Market update: It’s been an exceptional week; the bulls were out with a vengeance – the market was up 5 consecutive days in a row. Friday saw the Rand rally briefly below 13 against the US dollar as news broke of the mining charter being suspended. Despite the stronger Rand, our market managed to close ½% in the green with Financials having an incredible run. Even retailers were stronger on the day (even WHL after their disappointing Trading Statement the day before). It’s not even worth talking about Eskom wanting to pay Molefe and Koko bonuses, even though they only have money to pay salaries until November unless they get another state loan. Brian Joffe’s Long4Life made it official that they are buying Sorbet (beauty therapy chain). Richemont’s head watchmaker George Kern has resigned. Of the 25 S&P500; companies that have reported, 19 have already beat analysts’ expectations; while US macro data on Friday disappointed – we do a quick overview.

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The Rand is still weak and volumes low. The All Share Index was down ¾% on Friday. Global markets are nervous as Central Banks talk about tapering. The JSE announces details of their cost optimisation plans. Flash crash in Silver on Friday and a halt in trading, is only one of the symptoms of metals reactions this week. Gold and Platinum are also under pressure. US non-farm payrolls surprised to the upside, coming in at 222k, while the expectation was for 178k jobs to be created.

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Market update: overall the JSE closed ½% higher on Friday which means for the month we are “only” 2.5% down. The Rand had a complete blowout on Friday afternoon: was it that a date has been set for the vote of no confidence or that Reuters reported that Gigaba said SA may have to get help from IMF (does he even know what that means?). Or maybe it was the announcement that SAA will receive a R2.3bn bailout? Private sector credit extension on the increase… how is it possible that banks are lending more money to consumers in this environment? Naspers raised R1bn via a bond issue through its international arm, Myriad International – nice shopping purse. Nike reported a decent set of results last week, just after Bloomberg ran a story saying that “Not even Tiger Woods could make Golf profitable for Nike”.

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The Market finally had a positive day, lifted by macro-economic data and Naspers. Oil continues to fall. Naspers released full financial results, sending the share 2.6% higher. Astral Foods bounced just over a percent after falling 6% the previous day on the back of news of avian flu on one of their farms. eTV has had five bids for the company in the last year.

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The main focus of Thursday was the Mining Charter, which weighed on resources and our market in general. The All Share Index was down 1.3%. It was a huge day on the market thanks to Derivatives Close-Out; $5.4bn (R69.5bn) traded. Naspers released a trading statement, core headline earnings per share will be up between 33-39%. Peregrine released results (we have a small allocation to the share in the Aggressive portfolio). Comair – which we put on as a trading idea last week – also released their trading statement, HEPS will be up at least 20%. Global markets closed in the green on Friday, so hopefully we’ll play catch up.

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Despite falling into recession, Moody’s decided to downgrade SA by only one notch, leaving us at investment grade. But that does not mean we can relax, there is nothing stopping them from downgrading us again in a couple of months. Our local market managed a third of a percent gain thanks to a late afternoon bounce. PPC was in demand after they reported on Thursday.

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Fitch kept our rating unchanged, which sent the Rand to 12.80 vs the US Dollar and weighed on our market. For the week the local market fell 2.2% despite a flat to slightly positive close. PPC put out a trading update which led us to talk about other companies that are also expanding into Africa. After market close, S&P also confirmed our rating citing the usual concerns of weaker growth, political risk and contingent liabilities. The US added 138,000 new jobs for the month of May versus the expected 186,000.

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The local market closed flat to negative, which was pretty much the picture across the globe. The Foschini Group are venturing into Australia, announcing that they bought Retail Apparel Group for AUD302.5m. Steinhoff announced they’re buying a majority stake in Sherwood Bedding. TigerBrands reported results and Massmart put out a trading update – an indicator of how the economy is going (or not going). Edcon and Net1UPS are both getting new CEOs. On Thursday a share (RFG) was added to our #Invest portfolios and since then it’s up 7%.

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Markets holding up well despite global geopolitical concerns (especially in Emerging Markets). SNH up 9.5% in two days post the announcement of a spin-off of the African assets. Tongaat, Nedbank, Dis-Chem and Investec all reported. We discuss the fall of Stuttafords.

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Our market ended lower on Friday, but higher for the week (Naspers closed over R2700 per share). Richemont reported results. Life Healthcare and Telkom put out a trading update. Europe ended the week stronger as Germany released GDP growth numbers. In the US earnings reporting season is now 91% complete. They reported Inflation and retail sales numbers.

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