1.9%
2060
2058
0.1%
3.0%
258
258
0.0%
-4.4%
8
MORNING DIGEST
BANK & OTHER PREFERENCE SHARES
INVESTEC INVESTEC INVESTEC STANDARD FIRSTRAND
NEDBANK
BANK
LIMITED
PLC ( £ ) **
BANK
BANK
ABSA
Share code
NBKP
INLP
INPR
INPP
SBPP
FSRP
ABSP
Issue price c ( * £' p)
1000
10000
10450
1000
10000
10000
100000
Yield on issue price as % of prime
83.33
83.33
77.77
77.77
75.56
70
Prime % ( ** UK Base rate)
9.25
9.25
9.25
0.5 **
9.25
9.25
9.25
Yield on issue price %
7.71
7.71
7.19
1.50
7.19
6.99
6.48
Annual dividend
77.1
770.8
751.7
15.0
719.4
698.9
6475.0
Current market price c
947
7860
7300
521
8650
8700
78001
Approximate days of dividend
accrued
158
60
60
60
151
165
144
Approximate dividend accrued c
33
127
124
2
298
316
2555
Calculated ex-dividend price
914
7733
7176
518
8352
8384
75446
Yield on calculated ex-dividend
price
8.44
9.97
10.48
2.89
8.61
8.34
8.58
Yield as % of prime
91.21
107.75
113.25
93.11
90.12
92.78
Last dividend amount c
36.86
380.29
354.92
129.54
317.59
341.11
3197.47
22-Aug-14
28-Nov-14
28-Nov-14
28-Nov-14
29-Aug-14
15-Aug-14
5-Sep-14
Payment date
1-Sep-14
15-Dec-14
15-Dec-14
15-Dec-14
8-Sep-14
25-Aug-14
15-Sep-14
Approx. next LDT date
13-Mar-15
6-Jun-15
6-Jun-15
6-Jun-15
28-Mar-15
14-Feb-15
28-Mar-15
Approx. next payment date
24-Mar-15
24-Jun-15
24-Jun-15
24-Jun-15
7-Apr-15
24-Feb-15
7-Apr-15
LDT
** UK Base rate
9
MORNING DIGEST
BANK & OTHER PREFERENCE SHARES
IMPERIAL
HOLDINGS
PSG
CAPITEC
SASFIN
STEINHOFF GRINDROD NETCARE ASTRAPAK
Share code
IPLP
PGFP
CPIP
SFNP
SHFF
GNDP
NTCP
APKP
Issue price c
10300
10000
9500
10300
10000
10000
10000
10000
Yield on issue price as % of prime
83.33
83.33
87.72
83.33
83.33
88.89
83.33
88.89
Prime %
9.25
9.25
9.25
9.25
9.25
9.25
9.25
9.25
Yield on issue price %
7.71
7.71
8.114
7.71
7.71
8.22
7.71
8.22
Annual dividend
793.9
770.8
770.8
793.9
770.8
822.2
770.8
822.2
Current market price c
7900
8000
8111
7500
8450
7950
8057
5450
Approximate days of dividend
accrued
131
137
137
123
102
137
95
102
Approximate dividend accrued c
285
289
289
268
215
309
201
230
Calculated ex-dividend price
7615
7711
7822
7232
8235
7641
7856
5220
Yield on calculated ex-dividend
price
10.43
10.00
9.86
10.98
9.36
10.76
9.81
15.75
Yield as % of prime
112.71
108.07
106.54
118.67
101.19
116.33
106.07
170.28
Last dividend amount c
366.28
380.64
336.58
364.92
380.00
389.00
349.66
351.12
LDT
18-Sep-14
12-Sep-14
12-Sep-14
26-Sep-14
17-Oct-14
12-Sep-14
24-Oct-14
17-Oct-14
Payment date
29-Sep-14
22-Sep-14
22-Sep-14
6-Oct-14
27-Oct-14
22-Sep-14
3-Nov-14
27-Oct-14
Approx. next LDT date
26-Feb-15
20-Mar-15
20-Mar-15
28-Mar-15
10-Apr-15
13-Mar-15
30-Apr-15
23-Apr-15
Approx. next payment date
20-Mar-15
31-Mar-15
31-Mar-15
7-Apr-15
22-Apr-15
24-Mar-15
12-May-15
5-May-15
10
MORNING DIGEST
BANK & OTHER PREFERENCE SHARES
DISCOVER
Y
BRAIT
INVICTA
Share code
DSBP
BATP
IVTP
Issue price c
10300
10000
10400
Yield on issue price as % of prime
100
104
102.00
Prime %
9.25
9.25
9.25
Yield on issue price %
9.25
9.62
9.44
Annual dividend
952.8
962.0
981.2
Current market price c
10800
9800
9779
Approximate days of dividend
accrued
137
67
67
Approximate dividend accrued c
358
177
180
10442
9623
9599
Calculated ex-dividend price
Yield on calculated ex-dividend
price
9.12
10.00
10.22
Yield as % of prime
98.64
108.07
110.51
Last dividend amount c
442.19
474.7
387.39
LDT
12-Sep-14
21-Nov-14
21-Nov-14
Payment date
22-Sep-14
1-Dec-14
1-Dec-14
Approx. next LDT date
7-Mar-15
12-Jun-15
20-Jun-15
Approx. next payment date
17-Mar-15
23-Jun-15
30-Jun-15
DISCLAIMER
This document is not intended to constitute financial advice. You are urged to seek financial advice from
a registered financial advisor. Should you not have a financial advisor, we can make one available to
you.
11