Weekly Market Report. South African Equity Markets. JSE All Share - Daily Chart. JSE All Share - Weekly Gainers & Losers. Top 10 New 52 Week Lows
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1 Johannesburg 31B Impala Road Chislehurston Sandton +27(0) Durban Unit 8, 8 Richefond Circle, Ridgeview, Umhlanga Ridge, (0) Cape Town Unit 11, Lonsdale Building, 7 Lonsdale Way, Pinelands, (0) Weekly Market Report 31 December Dec 1W% YTD % Key Global Indices 2018 Close JSE All Share % -11.9% FTSE % -12.4% DAX % -18.3% CAC % -11.9% DJIA % -6.7% S&P % -7.0% NASDAQ Comp % -4.6% Nikkei % -12.1% Shanghai Comp % -24.6% S&P/ASX % -6.8% South African Equity Markets South Africa markets ended higher last week. Tradehold, Capital & Regional and Murray & Roberts Holdings soared 11.0%, 10.6% and 10.3% respectively. Investment companies, AfroCentric Investment Corp and Reinet Investments SCA jumped 7.8% and 6.7%, respectively. On the other hand, investment holding companies, Trencor and Libstar Holdings dropped 7.4% and 5.3%, respectively. Real estate companies, Investec Australia Property Fund, Delta Property Fund and Octodec Investments declined 6.9%, 6.4% and 4.9% respectively. The JSE All Share Index advanced 2.0% to close at 52, JSE All Share - Weekly Gainers & Losers -9.0% Zeder Investments Ltd Tradehold Ltd 11.0% JSE All Share - Daily Chart 63,314 59, % Trencor Ltd Capital & Regional PLC 10.6% 55,422 51, % -6.9% Lewis Group Ltd Investec Australia Property Fund Murray & Roberts Holdings Ltd Blue Label Telecoms Ltd 10.3% 9.5% 47, RSI (21) -6.4% Delta Property Fund Ltd -12.1% -6.1% 0.0% 6.1% 12.1% Top 10 New 52 Week Highs Impala Platinum Holdings Ltd 7.8% 0 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Top 10 New 52 Week Lows Share 52Week High (ZAR) 1W% AngloGold Ashanti Ltd % Share 52Week Low (ZAR) 1W% Investec Property Fund Ltd % RCL Foods Ltd % Hammerson Plc % Raubex Group Ltd % Peregrine Holdings Ltd % Mediclinic International Plc % Astral Foods Ltd % Capital & Counties Properties Plc % Coronation Fund Managers Ltd % SA Corporate Real Estate Ltd % ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAGE 5 1
2 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Weekly Market Report Key Currencies 28 Dec 2018 Close 1W% YTD % USDZAR % 16.6% EURZAR % 11.2% GBPZAR % 9.6% EURUSD % -4.7% EURCHF % -3.8% GBPUSD % -6.0% USDJPY % -2.1% USDCHF % 1.1% AUDUSD % -9.8% USDCAD % 8.5% Daily USD/ZAR 16 Currencies The ZAR strengthened against its major peers last week, after South Africa recorded a trade surplus in November. For the week, the USD weakened 1.4% against the South African Rand to close at R The EUR was 0.8% lower at R and the GBP was 0.9% weaker at R for the week. The US Dollar weakened against its key counterparts last week, amid a decline in the US treasury bond yields and on worries over partial government shutdown. The nation s Richmond Fed manufacturing index registered an unexpected decline in December, following weakened shipments and new orders. Moreover, consumer confidence index declined for a consecutive second month to a five-month low level in December, weighed down by weaker expectations for economic growth. Additionally, pending home sales data unexpectedly dropped in November, pointing towards lingering weakness in the domestic housing market. Meanwhile, data indicated that the US Chicago Fed national activity index recorded a rise in November. Additionally, initial jobless claims marginally fell in line with market forecast in the week ended 22 December 2018, hinting at strength in labour market. Further, the house price index advanced at par with market expectations on a monthly basis in October The EUR advanced against the USD last week, amid fresh Italian budget news. On the macroeconomic front, Germany s consumer price inflation slowed to its lowest level in eight months on an annual basis in December. Separately, the European Central Bank s (ECB), in its monthly economic bulletin, indicated that significant monetary policy stimulus is still required, amid increased downside risks to the economic growth. Further, the central bank signalled that global economy activity is expected to decelerate in 2019 and stabilise thereafter. Additionally, the ECB expects global inflationary pressures to rise slowly. The GBP rose against the USD last week, after data revealed that UK s BBA mortgage approvals rose for the first time since September 2017 in November. Key Commodities 28 Dec 2018 Close 1W% YTD % Gold ($/oz) % -1.9% Silver ($/oz) % -10.0% Copper (USd/lb.) % -18.8% Brent Crude ($/bls) % -20.4% Sugar No.11 (USd/lb.) % -18.3% Iron Ore 62% Fe ($/dry MT) % -0.5% Daily Platinum 1,080 Commodities Gold prices rose last week, amid weakness in the US Dollar and concerns over slowing economic growth. Going ahead, market participants will closely watch the US MBA mortgage applications, ADP employment change, initial jobless claims, ISM employment data, change in non-farm payrolls, unemployment rate and average hourly earnings for further direction. Crude oil prices declined last week, amid worries of increased crude oil supply after the American Petroleum Institute reported a rise in weekly crude oil inventories. Moreover, Baker Hughes reported that the number of active US oil rigs drilling advanced by 2 to 885 in the week ended 28 December Losses in crude were limited after the Energy Information Administration reported that domestic crude supplies dropped by 46,000bls last week. Copper prices traded in positive territory last week, supported by gains in the global equities
3 Key Economic News Last Week Country South Africa News South Africa recorded a trade surplus of R3.49 billion in November, compared to a revised deficit of R4.28 billion in October. Economic Calendar - Week Ahead Monday, Dec 31, 2018 Tuesday, Jan 01, 2019 Wednesday, Jan 02, 2019 Thursday, Jan 03, 2019 Friday, Jan 04, 2019 South Africa M3 Money Supply (Nov) - Electricity Production (Nov) - - Private Sector Credit (Nov) - Electricity Consumption (Nov) - - 3
4 South African Corporate News Company Name Anglo American Huge Group Stenprop News The company announced the receipt of regulatory approval relating to the Step 3 licence area of the Minas-Rio operation in Brazil. Access to the Step 3 area provides greater operational flexibility and access to higher grade iron ore to support the increase of production of the operation towards its full design capacity of million tonnes per year. As a result of this important regulatory approval, production guidance for FY 2019 is expected to be in the range of million to million tonnes. Separately, the company announced the resumption of operations at its Minas-Rio iron ore operation in Brazil. The restart of the integrated iron ore operation follows an extensive and detailed technical inspection of the km pipeline that carries the iron ore in slurry form from the mine to the port, the preemptive repair of certain sections of the pipeline, and receipt of the appropriate regulatory approvals. The company announced that Andrew (Andy) Openshaw has been appointed as Chief Operating Officer. His appointment will take effect when his restraint of trade commitments to Reunert Limited are waived or fulfilled. The company announced it has acquired a portfolio of multi-let industrial properties for a gross purchase consideration of 72.2 million, Trencor The company announced that Sanlam Investment Management (Pty) Limited, on behalf of underlying clients, has formally notified the Trustco Group Holdings The company announced that Global Credit Ratings Company after signature of the formal Standstill Agreement signed with the international debt Lenders Group, has upgraded the company s long-term credit rating to CCC(NA) and its short-term rating to C(NA) with the outlook as evolving. 4
5 Research Disclosure NOTICE TO US INVESTORS This report was prepared, approved, published and distributed by Afrifocus Securities (Pty) Ltd located outside of the United States (a non- US Group Company ). This report is distributed in the U.S. by LXM LLP USA, a U.S. registered broker dealer, on behalf of Afrifocus Securities (Pty) Ltd only to major U.S. institutional investors (as defined in Rule 15a-6 under the U.S. Securities Exchange Act of 1934 (the Exchange Act ) pursuant to the exemption in Rule 15a-6 and any transaction effected by a U.S. customer in the securities described in this report must be effected through LXM LLP USA. Neither the report nor any analyst who prepared or approved the report is subject to U.S. legal requirements or the Financial Industry Regulatory Authority, Inc. ( FINRA ) or other regulatory requirements pertaining to research reports or research analysts. No non-us Group Company is registered as a broker-dealer under the Exchange Act or is a member of the Financial Industry Regulatory Authority, Inc. or any other U.S. self-regulatory organization. Analyst Certification. Each of the analysts identified in this report certifies, with respect to the companies or securities that the individual analyses, that (1) the views expressed in this report reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly dependent on the specific recommendations or views expressed in this report. Please bear in mind that (i) Afrifocus Securities (Pty) Ltd is the employer of the research analyst(s) responsible for the content of this report and (ii) research analysts preparing this report are resident outside the United States and are not associated persons of any US regulated broker-dealer and that therefore the analyst(s) is/are not subject to supervision by a US broker-dealer, and are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with US rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account. Important US Regulatory Disclosures on Subject Companies. This material was produced by Analysis Afrifocus Securities (Pty) Ltd solely for information purposes and for the use of the recipient. It is not to be reproduced under any circumstances and is not to be copied or made available to any person other than the recipient. It is distributed in the United States of America by LXM LLP USA and elsewhere in the world by Afrifocus Securities (Pty) Ltd or an authorized affiliate of Afrifocus Securities (Pty) Ltd. This document does not constitute an offer of, or an invitation by or on behalf of Afrifocus Securities (Pty) Ltd or its affiliates or any other company to any person, to buy or sell any security. The information contained herein has been obtained from published information and other sources, which Afrifocus Securities (Pty) Ltd or its Affiliates consider to be reliable. None of Afrifocus Securities (Pty) Ltd accepts any liability or responsibility whatsoever for the accuracy or completeness of any such information. All estimates, expressions of opinion and other subjective judgments contained herein are made as of the date of this document. Emerging securities markets may be subject to risks significantly higher than more established markets. In particular, the political and economic environment, company practices and market prices and volumes may be subject to significant variations. The ability to assess such risks may also be limited due to significantly lower information quantity and quality. By accepting this document, you agree to be bound by all the foregoing provisions. LXM LLP USA assumes responsibility for the research reports content in regards to research distributed in the U.S. LXM LLP USA or its affiliates has not managed or co-managed a public offering of securities for the subject company in the past 12 months, has not received compensation for investment banking services from the subject company in the past 12 months, does not expect to receive and does not intend to seek compensation for investment banking services from the subject company in the next 3 months. LXM LLP USA has never owned any class of equity securities of the subject company. There are not any other actual, material conflicts of interest of LXM LLP USA at the time of the publication of this research report. As of the publication of this report LXM LLP USA, does not make a market in the subject securities. 5
Weekly Market Report. South African Equity Markets. JSE All Share - Daily Chart. JSE All Share - Weekly Gainers & Losers. Top 10 New 52 Week Lows
Johannesburg 31B Impala Road Chislehurston Sandton +27(0) 11 290 7800 Durban Unit 8, 8 Richefond Circle, Ridgeview, Umhlanga Ridge, 4319 +27(0) 31 584 6491 Cape Town Unit 11, Lonsdale Building, 7 Lonsdale
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