Overnight Report
02 February 2015
Compiled by Azwidovhi Tshishonga (Trainee Analyst), moderated by Henry Flint (Head of Research)
The Overnight Report is compiled from various sources, including I-Net BFA, Bloomberg, Reuters, Business Day, Moneyweb, Cordros Capital and JSE SENS.
SOUTH AFRICA
The JSE closed higher on Friday as Thursday’s decision by the Reserve Bank to keep
rates on hold continues to favour interest-rate sensitive banking and retail shares.
The All Share Index ended the day up 0.63% at 51,266.81 points, bringing gains for
the whole of January to about 3%. The blue-chip Top 40 gained 0.76%.
•
We expect the South African market to open marginally lower (-0.3%) after the
release of disappointing Chinese manufacturing numbers and in line with weaker
Asian markets. The surge in commodity prices and a weaker rand will keep the fall in
check as large-cap energy and mining stocks are expected to lead the gainers.
•
South African government bonds edged lower on Friday, with the yield on the 2026
benchmark inversely ticked up half a basis point to 7.135%.
•
This morning as at 06h56 in Johannesburg, the rand was trading at R11.62/$,
R13.15/€ and R17.52/£ respectively.
WEST AFRICA – NIGERIA
•
Consecutive declines that saw the financial services stocks witness prevalent selloffs led the NSE ASI to lose 1.16% between Thursday and Friday, and 0.84% for the
entire week to close at 29,562.07 points.
•
This morning as at 07h03 in Johannesburg, the naira was trading at N187.51/$,
N212.11/€ and N282.78/£ respectively.
EUROPE
•
•
US
The Stoxx Europe 600 Index dropped 0.5% to 367.05 at the close of trading.
•
The S&P 500 slid 1.3% to 1,994.99 at 4 p.m. in New York, extending its monthly loss
to 3.1%. The Dow Jones Industrial Average dropped 251.90 points, or 1.5%, to
17,164.95.
ASIA
All prices are correct as of 23:00:11 30 Jan 2015
WINNERS
LOSERS
POYNTING
22.29%
LIBHOLD11
SYCOM
11.38%
THARISA
Gold fell as investors weighed prospects for higher U.S. interest rates after the
biggest monthly gain in three years.
-12.00%
-9.64%
VILLAGE
9.57%
STEFSTOCK
-9.25%
ATLATSA
8.41%
MARSHALL
-6.92%
DELTA INT
8.11%
AFOVR-N
-6.20%
JSE trading volumes
All prices are correct as of 23:00:11 30 Jan 2015
KAP
14,367,856
1.20%
FIRSTRAND
7,459,181
1.36%
STEINHOFF
5,875,303
0.08%
OLDMUTUAL
4,481,480
0.69%
REDEFINE
4,180,352
0.18%
JSE trading statistics
Value of shares traded (R'M)
•
The MSCI Asia Pacific Index retreated 0.3% to 139.98 as of 9:01 a.m. in Tokyo.
COMMODITIES
•
JSE share price moves
17343.275
Volume of shares traded (M)
294.48
Number of Deals
215417
Up deals
336
Down deals
183
Flat deals
370
Source: I-Net BFA
Dow Jones
JSE All-Share
54000
18900
52000
18200
50000
17500
48000
16800
46000
16100
44000
15400
42000
14700
40000
02/01/14
03/03/14
02/05/14
01/07/14
30/08/14
29/10/14
28/12/14
14000
02/01/14
13/03/14
22/05/14
31/07/14
09/10/14
18/12/14
Today’s economic data releases
Local time
10h50
10h55
11h00
11h00
11h30
16h45
Source: Bloomberg
Country
FR
GE
SA
EC
UK
US
Indicator
Markit France Manufacturing PMI
Markit/BME Germany Manufacturing PMI
Kagiso Manufacturing PMI
Markit Eurozone Manufacturing PMI
Markit UK Manufacturing PMI
Markit US Manufacturing PMI
Period
Jan
Jan
Jan
Jan
Jan
Jan
Relevance
Low
Low
High
Low
Low
Low
Previous
49.5
51.0
50.2
51.0
52.5
53.7
Consensus Forecast
49.5
51.0
50.1
51.0
52.7
53.7
SOUTH AFRICA
The JSE closed higher on Friday as Thursday’s decision by the Reserve Bank to keep rates on hold continues to favour interest-rate sensitive banking and retail
shares. The gold index was also higher on weaker global markets, as uncertainty about the effects of possible US rate hikes and the recent stimulus
announcement by the European Central Bank (ECB) clouded future expectations, even though some US company results released during the week exceeded
expectations. The All Share Index ended the day up 0.63% at 51,266.81 points, bringing gains for the whole of January to about 3%. The blue-chip Top 40 gained
0.76%. Gold shares gained 2.38% and resources added 2.23%. Platinums firmed 1.74% and banks ended the day 1.21% up. Financials gained 0.49% and
industrials were up 0.21%.
Among gold stocks AngloGold Ashanti firmed 4.73%. It has risen 34% in January. Harmony recovered 1.46%, with a 57.9% gain in January. Sasol was up 2.66% to
R421.21. It lost a further 2.2% in January after retreating 50% between July and December 2014. BHP Billiton added 2.33% to R253.34. Platinum producer
Lonmin recovered 2.26% to R29.40 after being sold down on Thursday on announced capital expenditure cuts. Kumba Iron Ore rose 4.34% to R224.70. The net
loss amounts to 6.34% in January. Banks performed well on the day, with Standard Bank closing 0.93% up to R154.62, a record high. Standard rose 7.7% in
January. FirstRand was 1.36% stronger at R52.08 — its January gains amount to 3.9%. The star banking performer for the month was Capitec, gaining 12%. It
closed up 0.79% to R383 on Friday. Rand hedge stock SABMiller was up 1.78% at R633.91. The Foschini Group rose 1.05% to R167.65. Among the big market
caps MTN retreated 3.07% to R202.07. Educational group Curro rose 6.88% to a new record of R35.10, despite being embroiled in racist allegations at one of its
schools in Pretoria. Spur Corporation closed at a new record of R39.71, 7.32% up on the day.
Investec Asset Management’s head of dealing for emerging markets, Ryan Wibberley, said the collapse in global oil prices and the introduction of quantitative
easing (QE) in the eurozone were the overriding themes in January. Novare Investments research head Francois van der Merwe said global equities were still
expected to outperform global bonds this year, albeit at lower-than-average returns.
WEST AFRICA – NIGERIA
Despite the benchmark index gaining 0.32% in total between Monday and Wednesday, consecutive declines that saw the financial services stocks witness
prevalent sell-offs led the NSE ASI to lose 1.16% between Thursday and Friday, and 0.84% for the entire week to close at 29,562.07 points. The loss left the
month-to-date and year-to-date returns at 14.70%, as the market began the year with the worst January performance since 2009 (-33%). Anticipation of pre and
post election violence, increasing attacks in the North and the volatile local currency continue to dent investor appetite (particularly for FPIs) as the equities
market attempts to find a balance. Demand for CUTIX, WAPCO, CCNN and ASHAKACEM stirred the Industrial Goods sector to a 1.14% gain. However, all the
other four NSE sectoral indices posted depreciations as the Banking index topped the losers' chart with a 2.96% loss following price declines in DIAMONBNK,
ZENITHBNK, FBNH and GUARANTY. The Insurance index followed with a 2.03% drop, while the Consumer Goods and Oil/Gas indices fell by 0.48% and 0.04%
respectively w/w. Market breadth was negative, as 41 losers' outweighed 28 gainers. A total volume of 1.81billion shares were traded this week (excluding off
market transactions), valued at N21.76billion, higher than the 1.69billion worth 17.20billion that exchanged hands last week. The shares of FIDELITY
(267.06million), ACCESS (188.75million) and GUARANTY (161.69million) collectively accounted for 34% of the broader market volume, while those of GUARANTY
(N3.35billion), NB (N2.32billion) and ZENITH (N1.95billion) accounted for 35% of total value transactions.
EUROPE
European stocks declined, paring the best start to a year since 1989, as banks and telecommunications companies dropped. The Stoxx Europe 600 Index
dropped 0.5% to 367.05 at the close of trading. The gauge rose as much as 0.4% earlier, before falling as much as 0.7% as Russia’s central bank unexpectedly cut
its key rate. The benchmark measure still surged 7.2% in January as the European Central Bank unveiled a 1.1 trillion-euro ($1.2 trillion) quantitative-easing
program to combat deflation. Euro-area consumer prices fell more than economists forecast in January, data showed today. Greece’s ASE Index fell 1.6%,
reversing earlier gains. The gauge has tumbled 14% this week amid concern a coalition led by Syriza, which won Sunday’s election, will challenge austerity
measures. The volume of Stoxx 600 shares changing hands was 19% greater than the 30-day average, data compiled by Bloomberg show.
Finance Minister Yanis Varoufakis said he’s not interested in persuading Greece’s official creditors to release the final tranche of bailout funds. “We’ll see a
pickup in growth after QE, but it will be modest,” said Henrik Drusebjerg, who helps manage 14 billion euros as chief strategist at Carnegie Investment Bank AB
in Copenhagen. “Most European countries still need to do more reform. We are beginning to take a look at some European companies. I’m curious how
aggressive to see Greece will be on their election promises.”
US
U.S. stocks fell, sending the Standard & Poor’s 500 Index to its biggest monthly decline in a year, as weaker-than-forecast economic growth overshadowed a rally
in energy shares sparked by a surge in the price of crude. The S&P 500 slid 1.3% to 1,994.99 at 4 p.m. in New York, extending its monthly loss to 3.1%. The index
tumbled 2.8% in the week, the most since Dec. 12. The Dow Jones Industrial Average dropped 251.90 points, or 1.5%, to 17,164.95. The Russell 2000 Index of
small caps tumbled 2.1%, the biggest slide since Dec. 10. More than 8.5 billion shares changed hands on U.S. exchanges today, the busiest trading since Dec. 19
and 26% above the three-month average. Energy shares in the S&P 500 gained 0.7% as U.S. oil surged 8.3%. Amazon.com Inc. and Biogen Idec Inc. soared at
least 10% after reporting earnings. Broad equities gauges tumbled amid concern over economies in Europe and Russia as data showed slower growth in
America. The U.S. economy expanded at a slower pace than forecast in the fourth quarter as cooling business investment, a slump in government outlays and a
widening trade gap took some of the luster off the biggest gain in consumer spending in almost nine years.
“All this data does is further cloud the entire investment picture,” Michael James, a Los Angeles-based managing director of equity trading at Wedbush
Securities Inc., said in a phone interview. “It confirms that there’s going to be continued uncertainty and continued significant volatility.”
ASIA
Asian stocks fell for a fourth day after data signaled Chinese manufacturing shrank last month for the first time in more than two years and the U.S. economy
grew less than forecast. The MSCI Asia Pacific Index retreated 0.3% to 139.98 as of 9:01 a.m. in Tokyo, before markets opened in China and Hong Kong. The
measure gained 1.8% in January, rebounding from two months of losses. China’s official purchasing managers’ index showed an unexpected contraction, data at
the weekend showed, boosting prospects Asia’s largest economy will add to stimulus amid a wave of global monetary easing. The U.S. economy expanded at a
slower pace than forecast in the fourth quarter as cooling business investment, a slump in government outlays and a widening trade gap took some of the luster
off the biggest gain in consumer spending in almost nine years. Japan’s Topix index slid 0.8% as the yen gained 0.2% to 117.26 per dollar, after strengthening
0.7% on Friday. South Korea’s Kospi index was little changed. Australia’s S&P/ASX 200 Index rose 0.3% as energy shares gained. New Zealand’s NZX 50 Index fell
0.1%. Futures on the Standard & Poor’s 500 Index were little changed after the underlying gauge last week posted its steepest slide since Dec. 12. Gross
domestic product in the U.S. rose an annualized 2.6% in the fourth quarter, trailing the 3% growth estimate from economists and falling from 5% in the three
months to the end of September.
The China data “will be stoking hard landing fears that are ever present in market thinking,” said Evan Lucas, Melbourne-based market strategist at IG Ltd. “The
fact new exports are also declining is a big issue on a macro-level. It illustrates that the lower growth in the global economy is impacting consumption of Chinese
goods.”
GOVERNMENT BONDS
South African government bonds edged lower on Friday, with the yield on the 2026 benchmark inversely ticked up half a basis point to 7.135%.
Treasuries posted the best start to a year since 1988 as a report showed the U.S. economy expanded at a slower-than-forecast rate in the fourth quarter and
global investors sought higher-yielding U.S. securities. Benchmark 10-year yields fell to a 20-month low as an inflation measure plunged in Europe by the most
since 2009, amplifying the threat of worldwide deflation. The yields were higher than similar-maturity yields 18 developed nations. Federal Reserve Bank of St.
Louis President James Bullard said the European Central Bank’s bond-buying plan is the most significant catalyst driving yields lower worldwide. U.S. 10-year
yields fell 11 basis points, or 0.11%age point, to 1.64% as of 5 pm New York time, according to Bloomberg Bond Trader data. The price of the 2.25% security due
November 2024 rose 1, or $10 per $1,000 face amount, to 105 15/32. The yield on the 10-year note dropped 53 basis points this month, the biggest decline in
any January since 1988, according to Bloomberg data. The 30-year bond yield declined to an all-time low 2.22%.
“It seemed to be in large part due to flows from Europe,” said John Bellows, a fund manager who helps oversee $466 billion of fixed-income assets at Western
Asset Management Co. in Pasadena, California, in a telephone interview. “The inflation dynamic has been challenging.”
FOREIGN EXCHANGE
South Africa's rand weakened against the dollar on Friday, as a larger than expected trade surplus for December failed to offset the selling pressure on emerging
currencies as investors brace for policy tightening in the United States. The local unit surrendered gains made the previous day after South Africa's own central
bank kept domestic rates unchanged and moved to dampen market expectations of a rate cut this year prompted by a sharp drop in oil prices. At 1553 GMT the
rand traded 0.53% softer at 11.6150 to the greenback compared with where it ended the New York session on Thursday. The rand weakened even after data
from the revenue service showed South Africa recorded a trade surplus of R6.85 billion in December after a revised R5.27 billion shortfall in November.
The yen held its best monthly gain in a year as weaker-than-expected data for China and the U.S. underscored concerns that the world economy is stumbling.
Japan’s currency, often regarded by investors as a haven amid market turmoil, advanced Friday against the dollar as traders pared bets the Federal Reserve will
raise interest rates by December. The Aussie gained for the first time in four days after an index of house prices jumped the most in six months, undermining
speculation the Reserve Bank of Australia will cut interest rates tomorrow. The yen was little changed at 117.52 per dollar as of 10:55 a.m. in Tokyo from Jan. 30,
when it added 0.7%. It slipped 0.2% to 132.94 against the euro. The single currency advanced 0.2% to $1.1313. China’s official manufacturing purchasing
managers’ index unexpectedly contracted for the first time in more than two years, data over the weekend showed. That followed a U.S. report Friday that
showed gross domestic product rose an annualized 2.6% in the fourth quarter, trailing the 3% growth estimated by economists and falling from 5% in the three
months ended September.
“Market sentiment is turning risk-averse after both the U.S. growth figures and the Chinese manufacturing data fell short of estimates,” said Atsushi Hirano,
Tokyo-based head of FX sales in Japan at Royal Bank of Scotland Plc. “There’s a growing risk the yen could climb to the mid-115 level versus the dollar by the
middle of this week.”
COMMODITIES
Gold fell as investors weighed prospects for higher U.S. interest rates after the biggest monthly gain in three years. Bullion for immediate delivery fell 0.3% to
$1,280.58 an ounce at 12:49 p.m. in Singapore, according to Bloomberg generic pricing. The metal advanced 8.4% in January, the biggest gain since January
2012. Federal Reserve Bank of St. Louis President James Bullard said Jan. 30 that investors are wrong to expect the central bank to postpone an interest-rate
increase beyond midyear. The policy makers cited a “solid” expansion of the economy in their Jan. 28 statement. Higher rates cut gold’s allure because the metal
generally offers investors returns through price gains. Data this week may show employers in the U.S. continued to add workers in January, while manufacturing
probably moderated. U.S. construction spending probably climbed in December after falling the previous month, economists said before the Commerce
Department report today.
“The volatility in gold has picked up and we expect it to continue on ebb and flow of U.S. rate hike expectations,” said Zou Lihu, an analyst at Citics Futures Co. in
Shenzhen.
Copper and aluminium gained on Friday following upbeat European retail sales data and as some investors covered short positions ahead of the weekend.
German retail sales posted their biggest yearly rise in 2-1/2 years in December, while sales in Spain and consumer-spending in France were also stronger than
expected, lifting European shares. Three-month copper on the London Metal Exchange closed 2% higher at $5,495 a tonne, recouping all of its loss from the
previous session. LME copper stocks continued to pile up, edging higher on Friday by 675 tonnes to 248,125 tonnes. They have jumped 40% so far in January,
indicating decent supply in the market. LME copper prices were heading for a seventh consecutive weekly loss, the longest losing streak since July 2008. For the
month, LME copper is down about 13%. Copper's price weakness has been mainly wrapped up in broader macroeconomic uncertainty, exacerbated by the slide
in oil, rather than because of copper's own fundamentals, said Joel Crane of Morgan Stanley in Melbourne.
Prices on Thursday fell towards but did not break below 5-1/2 year lows of $5,339.50 hit earlier this week, setting up conditions for a technical rally, traders said.
While the upbeat data in Europe gave metals a lift, Citi analyst David Wilson said the market was still subdued. "I still believe in six and 12 months we'll see
copper prices higher," he said. Traders are now waiting for economic data from top copper consumer China for more trading cues. China is scheduled to release
its manufacturing Purchasing Managers' Index on Feb. 1.
ENERGY
Crude oil prices fell on Monday after U.S. unions called a refinery strike and traders cashed in on strong price gains last week when the market soared on a sharp
drop in U.S. drilling. Despite the decline, analysts said that record open interest - the number of outstanding futures contracts - indicated that prices may have
bottomed out. Brent crude oil futures were trading at $51.60 a barrel at 0440 GMT, down $1.39, while U.S. WTI futures were at $46.96, down $1.28 a barrel. The
declines followed a jump back from six-year lows on Friday, as a record weekly decline in U.S. oil drilling fuelled a frenzy of short-covering. While the potential
drop in U.S. oil output could lift markets in the mid-term, analysts said Monday's declines were a result of profit-taking after last week's gains, as well as rising
output by OPEC that was offsetting lower U.S. drilling. Asian oil markets also opened to news of a strike at U.S. refineries, potentially denting crude demand in
coming days. The United Steelworkers union called strikes at nine U.S. refineries on Sunday to bring about a new national agreement that covers workers at 63
refineries, accounting for two-thirds of U.S. refining capacity, said a source familiar with the union's plans. The walkouts would be the first in support of a
national accord since 1980.
Key Indicators
Indices 2014
115
Last/Close
110
Daily
Move
Points%
105
Week
Month
YTD
12 month
%
%
%
%
-3.75%
9.34%
Global Markets
100
Dow Jones
95
17164.95
-1.45%
-2.87%
-3.75%
S&P 500
1994.99
-1.30%
-2.77%
-3.07%
-3.07%
11.92%
Nasdaq
4635.24
-1.03%
-2.58%
-1.94%
-1.94%
12.95%
FTSE 100
DAX
6749.40
10694.32
-0.90%
-0.41%
-1.22%
0.42%
3.08%
9.52%
3.08%
9.52%
3.67%
14.91%
4604.25
-0.59%
-0.79%
8.28%
8.28%
10.53%
Hang-Seng
24507.05
-0.36%
-1.38%
2.72%
2.72%
11.22%
1380
Nikkei225
17674.39
0.39%
0.93%
1.28%
11.10%
18.50%
1340
Australia
5551.60
0.35%
1.53%
2.52%
2.52%
6.66%
1300
South African Market
90
85
02/01/14
23/03/14
11/06/14
30/08/14
JSE All Share
FTSE 100
18/11/14
Dow Jones
HangSeng
Gold $
1420
1260
CAC 40
All Share
51266.81
0.63%
2.91%
3.53%
3.53%
13.59%
Top-40
45111.03
0.76%
3.35%
3.24%
3.24%
11.15%
1220
1180
1140
Gold
1100
02/01/14
Platinum
23/03/14
11/06/14
30/08/14
1513.34
2.38%
4.07%
34.55%
34.55%
16.35%
34.50
1.73%
-3.89%
0.55%
0.55%
-30.36%
18/11/14
Banks
77198.12
1.21%
6.01%
6.92%
6.92%
48.14%
Industrial
72625.61
0.21%
2.66%
3.55%
3.55%
23.29%
Financial
16356.75
0.58%
4.25%
5.51%
5.51%
38.18%
1450
Resources
42078.15
2.23%
3.39%
0.73%
0.73%
-21.94%
1380
Commodities
1310
Brent Futures $
1240
Gold $
Platinum $
1590
1520
1170
1100
02/01/14 23/03/14 11/06/14
7.6
30/08/14
18/11/14
R159
52.99
7.86%
8.61%
-6.08%
-6.08%
-50.20%
1263.50
-0.94%
-2.32%
6.69%
6.69%
1.36%
Copper $
5505.00
2.12%
-1.36%
-12.74%
-12.74%
-22.37%
Platinum $
1242.00
1.68%
-2.05%
3.28%
3.28%
-9.88%
Iron Ore $
62.21
-1.68%
-12.57%
-9.92%
-9.92%
-53.49%
7.4
Currencies
7.2
USDZAR
11.63
0.74%
2.04%
0.25%
0.25%
4.69%
7.0
EURZAR
13.14
0.46%
2.74%
-6.42%
-6.42%
-12.38%
6.8
GBPZAR
17.47
0.40%
2.32%
-2.21%
-2.21%
-4.29%
EURUSD
1.13
-0.41%
0.74%
-5.96%
-5.96%
-16.31%
6.6
6.4
6.2
6.0
02/01/14
23/03/14 11/06/14
30/08/14
18/11/14
USDGBP
0.66
0.06%
-0.52%
1.73%
1.73%
9.11%
GBPEUR
1.33
0.32%
-0.19%
4.52%
4.52%
9.52%
6.25
0.00%
1.63%
-1.57%
-1.57%
8.70%
Bonds/Rates
NCD 3-month
US 10yr
3.2
3
2.8
R157
6.06
0.08%
-0.74%
-8.60%
-8.60%
-18.12%
ALBI
512.09
-0.40%
0.85%
6.57%
6.57%
21.20%
GOVI
507.13
-0.38%
0.62%
5.89%
5.89%
20.28%
1.66
-5.14%
-11.70%
-23.50%
-23.50%
-37.59%
2.6
US 10yr
2.4
2.2
2
1.8
1.6
02/01/14 23/03/14 11/06/14
30/08/14 18/11/14
Source: I-Net BFA
Note:
1) Negative (-) indicates currency depreciation; positive (+) indicates currency appreciation.
2) Negative (-) indicates increase in yields (decrease in price); positive (+) indicates decrease in yields
(increase in price).
Companies – Dividends (Bloomberg)
Company
Code
Last Day to Trade
Ex-div
Dividend Type
Dividend Amount
(cps)
Results Due
Company
Range
15%-17%
21%-27%
250cps-335cps
26%-31%
27%-29%
(740cps-905cps)
≥70cps
60%-80%
8%-11%
≥30%
≥45%
≥20%
25%-45%
-
04-February-15
06-February-15
09-February-15
10-February-15
10-February-15
10-February-15
11-February-15
12-February-15
12-February-15
12-February-15
16-February-15
16-February-15
17-February-15
17-February-15
20-February-15
20-February-15
23-February-15
23-February-15
25-February-15
26-February-15
27-February-15
04-March-14
09-March-15
09-March-15
16-March-15
March-15
23-April-15
19-May-15
22-May-15
No companies expected to go ex-div this week.
1)
Based on dividend amount including dividend withholding tax of 15% (g=gross).
2)
Based on dividend amount excluding dividend withholding tax of 15% (n=net).
Companies - Trading Statements (JSE SENS)
Company
Resilient Property Income Fund Limited
Tower Property Fund Limited
Anglo American Platinum Limited
Rockcastle Global Real Estate Company
Fotress Income Fund Limited
Kumba Iron Ore Limited
Group Five Limited
OneLogix Limited
Glencore PLC
Woolworths Holdings Limited
Italtile
Distribution and Warehousing Network
Silverbridge Holdings Limited
Aveng Limited
Zurich Insurance Company SA Limited
Delta EMD Limited
Nedbank Limited
Hulamin Limited
Murray & Roberts Limited
Impala Platinum Limited
Pan African Resources PLC
Growthpoint Properties Ltd
AVI Limited
Sasol Limited
Clover Industries Limited
African Rainbow Minerals Limited
Interwaste Holdings Limited
Clicks Group Limited
PPC Limited
Compagnie Financière Richemont SA
Date
Reporting
Announced
26-January-15
12-January-15
23-January-14
23-January-15
23-January-15
20-November-14
23-January-15
23-January-15
19-November-15
20-October-14
12-January-15
23-January-15
23-December-14
03-December-14
27-January-15
28-January-15
26-January-15
15-January-15
Period
Interim
Interim
Final
Interim
Final
Interim
Interim
Final
Final
Final
Interim
Interim
Interim
Interim
Final
Interim
Interim
Final
Headline EPS
Guidance
Direction
increase
increase
decrease
decrease
increase
decrease
increase
decrease
increase
increase
decrease
increase
decrease
-
Contacts
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Disclosures
This publication has been issued by Thebe Stockbroking Ltd for the information of our clients only. The information contained herein has been obtained from
sources which we believe to be reliable, but is not guaranteed for accuracy or otherwise. All opinions expressed and recommendations made are subject to
change. The information contained herein reflects our opinion and recommendations, but does not constitute a solicitation for transactions in any of the
securities mentioned. We accept no responsibility whatsoever arising from actions taken on the basis of this report or any consequence thereof. Readers are
advised that securities of companies have various degrees of risk and volatility. The reader of this research report makes his/her own independent decisions
regarding any securities or financial instruments.