Friday ended a third of a percent lower on the markets, but thanks to Naspers’s 5% rally we managed a 0.3% positive close for the week. Education stocks ADvTECH and Curro reported last week. We had a flurry of miners report: Harmony and Goldfields both reported flat gold production numbers and negative cash flow, while Exxaro was “saved” by their coal assets; and Sibanye Gold released a trading statement which implies a very different company to the one they were last year. And while everyone was enjoying after work Friday drinks, Bidvest released a trading statement saying that Brian Joffe had resigned from the company with immediate effect.

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The global markets were mixed and despite the weaker Rand, the JSE was under a lot of pressure, falling over 1% on Friday. The US managed a positive close despite muted inflation figures. Alviva, formerly known as Pinnacle, was up over 2% after releasing a decent trading update. Naspers was down almost 3% after a report saying that China’s online watchdog is investigating Tencent. And Disney – who own the top media library – have announced they are pulling all their content from Netflix.

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Market update: we’ve had a nice little rally, up ½% on Friday bringing the week’s gain to 2%. But the Rand has suffered quite a blow this week, last trading at 13.47 to the US Dollar on Friday, partly driven by a stronger greenback after the US non-farm payroll numbers surprised to the upside. It looks like Wiese is not giving up just yet on combining his Steinhoff and Shoprite assets, they announced on Friday that Steinhoff is looking to take a controlling stake in Shoprite. Both paper companies, Mondi and Sappi, reported last week. Companies like Amazon, Takealot and Superbalist are reviving the industry with all the boxed home deliveries.

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We started the day negative in the markets, and then managed a little bounce in the afternoon to end the day flat. Barclays Africa reported disappointing half year results and tobacco companies plummeted on Friday after the FDA announcement that they want to reduce nicotine levels in cigarettes. Naspers fell almost half a percent on Friday as tech stocks retreated after Amazon results. Jeff Bezos was only briefly the richest man on Thursday, until the results disappointed. US GDP growth came in at 2.6% q/q – much stronger than the previous 1.2%, with oil bouncing again… and our local energy department have announced a petrol hike.

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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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