DAILY MARKET COMMENTARY - blog.nedbankcib.co.za · SA mining production surged by 15.5% y/y in March, from 4.1% growth in February, much better than forecasts of 4.7%. This is the

DAILY MARKET COMMENTARY

12 May 2017 | 7:29 AM

Daily Market Commentary | 12 May 2017 Page 1 of 12

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Key daily driver

Nedbank CIB Market Commentary | [email protected] | +27 11 294 1753

SNIPPETS

(Charts of the day) SA mining and manufacturing production growth rises above expectations, mining production expected to make positive contribution to Q1 GDP

(Currencies) USDZAR continues to post gains, dollar subdued, and global majors post mixed performance this morning

(Equities) Top40 and global markets close lower. Retailers weigh heavily on US markets

(Economics) US PPI remains elevated; UK economic data disappoints, BOE marginally hawkish, signals next move in interest rates may be higher

Key overnight factors and upcoming events


Date Region Event Actual/expected/prior Implications

11/05 UK Industrial production 1.40%//2.0%/2.5% Expected to slow, Brexit may weigh on confidence

11/05 SA Mining and manuf. production

-- Mining production surges in March, may offset weakness from manufacturing sector

11/05 UK BOE interest rate decision

-- BOE provides indication that next move in policy rates may be higher, but policy rates expected to remain flat for some time before such a move were to materialise

12/05 US CPI and retail sales -- CPI expected to remain above 2%, however this measure is not used as Fed target; Retail sales expected to pick up in April

Source: Nedbank


Charts of the day back to top


SA mining production surged by 15.5% y/y in March, from 4.1% growth in February, much better than forecasts of 4.7%. This is the sharpest

pace of growth since March 2015.

While most subcomponents reflected better output in March, key positive drivers of the headline print were iron ore, PGMs, coal,

diamonds, and manganese and chromium ores. These subcomponents contributed a cumulative 16% y/y towards the headline growth in

mining production. In contrast, gold, nickel and other non-metallic minerals contracted sharply in March.

Miners have ramped up production after the inventory draw down in Q4, and in anticipation of better demand from major trading partners

in coming months. Should commodity prices remain stable to elevated, we are likely to see continued increases in mining output. The sharp

surge in mining production in March will probably make a sizeable positive contribution towards Q1 GDP growth, possibly offsetting any

contraction from the manufacturing sector.

Manufacturing production growth fared better than expected, at 0.3% y/y in March, from -3.7% previously, better than consensus of -2.4%.

The better manufacturing print was due to a rebound in textiles and clothing production, as well as furniture, motor vehicles and parts,

basic iron and steel, non-ferrous metals and machinery production.

However, the largest subcomponents – food and beverages, and petroleum and chemical products continued to eke out contractions,

contributing a cumulative -1.4% towards the headline print. Manufacturing production contracted by 0.9% q/q in Q1, which was mainly

driven by the petroleum and chemicals category. As a result, we are likely to see a small negative contribution towards headline growth in

Q1, which may be offset by a strong mining sector.

While the PMI does signal continued contraction in the manufacturing sector in coming months, it must be noted that the PMI is a survey-

based indicator and tends to over and under-react to recent developments. Hence, if the political situation calms down and confidence

levels pick up, we may see manufacturing activity respond favourably. For now, a weak manufacturing sector will likely persist, and remains

weighed down by petroleum production and other exogenous factors.

GDP growth is expected at 1% q/q in Q1, after the marginal contraction in the previous quarter. Added to this, the agricultural sector is

expected to post a significant rebound in 2017, supporting headline growth. GDP growth is expected at 0.7% in 2017 and 1.3% in 2018,

but is mainly due to cyclical, one-off factors and low base effects, rather than a structural shift in potential growth. Hence there remain

downside risks to the growth outlook over the medium term.

Inflation is expected to fall below the 6% upper band in the next print, and remain below this level over the medium term. The rand

remains the key swing-factor for the inflation outlook, which is keeping the SARB quite cautious at this stage. Given the multiple event

risks over the horizon, we believe the SARB will keep rates unchanged this year, with possible 2 rate cuts materialising in 2018 when the

political picture is clearer.

Mineral sales slows in Feb, likely to rebound as global growth and demand rises

Source: Bloomberg, Nedbank

PMI signals difficult times for manufacturing sector



Economic calendar back to top


Time Country Event Period Survey Actual Prior Revised

11-May

01:50 JN BoP Current Account Adjusted Mar ¥1731.9b ¥1731.2b ¥2210.9b ¥2293.9b

01:50 JN Trade Balance BoP Basis Mar ¥798.8b ¥865.5b ¥1076.8b --

10:00 EC ECB Publishes Economic Bulletin

10:30 UK Industrial Production YoY Mar 2.00% 1.40% 2.80% 2.50%

10:30 UK Manufacturing Production YoY Mar 3.00% 2.30% 3.30% 3.00%

10:30 UK Trade Balance Mar -£3000 -£4900 -£3663 -£2650

11:30 SA Mining Production YoY Mar 4.70% 15.50% 4.60% 4.10%

11:30 SA Gold Production YoY Mar -- -8.00% -16.80% -17.10%

11:30 SA Platinum Production YoY Mar -- 30.00% 47.20% 45.60%

13:00 UK Bank of England Bank Rate 11-May 0.25% 0.25% 0.25% --

13:00 UK BOE Asset Purchase Target May 435b 435b 435b --

13:00 UK BOE Corporate Bond Target May 10b 10b 10b --

13:00 UK Bank of England Inflation Report

13:00 SA Manufacturing Prod NSA YoY Mar -2.40% 0.30% -3.60% -3.70%

14:00 UK NIESR GDP Estimate Apr 0.40% 0.20% 0.50% 0.30%

14:30 US PPI Final Demand YoY Apr 2.20% 2.50% 2.30% --

14:30 US Initial Jobless Claims 06-May 245k 236k 238k --

14:30 US Continuing Claims 29-Apr -- 1918k 1964k 1979k

12-May

01:50 JN Money Stock M3 YoY Apr 3.60% -- 3.60% --

08:00 GE GDP SA QoQ 1Q P 0.60% -- 0.40% --

08:00 GE CPI YoY Apr F 2.00% -- 2.00% --

08:00 GE GDP NSA YoY 1Q P 2.80% -- 1.20% --

11:00 EC Industrial Production WDA YoY Mar 2.30% -- 1.20% --

14:30 US CPI YoY Apr 2.30% -- 2.40% --

14:30 US Retail Sales Advance MoM Apr 0.60% -- -0.20% --

16:00 US U. of Mich. Sentiment May P 97 -- 97 --

Source: Bloomberg

Mining production starts to track global commodity prices, concern over recent easing in commodity prices



Currencies back to top

Business Banking FX | +27 11 535 4003 | Corporate FX | +2711 535 4002 | Institutional FX | +2711 535 4005

The local session opened with the rand trading around the 13.5000 level which proved to be the high on the day. Although the volumes

were not significant, liquidity was limited, and once the local unit breached below the 13.4000 some stop loss triggering saw it trade to a

best level of 13.3150 fairly quickly, by the time of the local close trading at 13.3550.

This morning the rand is currently trading at 13.3600, EURZAR is trading at 14.5205 and GBPZAR is trading at 17.2200.

Another subdued session on the international front, EURUSD trading with a generally weaker bias, but again confined to a 50 point range on

the day, trading between 1.0840 and 1.0890, this morning currently at 1.0870.

Gold continues to trade steadily, this morning currently trading at 1226.80.

Data releases scheduled for today, no releases locally, from Europe we have German GDP and CPI, as well as industrial production for the

Eurozone, from the U.S we have CPI, retail sales, weekly and hourly earnings and business inventories and Evans from the FED is scheduled

to speak.

Over the past week the rand has continued to post incremental gains , after opening the week at 13.7000, on a technical front these gains

could potentially extend to 13.25/2800 but the current levels appear to be attractive to new dollar buyers.

Possible trading range in the rand today 13.2500 to 13.5500

*Please note that the sign on the % change reflects the change on the headline number. The narrative indicates the trend direction over the month.

For trade in any of these currencies, contact our FX dealing desks

Majors Last price

%Δ

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%Δ

MTD

%Δ

YTDUSD trend

GBPUSD 1.29 0.08 -0.50 4.42 # USD strength

EURUSD 1.09 0.04 -0.22 3.37 # USD strength

USDJPY 113.72 -0.08 2.00 -2.77 # USD strength

USDAUD 1.35 -0.15 1.44 -2.46 # USD strength

Rand crosses Last price

%Δ

-1d

%Δ

MTD

%Δ

YTDZAR trend

USDZAR 13.36 0.01 -0.07 -2.76 # ZAR strength

GBPZAR 17.22 0.09 -0.59 1.60 # ZAR strength

EURZAR 14.52 0.04 -0.27 0.50 # ZAR strength

AUDZAR 9.86 0.16 -1.48 -0.39 # ZAR strength

ZARJPY 8.51 -0.09 2.08 -0.21 # ZAR strength

African FX Last price

%Δ

-1d

%Δ

MTD

%Δ

YTDZAR trend

ZARMWK (Malaw ian kw acha) 54.27 -0.08 -0.06 2.44 # ZAR weakness

ZARBWP (Botsw ana pula) 0.78 -0.27 0.05 0.21 # ZAR strength

ZARKES (Kenyan shilling) 7.74 -0.01 0.28 3.70 # ZAR strength

ZARMUR (Mauritian rupee) 2.64 -0.13 1.28 0.47 # ZAR strength

ZARNGN (Nigerian naira) 23.59 0.01 0.50 2.82 # ZAR strength

ZARGHS (Ghanian cedi) 0.32 -2.51 1.62 2.60 # ZAR strength

ZARZMW (Zambian kw acha) 0.69 0.80 -0.43 -4.21 # ZAR weakness

ZARMZN (Mozambican metical) 4.64 0.03 -3.62 -11.09 # ZAR weakness

Source: Bloomberg & Nedbank CIB T ime 2017/05/12 07:27

Month

trend

Month

trend

Month

trend

USDZAR


EUR/USD


$/R (close, high and low)

R 13.10

R 13.20

R 13.30

R 13.40

R 13.50

R 13.60

R 13.70

R 13.80

05/08 05/09 05/10 05/11 05/12

USDZAR $/R HIGH $/R LOW

€/$ (close, high, low)

$1.07

$1.08

$1.08

$1.09

$1.09

$1.10

$1.10

$1.11

05/08 05/09 05/10 05/11 05/12

EURUSD EURUSD High EURUSD Low


Commodities back to top

Nedbank CIB Market Commentary | [email protected] | +27 11 294 1753| +27 11 535 4038

A 5 million barrel decline in US oil inventories last week propped the Brent price above the $50/bbl. mark yesterday. While breaking above

the $51/bbl. very briefly, this was not sustained. The $45/bbl. mark will likely remain as support in the near term, and any commentary from

OPEC will likely prove supportive but for a short period of time before actual fundamentals signals a continued glut. Further downside risks

over the medium to longer term are likely.

Gold was supported by a volatile dollar yesterday, and seems to have risen off the lows of $1215/oz. earlier in the week. The dollar remains

strong, and this may weigh on bargain buying in the near term.

Commodities Last price

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Brent near future ($) 50.82 0.10 -1.76 -10.56 #

WTI crude ($) 47.90 0.15 -2.90 -10.83 #

Gold spot ($) 1 226.75 0.14 -3.27 6.91 #

Platinum spot ($) 924.05 0.85 -2.34 2.32 #

SA w hite maize spot (R) 1 873.00 -1.16 -2.14 -47.12 #Source: Bloomberg & Nedbank CIB T ime 2017/05/12 07:27

Month

trend

Platinum vs Gold

Source: Bloomberg

Brent Crude vs West Texas Intermediate

Source: Bloomberg

Platinum vs. Gold

$1 204

$1 209

$1 214

$1 219

$1 224

$1 229

$1 234

$1 239

$1 244

$892

$897

$902

$907

$912

$917

$922

$927

08

-Ma

y 0

9:0

0

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PLATINUM - LHS GOLD - RHS

Brent Crude vs West Texas Intermediate

$48.20

$48.70

$49.20

$49.70

$50.20

$50.70

$51.20

$45.30

$45.80

$46.30

$46.80

$47.30

$47.80

$48.30

08

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y 0

9:0

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WTI - LHS BRENT - RHS


Fixed income and interest rates back to top

Bond flow sales |+2711 535 4021 | Corporate Money Markets | +2711 535 4007 | Business Bank Money Markets | +2711 535 4006

Bonds Last price

Δ

1d

Δ

MTD

Δ

YTD

% bps bps bps

R203-0.3 yrs 7.43 -0.90 -0.90 -27.00 #

R208-3.9 yrs 7.71 -0.10 3.30 -56.50 #

R186-9.6 yrs 8.73 -0.30 3.70 -18.50 #

R2048-30.8 yrs 9.71 -0.10 5.60 9.30 #

US 10 yr 2.38 -1.12 9.58 -6.82 #

UK 10 yr 1.16 -0.60 6.82 -6.46 #

German 10 yr 0.43 2.37 36.28 146.86 #

Japan 10 yr 0.05 -14.81 155.56 0.00 #

Money Market Last price

Δ

1d

Δ

MTD

Δ

YTD

% bps bps bps

SA repo rate 7.00 0.00 0.00 0.00 #

SA prime rate 10.50 0.00 0.00 0.00 #

SA CPI (MTD = previous month) 6.10 -20.00 #

SA 3m JIBAR 7.34 0.00 0.00 -1.60 #

SA 3m NCD 7.33 -2.50 0.00 -5.00 #

SA 6m NCD 7.90 0.00 0.00 -7.50 #

SA 12m NCD 8.30 -1.25 0.00 -15.00 #

US 3m LIBOR 1.18 0.08 0.94 18.39 #

UK 3m LIBOR 0.31 0.00 -1.06 -5.20 #

Japan 3m LIBOR 0.00 -0.19 0.42 5.38 #Source: Bloomberg & Nedbank CIB T ime 2017/05/12 07:27

Month

trend

Month

trend FRAs and Swaps Last price

Δ

1d

Δ

MTD

Δ

YTD

% bps bps bps

3X6 FRA 7.26 0.00 2.00 -13.00 #

6X9 FRA 7.16 0.00 0.00 -26.00 #

9X12 FRA 7.05 -1.00 -2.00 -40.00 #

18X21 FRA 7.11 -1.00 -3.00 -42.00 #

SA 2yr Sw ap 7.15 -0.75 -1.40 -31.10 #

SA 3yr Sw ap 7.24 -0.75 -2.40 -32.10 #

SA 5yr Sw ap 7.49 -0.50 -2.00 -32.10 #

SA 10yr Sw ap 8.00 -0.50 0.00 -35.00 #

SA 15yr Sw ap 8.19 -0.50 0.75 -29.25 #

Spreads Last price

Δ

1d

Δ

MTD

Δ

YTD

% bps bps bps

2v10y - 0.85 -0.25 -1.40 3.90 #

3v10y - 0.76 -0.25 -2.40 2.90 #

R186-R203 1.29 0.60 4.60 8.50 #

R2048-R186 0.99 0.20 1.90 27.80 #

5y-R186 - 1.23 -0.20 -5.70 -13.60 #

10y-R186 - 0.73 -0.20 -3.70 -16.50 #

15y-R186 - 0.53 -0.20 -2.95 -10.75 #

SA 5yr CDS spread - basis points 194.19 -0.31 3.85 -22.81 #Source: Bloomberg & Nedbank CIB T ime 2017/05/12 07:27

Month

trend

Month

trend


Equities back to top

Cash equities | +2711 535 4030/31

South Africa

The JSE tracked European markets lower with the Top40 ending the day down 0.31% at 47488.50. Datatec dragged the tech sector lower,

tumbling 7.24% after releasing an update to a previous trading statement, reporting a further decline in headline earnings per share, taking

the loss to 90% lower than the previous FY16. Mondi Group’s trading update also disappointed, weighing on the sector, with Mondi Ltd,

Mondi Plc and Sappi all losing more than 2%. On the upside, Kumba Iron Ore rose 1.15%, on their upbeat trading statement, while gold and

platinum stocks continued higher, following their strong performance yesterday. The gold index added a further 2.19%.

The value traded at the close was R18.1billion with the ZAR trading at 13.35 vs the dollar at the close.

UK/Europe

European markets ended the day mostly lower, with the FTSE100(+0.02%) outperforming, eking out a small gain at the close. In London,

utility and consumer stocks traded lower, while commodity and financial stocks closed higher. BT Group Plc fell 4.63% after reporting a

decline in fourth quarter profits and unveiling plans to cut 4000 jobs worldwide. In Germany, Deutsch Post fell 3.69% after reporting lower

profits due to a difficult price environment in its freight division. Spanish stocks saw their biggest one day fall in six months, with banking

stocks leading the losses, while Italian banks rose, buoyed by UniCredit, which surged 3.71% after swinging to a first quarter profit of 907

million euros after losing more than 13billion euros in the fourth quarter.

USA

US markets ended Thursday’s session lower, weighed by some poor earnings reports in the retail sector. . Macy’s tumbled 17%, following a

dismal quarterly performance, while Kohl’s slumped 7.8% after reporting a drop in sales. Nordstrom and JC Penny declined more than 7%.

Gold stocks traded higher, with the index adding 2.7%. The marker saw some recovery at the close, ending the day off its worst levels. The

Dow lost 0.1%, the Nasdaq and S&P500 lost 0.2%.

Asia

Asian markets followed Wall Street lower, with the Nikkei retreating from near one and a year highs on concerns surrounding the appetite

of US consumer spending. Nissan outperformed, adding 3.5% following a surprise hike in dividends, despite forecasting an unexpected fall

in profits. Chinese stocks bucked the trend, gaining 0.5% after the central bank injected fresh funds through a medium term lending facility,

but kept a tight rein on short term funding. Financial stocks weighed on the ASX, while materials rose, lifted by higher gold and copper

prices. BHP Billiton and Rio Tinto were up 0.8% and 0.7% respectively, while gold miner Newcrest surged more than 4%.

Developed Markets Last price

%Δ

-1d

%Δ

MTD

%Δ

YTD

Dow Jones 20 919.42 -0.11 -0.10 5.85 #

Nasdaq 6 115.96 -0.22 1.13 13.61 #

S&P 500 2 394.44 -0.22 0.43 6.95 #

DJ Eurostoxx 50 3 448.26 -0.58 -3.13 4.79 #

DAX 12 711.06 -0.36 2.20 10.71 #

CAC 5 383.42 -0.32 2.20 10.72 #

FTSE 7 386.63 0.02 2.54 3.41 #

ASX200 5 834.70 -0.74 -1.51 2.98 #

Nikkei 225 19 851.81 -0.55 3.41 3.86 #

MSCI World 1 891.21 -0.25 0.69 7.99 #

Emerging Markets Last price

%Δ

-1d

%Δ

MTD

%Δ

YTD

Hang Seng 25 150.90 0.10 4.31 14.32 #

Shanghai 3 077.12 0.51 -4.51 -0.85 #

Brazil Bovespa 67 537.62 0.28 3.93 12.14 #

India - NSE 30 197.26 -0.18 1.95 13.41 #

Russia Micex 2 002.54 -1.27 0.33 -10.31 #

MSCI Emerging 1 000.35 0.53 4.38 16.01 #

SA Indices Last price

%Δ

-1d

%Δ

MTD

%Δ

YTD

JSE All Share 54 114.00 -0.26 3.95 6.83 #

Top 40 47 488.45 -0.31 5.14 8.17 #

Resi 10 31 963.75 -0.65 -1.11 -0.45 #

Indi 25 73 751.21 -0.07 7.90 14.73 #

Fini 15 15 007.34 -0.57 2.91 -0.47 #Source: Bloomberg & Nedbank CIB T ime

Month

trend

2017/05/12 07:27

Month

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Month

trend


Economics back to top


US

US PPI rose to 2.5% y/y in April, from 2.3% previously, better than forecasts of 2.2%. Input costs of furniture, machinery, chemicals and

services rose marginally, buoying headline PPI.

However, food and alcohol, autos and air transportation of freight remained deflationary. Any further declines in energy costs will also

weigh on input prices. For now, PPI remains elevated and likely to keep CPI elevated and close to, if not above, the 2% target or the medium

term.

Synopsis: We still anticipate 2 more rate hikes by the Fed this year. The main uncertainty is the timing of these hikes; there

is a possibility of a rate hike materialising in June and another towards year-end. Growth is expected to accelerate this

year, while headline inflation is expected to remain close to, if not above, the 2% target rate over the medium term.

UK

UK industrial production growth eased to 1.4% y/y in March, and contracted by 0.5% over the month, from 2.5% and -0.8% respectively

previously. The main reason for the disappointing print is due to a sharp contraction in electricity production. While overall manufacturing

activity slowed marginally, this was offset by better mining and quarrying activity and higher oil and gas production.

The UK trade deficit widened sharply in March, to £4.9 billion, from £2.65 billion previously, worse than expectations of £3 billion. Exports

rose by 3.2% over the month, while imports surged 8.5% m/m. The surge in imports was led by food and beverages, fuel and manufactured

items. The marginal rise in exports was driven by basic materials and manufactured items.

The slowdown in industrial activity and the deteriorating trade balance may be a reflection of a stronger sterling exchange rate recently, but

is also an early reflection of the Brexit woes and the hampering of confidence levels thereof.

The BOE left interest rates and the asset purchase programme unchanged, with one dissenting vote out of the 8 votes. The GDP growth

forecast was downwardly revised to 1.9%, from 2% previously forecast for 2017. The 2018 and 2019 growth forecasts were raised by 10 bps

to 1.7% and 1.8% respectively. The upward revision was due to the belief that trade, investment and fiscal policy would offset weakness in

local consumption. The inflation forecast was raised to 2.8% in 2017, and downwardly revised over the next two years to 2.4% and 2.2%

respectively.

The path of interest rates are expected to be shallow enough to allow the output gap to narrow and the unemployment rate to fall to its

equilibrium level of 4.5%. The BOE indicated that monetary policy may need to be tightened by a greater extent than previously forecast

over the longer term as inflation is expected to rise in 2019 and 2020 and wage rates are likely to be inflationary over the medium to longer

term. Hence clearly signalling that the next move in interest rates are likely higher.

Synopsis: The BOE has sat on the fence regarding monetary policy, indicating the willingness to tolerate inflation breaches, while also being

mindful of the adverse impact on the labour market if interest rates were to be hiked. However, the recent indication of higher rates after a

possible extended period of unchanged policy rate shows that the hawkish rhetoric is making a comeback. We maintain the view that

interest rates will be left unchanged this year, with the longer term outlook dependent on the pace of Brexit proceedings and its impact on

the economy.


JSE performance back to top


Top40 constituents Last price

%Δ

-1d

%Δ

MTD

%Δ

YTD

AGL : Anglo American Plc 180.38 -1.16 -6.01 -7.54 #

ANG : Anglogold Ashanti Ltd 150.96 2.21 -0.15 -1.06 #

APN : Aspen Pharmacare Holdings Lt 282.02 0.33 1.73 -0.55 #

BGA : Barclays Africa Group Ltd 145.60 -1.07 -0.95 -13.69 #

BID : Bid Corp Ltd 298.10 0.02 5.28 21.60 #

BIL : Bhp Billiton Plc 202.21 -0.40 -0.41 -7.53 #

BTI : British American Tobacco Plc 919.78 -0.39 2.10 18.13 #

BVT : Bidvest Group Ltd 166.78 -1.16 4.56 -7.98 #

CFR : Financiere Richemont-Dep Rec 114.15 0.07 1.80 25.80 #

DSY : Discovery Ltd 133.39 -0.51 -0.31 16.50 #

FFA : Fortress Income Fund Ltd-A 17.59 0.29 0.34 6.16 #

FFB : Fortress Income Fund Ltd 34.19 -0.38 1.91 5.75 #

FSR : Firstrand Ltd 49.35 -0.38 -1.00 -7.18 #

GFI : Gold Fields Ltd 46.57 2.35 6.45 6.84 #

GRT : Grow thpoint Properties Ltd 25.46 -0.55 -0.62 -1.66 #

IMP : Impala Platinum Holdings Ltd 43.93 0.18 2.28 2.78 #

INL : Investec Ltd 100.44 -1.38 0.29 10.68 #

INP : Investec Plc 100.66 -1.27 1.50 10.92 #

ITU : Intu Properties Plc 48.12 0.71 0.71 2.43 #

LHC : Life Healthcare Group Holdin 29.29 -3.08 1.95 -3.43 #

MEI : Mediclinic International Plc 144.59 0.00 2.53 11.22 #

MND : Mondi Ltd 344.78 -2.39 -0.56 23.14 #

MNP : Mondi Plc 345.25 -2.20 -0.50 23.87 #

MRP : Mr Price Group Ltd 148.11 -0.85 -5.72 -7.17 #

MTN : Mtn Group Ltd 120.80 -0.16 -4.51 -4.26 #

NED : Nedbank Group Ltd 219.90 -1.28 -2.46 -7.66 #

NPN : Naspers Ltd-N Shs 2 680.00 -0.03 5.57 33.06 #

NTC : Netcare Ltd 27.05 -0.18 2.04 -15.04 #

OML : Old Mutual Plc 33.47 -0.86 -0.65 -2.82 #

RDF : Redefine Properties Ltd 11.11 -0.36 1.00 -0.71 #

REI : Reinet Investments Sa-Dr 31.53 -1.19 1.64 17.65 #

REM : Remgro Ltd 225.00 -0.42 1.42 0.87 #

RMH : Rmb Holdings Ltd 61.85 -0.27 0.83 -6.85 #

SAP : Sappi Limited 100.80 -2.61 1.51 12.06 #

SBK : Standard Bank Group Ltd 148.19 -0.10 -0.11 -2.35 #

SHP : Shoprite Holdings Ltd 199.40 1.73 -4.96 16.30 #

SLM : Sanlam Ltd 70.39 0.07 -0.71 11.91 #

SNH : Steinhoff International H Nv 68.50 0.44 0.59 -3.90 #

SOL : Sasol Ltd 408.17 -0.48 -0.45 2.32 #

TBS : Tiger Brands Ltd 392.50 -0.38 -2.83 -1.34 #

TRU : Truw orths International Ltd 78.45 0.99 -9.34 -1.53 #

VOD : Vodacom Group Ltd 152.18 0.12 0.64 -0.14 #WHL : Woolw orths Holdings Ltd 70.60 -2.61 -2.62 -0.59 #

Source: Bloomberg & Nedbank CIB T ime

Month

trend

2017/05/12 07:27


Last day to trade back to top

Susan Correia | [email protected] | +27 11 295 8227

Share code Share name Dividend / interest rate

16 May 2017

EFG Efficient Group Ltd dividend @ 1.63cps

IDQ Indequity Group Ltd dividend @ 10.50cps

IMRP7 IM Redeemable Prefs 7Aug21 dividend @ 4823.430760cps

MDI Master Drilling Grp Ltd dividend @ 30cps

REA Rebosis Prop Fund Ltd A dividend @ 120.40855cps

REB Rebosis Prop Fund Ltd dividend @ 60.80334cps

TRE Trencor Ltd dividend @ 50cps

Source: JSE

mailto:[email protected]


Contacts

Treasury: Economic Analyst

Reezwana Sumad

(011) 294 1753

ALM Portfolio Management

(011) 535 4042

Bond Trading

(011) 535 4021

Credit Derivatives

(011) 535 4047

Equities Sales and Distribution

(011) 535 4030/31

Forex Business Banking Sales Desk

(011) 535 4003

Forex Corporate Sales Desk

JHB (011) 535 4002; DBN (031) 327 3000;

CTN (021) 413 9300

Forex Institutional Sales Desk

(011) 535 4005

Forex Retail Sales Desk

(011) 535 4020

Inflation Trading

(011) 535 4026

Interest Rate Swaps & FRA’s Trading

(011) 535 4004

Money Market Business Banking Sales Desk

(011) 535 4006

Money Market Corporate Sales Desk

JHB (011) 535 4007; DBN (031) 327 3000;

CTN (021) 413 9300

Money Market Institutional Sales Desk

(011) 535 4008

Non Soft & Soft Commodities Trading

(011) 535 4038

Preference shares desk

(011) 535 4072


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