Daily market commentary 10102014

DAILY MARKET COMMENTARY
10 October 2014 | 7:22 AM
Daily Market Commentary | 10 October 2014 Page 1 of 13
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SNIPPETS
(Charts of the day)
SA mining and manufacturing production contracts on an annualised basis, manufacturing contraction eases
(Currencies)
Rand strengthens against USD, but rises above R11.00 in NY session; euro and pound weaken overnight after intraday gains in the local session
(Equities)
Top 40 rises 0.16%, led by resources; US equities downbeat; Asian markets follow negative this morning
(Economics)
US initial jobless claims fall, wholesale inventories rise on lower sales; BOE leaves interest rate unchanged
Key overnight factors and upcoming events
Economic calendar
Date
Region
Event  
Actual/expected/prior
Implications 09/10 SA Mining and manufacturing prodn. -- Mining production slumps, while manufacturing contraction slows
09/10
UK
BOE interest rate decision
0.50%/0.50%/0.50%
BOE keeps rates unchanged as much slack still exists in the economy
09/10
US
Initial jobless claims
287K/295K/288K
Jobless claims falls marginally as overall labour market recovery remains upbeat
10/10
UK
Trade balance £Bn
--/-9.6/-10.19
Trade deficit likely to narrow marginally, on the back of higher exports due to the weaker pound
10/10
US
Monthly Budget statement $Bn
--/82/75.1
Budget surplus likely to rise on higher tax revenues
Source: Nedbank
Other reports produced back to top
To request reports published by Nedbank Capital in full (t & c’s apply), please contact us (details above)
 Guide to the Economy: October 2014
 Mining Production: August 2014
 Manufacturing production: August 2014

Charts of the day back to top
 SA mining production contracted by 10.1% y/y in August from -7.7% in July, much below forecasts of -5.6%. The main reason for the decline
had been PGM production, which slumped by 45% y/y from 45.2% previously, and contributing -11.6% to the overall index – the largest
contributor towards the overall index.
 Gold production slumped 8% y/y, while diamonds fell 30.2%, contributing -1.1% and -0.9% towards the overall index. The slump in platinum
production is as a result of PGM sales, which have remained depressed since February this year, as well as a result of a very slow recovery in
production after the end of the 5-month long platinum labour strike in the first half of the year.
 Iron ore, manganese ore, copper and nickel were the bright spots, with production rising on an annualised basis, but contributed a
cumulative 4.6% towards the overall index, as a result of the smaller weighting.
 Mining production is still suffering from the effects of the platinum mining strike and while the impact of the strike will abate as the year
progresses, activity is likely to remain lacklustre partly as a result of the seasonal decline related to the December holidays. A slowdown in
global growth feeding into lower commodity prices as well as infrastructure constraints locally will also keep output relatively weak.
 Manufacturing production fell by 1.2% y/y from an upwardly revised 8.1% contraction in August (revised from -7.9%), better than forecasts
of -3.6%. Production of motor vehicles, parts and accessories, and other transport equipment surged in August, by 16.6% y/y, and
contributed 2.3% towards the overall index.
 ‘Wood and wood products, paper, publishing and printing’ fell 11.3%, and subtracted 1.1% from the overall index, while food and
beverages, petroleum, glass, non-metallic mineral products, basic iron and steel and other metal products all contracted on an annualised
basis, and contributed negatively towards overall production.
 The performance of the manufacturing sector will remain lacklustre in the months ahead. While output growth could be boosted by base
effects, improving global demand and a weaker rand, this will be offset by weak domestic demand.
 Underlying local economic conditions remain weak. The Reserve Bank continues to face the dilemma of striking a balance between weak
growth and high inflation. Nedbank anticipates the Reserve Bank will continue on its path of moderate tightening, hiking by another 25 bps
in November. This, however, will depend on rand movements.
Platinum and gold lead the slump in mining production
Source: Nedbank Group Economic Unit
Manufacturing contraction eases as projected by PMI
Source: I-net, Nedbank
PGM production continues decline as slow recovery post the strike does not materialise
Source: Bloomberg, Nedbank

Currencies back to top
Business Banking FX | +27 11 535 4003 | Corporate FX | +2711 535 4002 | Institutional FX | +2711 535 4005
 After the euphoria of the move the previous evening, with the rand having made significant gains overnight, the local session got under way
with the rand trading at 11.0300. As was to be expected, we initially encountered significant demand for dollars, pushing the rand to around
11.0700. Once the demand for dollars was satiated, the rand managed to trade below the 11.000 level managing to trade to 10.9630 at its
best, however the momentum of this move to the downside soon diminished and we were trading around the current levels at 11.0600 by
the time of the local close.
 The majors had a rather subdued session as well when compared to the previous session, the euro confined between 1.2677 and 1.2736
against the dollar on the day. This morning it is currently straddling the 1.2700 level. Gold has managed to maintain the gains which were
made and is currently trading at 1222.00.
 No local data scheduled for release today, very little from Europe, from the U.S. we have import and export prices.
 The markets appear to have been exceptionally long of dollars ahead of the FOMC minutes release, and the significant moves the previous
evening attributable to stop loss triggering as the longs exited, at the current levels many market participants are re-establishing long dollar
positions, emerging markets appear to remain particularly vulnerable due to structural and economic factors .
 Possible trading range in the rand today 10.9500 to 11.1500
*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
-1d
%Δ
MTD
%Δ
YTD
USD trend
GBPUSD 1.61 0.02 -0.60 -2.68 USD strength
EURUSD 1.27 0.13 0.58 -7.88 USD weakness
USDJPY 107.81 -0.10 -1.68 2.42 USD weakness
USDAUD 1.14 0.16 -0.38 1.78 USD weakness
Rand crosses Last price
%Δ
-1d
%Δ
MTD
%Δ
YTD
ZAR trend
USDZAR 11.07 -0.03 -2.04 5.18 ZAR strength
GBPZAR 17.84 -0.02 -2.62 2.36 ZAR strength
EURZAR 14.06 0.10 -1.47 -3.12 ZAR strength
AUDZAR 9.71 -0.20 -1.68 3.34 ZAR strength
ZARJPY 9.74 -0.09 0.35 -2.59 ZAR strength
African FX Last price
%Δ
-1d
%Δ
MTD
%Δ
YTD
ZAR trend
ZARMWK (Malaw ian kw acha) 38.33 0.04 5.56 -6.25 ZAR strength
ZARBWP (Botsw ana pula) 0.83 0.02 0.73 -0.73 ZAR strength
ZARKES (Kenyan shilling) 8.04 -0.01 1.69 -1.96 ZAR strength
ZARMUR (Mauritian rupee) 2.84 0.26 1.91 -0.45 ZAR strength
ZARNGN (Nigerian naira) 14.95 0.51 3.21 -1.70 ZAR strength
ZARGHS (Ghanian cedi) 0.29 -0.62 -0.35 27.74 ZAR weakness
ZARZMW (Zambian kw acha) 0.57 0.04 2.61 8.15 ZAR strength
Source: Bloomberg & Nedbank Capital T ime
Month
trend
Month
trend
Month
trend
2014/10/10 07:04
USDZAR
EUR/USD
$/R (close, high and low)
R 10.70
R 10.80
R 10.90
R 11.00
R 11.10
R 11.20
R 11.30
R 11.40
10/06 10/07 10/08 10/09 10/10
USDZAR $/R HIGH $/R LOW
€/$ (close, high, low)
$1.24
$1.24
$1.25
$1.25
$1.26
$1.26
$1.27
$1.27
$1.28
$1.28
$1.29
10/06 10/07 10/08 10/09 10/10
EURUSD EURUSD High EURUSD Low

Precious metals and oils back to top
 Bullion maintained the up-trend yesterday, after the spike post the FOMC minutes were released. Despite the price remaining within a
narrow trading range, it rose by around $7/oz. on the day. Overall, safe-haven demand remains largely absent in the gold market, hence the
price is expected to remain downbeat as the dollar will likely remain strong over the medium term.
 The Brent crude price sank further yesterday, falling below $91/bbl. as a result of the supply glut that is persisting in the market. US
production will likely remain upbeat, reducing the dependence on imported fuel. Overall, the price is expected to remain below the
$100/bbl. mark over the medium term, as production remains upbeat.
Commodities Last price
%Δ
-1d
%Δ
MTD
%Δ
YTD
Brent near future ($) 88.31 -1.93 -6.72 -20.30
Gold spot ($) 1 221.79 -0.18 1.09 1.39
Platinum spot ($) 1 260.13 -1.18 -3.22 -8.24
Source: Bloomberg & Nedbank Capital T ime 2014/10/10 07:04
Month
trend
Platinum vs Gold
Source: Bloomberg
Brent Crude vs West Texas Intermediate
Source: Bloomberg
Platinum vs. Gold
$1 160.00
$1 180.00
$1 200.00
$1 220.00
$1 240.00
$1 260.00
$1 280.00
$1 300.00
10/06 10/07 10/08 10/09 10/10
PLATINUM GOLD
Brent Crude vs West Texas Intermediate
$78.00
$80.00
$82.00
$84.00
$86.00
$88.00
$90.00
$92.00
$94.00
10/06 10/07 10/08 10/09 10/10
BRENT WTI

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
 R186 opened this morning at 8.08% along with ZAR at 11.0250 as broad USD weakness materialized post release of the FED minutes.R186
rallied to print as strong as 8.03% before attracting sellers into the afternoon to officially close at 8.08%. ZAR had a brief look below 11.00
and managed to print 10.9630 before giving back the day’s gains and closed around 11.0500.
 The bond curve continued to steepen in the front end as demand emerged for belly bonds, as well as in the back-end as positioning remains
saturated for the time being.
 The swap curve concluded the day fairly unchanged with 3v10 at 90bps and 2v10 at 118bps.Local data releases in the form of mining
production and manufacturing disappointed on the day but have to assume was already priced in.
Bonds Last price
Δ
1d
Δ
MTD
Δ
YTD
% bps bps bps
R158-0.9 yrs 6.58 4.40 -2.40 77.50
R203-2.9 yrs 7.04 -8.70 -14.20 11.60
R208-6.5 yrs 7.70 -7.90 -18.30 4.60
R186-12.2 yrs 8.10 -6.10 -22.60 -14.20
R2048-33.4 yrs 8.82 -3.20 -17.20 -36.80
US 10 yr 2.31 0.00 -17.60 -71.50
UK 10 yr 2.26 -0.09 -6.72 -25.15
German 10 yr 0.91 -0.11 -4.33 -53.03
Japan 10 yr 0.50 2.24 -5.27 -32.12
Money Market Last price
Δ
1d
Δ
MTD
Δ
YTD
% bps bps bps
SA repo rate 5.75 0.00 0.00 75.00
SA prime rate 9.25 0.00 0.00 75.00
SA CPI (MTD = previous month) 6.40 10.00
SA 3m JIBAR 6.08 0.00 -5.80 85.80
SA 3m NCD 6.08 0.00 -6.25 85.00
SA 6m NCD 6.75 0.00 -2.50 110.00
SA 12m NCD 7.35 0.00 -3.75 133.75
US 3m LIBOR 0.23 -0.20 -0.60 -1.70
UK 3m LIBOR 0.56 -0.19 -0.44 3.56
Japan 3m LIBOR 0.10 0.02 -0.04 -2.80
Month
trend
Month
trend FRAs and Swaps Last price
Δ
1d
Δ
MTD
Δ
YTD
% bps bps bps
3X6 FRA 6.33 1.00 -6.00 97.00
6X9 FRA 6.67 1.00 -8.00 105.00
9X12 FRA 6.87 1.00 -11.00 87.00
18X21 FRA 7.38 1.00 -13.00 44.00
SA 2yr Sw ap 6.89 2.03 -8.33 77.00
SA 3yr Sw ap 7.15 2.00 -10.00 51.50
SA 5yr Sw ap 7.51 1.50 -17.00 14.50
SA 10yr Sw ap 8.06 2.00 -18.30 -18.50
SA 15yr Sw ap 8.38 2.00 -19.30 -35.75
Spreads Last price
Δ
1d
Δ
MTD
Δ
YTD
% bps bps bps
2v10y - 1.17 0.03 9.97 95.50
3v10y - 0.91 0.00 8.30 70.00
R186-R203 1.03 2.60 -8.40 -25.80
R2048-R186 0.70 2.90 5.40 -22.60
5y-R186 - 0.67 7.60 5.60 28.70
10y-R186 - 0.12 8.10 4.30 -4.30
15y-R186 0.20 8.10 3.30 -21.55
Month
trend
Month
trend

Equities back to top
Cash equities | +2711 294 3221
South Africa
 After a solid start following the overnight rally in the US on Wednesday evening, the Top 40 gave back substantial gains to end the day up
just 0.16% at 42913.10, after touching an intraday high of 43.604.30. Signs of weakness in the euro zone economy weighed on markets in
the afternoon session resulting in the strong pullback. Mining stocks had a good session with gold stocks outperforming. Harmony
(+7.58%), Anglogold (+5.31%) and Goldfields (+4.49%) rose sharply on the back of a firmer gold price. Aspen Pharmacare touched a record
high of35499 after announcing that GlaxosmithKline will take a stake in its Japanese subsidiary. Aspen ended the day up 1.2%at 34660.
 The value traded at the close was R16.5billion with the rand trading at 11.06 vs. the US Dollar.
UK/Europe
 European stocks retraced morning gains to end the day mostly lower after German exports fell and a group of leading economic institutes
joined the IMF in downgrading forecasts for German growth. In the UK, mining stocks were strong, with Randgold Resources and Fresnillo
gaining more than 6%, while Vodafone fell 3.4% after a broker downgrade. In Germany, Suedzucker, Europe’s largest sugar producer, fell
11.50% after reporting a decline in second quarter profits. The FTSE100 ended the day down 0.78%, the CAC40 lost 0.64% and the DAX
inched up 0.11%.
USA
 US stocks fell sharply last night with the S&P500 posting its largest percentage decline in six months as global economic concerns weighed
on the market. Energy stocks were the worst hit, with the index falling 3.7% as US crude oil prices settled at their lowest level since
December 2012. Alcoa (-4.23%) kicked off the earnings season by reporting better than expected results, but did close lower on the day,
while apparel retailer GAP fell 12.49% after reporting disappointing September sales figures and the appointment of a new CEO.
Asia
 Asian markets are weaker this morning, following international markets lower. In Japan, exporters were under pressure as the dollar fell to
a three week low against the yen but Fast Retailing bucked the trend gaining 2.17% after reporting that they expect operating profit to grow
by more than a third in the year ahead. In Hong Kong, Cnooc Ltd, China’s largest offshore energy explorer fell 3.9% as oil futures continued
to fall. In Australia mining stocks fared the worst with Fortescue metals Group falling 3.9% and iron ore miners BHP Billiton and Rio Tinto
both down over 2%.
Developed Markets Last price
%Δ
-1d
%Δ
MTD
%Δ
YTD
Dow Jones 16 659.25 -1.97 -2.25 0.50
Nasdaq 4 378.34 -2.02 -2.56 4.83
S&P 500 1 928.21 -2.07 -2.23 4.32
DJ Eurostoxx 50 3 042.45 -0.36 -5.69 -2.14
DAX 9 005.02 0.11 -4.95 -5.73
CAC 4 141.45 -0.64 -6.22 -3.60
FTSE 6 431.85 -0.78 -2.88 -4.70
ASX200 5 201.50 -1.80 -1.73 -2.82
Nikkei 225 15 229.68 -1.61 -5.84 -6.52
MSCI World 1 652.93 -1.23 -2.68 -0.49
Emerging Markets Last price
%Δ
-1d
%Δ
MTD
%Δ
YTD
Hang Seng 23 147.81 -1.64 0.94 -0.68
Shanghai 2 375.28 -0.59 0.48 12.25
Brazil Bovespa 57 267.53 0.37 5.82 11.18
India - NSE 26 401.23 -0.89 -0.86 24.71
Russia Micex 1 384.33 0.00 -1.90 -7.96
MSCI Emerging 1 008.33 0.96 0.30 0.56
SA Indices Last price
%Δ
-1d
%Δ
MTD
%Δ
YTD
JSE All Share 48 133.52 0.21 -2.44 4.06
Top 40 42 913.11 0.16 -2.82 3.45
Resi 10 50 006.15 0.64 -4.85 -1.96
Indi 25 57 430.73 -0.03 -1.61 5.41
Fini 15 13 864.55 0.31 -2.81 8.78
Month
trend
Month
trend
Month
trend

Equity derivatives back to top
Equity derivatives | +2711 535 4030
 In yet another extremely volatile intra-day trading session, index markets continued to trade flat to small bid fair value discounts.
 EFP markets were quiet as participants were kept guessing by the swings in the market. Volume on the day of 46 000 Dec14 ALSI futures
contracts is larger than usual and is attributable to the massive range on the day and the volatile swings in direction and leaves open
interest in the same contract, higher still at 163 000 contracts.
 We continued to see the majority of option prints being end user particularly on SSF. On singles, stand out trades being written DEC14 DSY
strangles at 26/25.25, DEC14 MND ratio short fence at around 27.5 and MAR15 NED 90% outright Put at 25.5. The interbank markets had
limited activity with mainly previous day refreshes. The market makers generally looking to purchase ATM protection as well as looking to
buy further dated 95% strike puts to sell upside.
Notable Option trade s
Sa fe x
Vola tility Contra c ts
Va lue of
Premium
R 0 0 0 's Open inte re st
DEC16 ALSI 38000P 22.91 1 300 30 377 1 300
DEC14 ALSI 45000C 15.63 2 000 12 301 4 100
DEC14 ANGS 129.75C 37.00 6 669 5 925 3 930
DEC14 MNDS 179.12C 25.50 5 740 3 333 2 870
DEC14 DSYS 95.73C 25.00 12 394 3 152 6 197
DEC14 MNDS 173.45C 25.50 2 870 2 454 2 870
Source : SAFEX
Inde x trade s Contra c ts
Va lue
R 0 0 0 's Open Inte re st
DEC14 ALSI 40 316 17 580 004 162 632
DEC14 DTOP 4 963 482 492 149 972
MAR15 ALSI 75 32 942 6 316
JUN15 ALSI - - 10 262
SEP15 ALSI - - 26
Source: SAFEX
Single stoc k Future s
Trade s Spot Contra c ts
Va lue
R 0 0 0 's Open Inte re st
DEC14 NPNQ 1 237.00 1 779 225 502 15 374
DEC14 SHFQ 54.25 10 371 55 333 79 539
DEC14 MTNQ 239.30 980 23 888 23 541
DEC14 SBKQ 128.94 1 267 16 338 48 453
DEC14 DSYQ 90.50 1 474 13 586 5 433
DEC14 CFRQ 90.46 939 8 640 18 935
DEC14 BVTQ 283.40 232 6 429 1 501
DEC14 TRUQ 72.52 800 5 864 20 417
DEC14 SOLQ 572.10 88 5 205 4 382
DEC14 BILQ 297.09 117 3 580 6 614
DEC14 KIOQ 268.50 121 3 319 10 594
DEC14 SHPQ 138.00 229 3 210 34 425
Source : SAFEX
Notable Open Inte re st - Inde x
Expiry Strike Open Inte re st
DEC14 DTOP 8030P 39 196
DEC14 DTOP 9260P 38 672
DEC14 DTOP 10850C 35 860
DEC14 DTOP 9040P 35 860
DEC14 DTOP 8300P 24 555
DEC14 DTOP 9500P 21 018
Source : SAFEX
Expiry Inde x Spot Ba sis BID Ba sis Offe r
DEC 14 ALSI 43 510 387 436
DEC 14 FINI 14 029 126 142
DEC 14 INDI 58 149 461 526
DEC 14 RESI 50 831 574 631
DEC 14 FINDI 61 603 496 566
DEC 14 DTOP 9 713 84 95
DEC 14 CTOP 23 110 203 231
Source : Nedbank Prime Services
Source : Nedbank Capital Equity Derivat ives
Contra c t Strike
P% of
Spot
Ca ll/Put Bid % prem Bid Vola tility
Offe r
Vola tility
Offe r % prem
DEC14 ALSI 38 600 90% P 0.14% 16.06% 20.56% 0.41%
DEC14 ALSI 40 750 95% P 0.50% 13.87% 18.37% 1.02%
DEC14 ALSI 42 900 100% P 1.65% 11.85% 16.35% 2.42%
DEC14 ALSI 42 900 100% C 2.54% 11.85% 16.35% 3.31%
DEC14 ALSI 45 050 105% C 0.43% 9.90% 14.40% 1.03%
DEC14 ALSI 47 200 110% C 0.03% 9.72% 14.22% 0.24%
Source : Nedbank Capital Equity Derivat ives
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
0
10000
20000
30000
40000
50000
60000
70000
2014/10/01 2014/10/02 2014/10/03 2014/10/06 2014/10/07 2014/10/08 2014/10/09
DEC14 ALSI
Volume P% Change
144000
146000
148000
150000
152000
154000
156000
158000
160000
162000
164000
5900
5950
6000
6050
6100
6150
6200
6250
6300
6350
2014/10/01 2014/10/02 2014/10/03 2014/10/06 2014/10/07 2014/10/08 2014/10/09
Open Interest
MAR 15 Open interest DEC 14 Open interest
Source: Bloomberg (All graphs)
10.00
12.00
14.00
16.00
18.00
20.00
22.00
24.00
10.00
12.00
14.00
16.00
18.00
20.00
22.00
24.00
2014/09/05 2014/09/12 2014/09/19 2014/09/26 2014/10/03
Sav i v s. Vix
VIX (Left Hand Side of the Graph) SAVI (Right Hand Side of the Graph)

Economics back to top
US
 US initial jobless claims moderated to 287 000 last week, from 288 000 the previous week, beating expectations for an increase of 295 000.
The 4-week average fell to an 8-year low of 287 750 from 295 000 in the previous week.
 The pace of dismissals has slowed, as employers retain staff as demand improves. Payrolls have also been rising resulting in fewer people
seeking jobless benefits. The labour market is expected to continue improving as economic growth rises and consumer demand recovers.
 Wholesale trade sales declined by 0.7% m/m in August, from 0.4% growth in July, worse than expectations of 0.3%. Inventories rose by 0.7%
m/m from 0.35 in July, beating expectations of 0.3%.
 Inventories were led by stockpiles of durable goods, imported automobile specifically, as well as furniture and electrical equipment.
Petroleum stockpiles also rose in August, buoying total inventories. Inventories rose by the most in 7 months as sales slowed.
Synopsis: Despite increased debate for a rate hike in the US, the Fed will likely hold out until 2015/Q2 because the labour market is still on a
recovering path, while much slack is yet to be absorbed. Growth indicators are expected to improve and the Fed’s QE programme will likely
end during the course of this month.
UK
 The BOE left its interest rate unchanged at 0.5% at the policy meeting yesterday, in line with expectations. The asset purchase target was
also left unchanged at £375 billion, in line with the market.
 The BOE cited slowing Eurozone growth as a headwind to UK economic activity, despite the IMF maintaining that the UK will likely grow at
the fastest rate compared to the G7. Slow wage growth has also been a concern, along with limited inflationary pressures and lower
demand from the Eurozone, which have all prevented the BOE from raising rates thus far.
 The momentum in the housing market has slowed, but growth still remains upbeat despite slowing marginally in the third quarter.
Synopsis: Similar to the Fed, there has been rising debate for an early rate hike by the BOE, which could likely materialise in 2015/Q1, as
growth rises and the labour market recovery persists. The improving economy could likely strengthen the debate for a rate hike sooner than
anticipated by the market; however the risk of adverse shocks to the economy will likely be too material for an earlier rate hike.

JSE performance back to top
Craig Antonie | Cantonie@Nedbankcapital.co.za | +27 11 294 3221
Top40 constituents Last price
%Δ
-1d
%Δ
MTD
%Δ
YTD
AGL : Anglo American Plc 241.83 0.92 -4.20 5.60
AMS : Anglo American Platinum Ltd 371.00 -1.59 1.34 -5.82
ANG : Anglogold Ashanti Ltd 127.85 5.31 -7.68 4.01
APN : Aspen Pharmacare Holdings Lt 346.60 1.91 3.58 29.70
ASR : Assore Ltd 215.09 -1.23 0.04 -36.85
BGA : Barclays Af rica Group Ltd 157.00 0.64 1.86 18.71
BIL : Bhp Billiton Plc 297.09 0.24 -5.02 -8.27
BTI : British American Tobacco Plc 622.52 0.08 -2.33 11.14
BVT : Bidvest Group Ltd 283.40 1.73 -0.84 5.61
CCO : Capital & Counties Propertie 58.50 -0.32 -2.66 3.54
CFR : Financiere Richemont-Dep Rec 90.46 0.08 -1.89 -13.50
DSY : Discovery Ltd 90.50 -1.74 -7.96 7.10
EXX : Exxaro Resources Ltd 126.56 -0.70 -1.37 -13.59
FSR : Firstrand Ltd 41.44 0.10 -3.67 15.46
GRT : Grow thpoint Properties Ltd 24.06 0.04 -2.35 -0.91
IMP : Impala Platinum Holdings Ltd 88.75 1.87 2.01 -27.85
INL : Investec Ltd 93.50 0.15 -1.46 25.50
INP : Investec Plc 92.69 -0.06 -2.49 22.65
IPL : Imperial Holdings Ltd 174.09 3.62 0.08 -14.08
ITU : Intu Properties Plc 56.69 0.16 -4.06 14.66
KIO : Kumba Iron Ore Ltd 268.50 1.90 0.74 -39.45
LHC : Life Healthcare Group Holdin 44.00 -1.52 -1.21 7.90
MDC : Mediclinic International Ltd 90.38 0.93 -1.75 18.92
MND : Mondi Ltd 170.00 -1.73 -8.15 -5.40
MNP : Mondi Plc 170.75 -1.27 -7.82 -5.76
MPC : Mr Price Group Ltd 206.00 0.83 -2.98 25.81
MTN : Mtn Group Ltd 239.30 0.23 0.41 10.27
NED : Nedbank Group Ltd 215.88 1.35 -1.37 2.80
NPN : Naspers Ltd-N Shs 1 237.00 -1.20 -0.64 12.86
OML : Old Mutual Plc 31.40 -0.79 -5.02 -4.24
REI : Reinet Investments Sa-Dr 24.55 -0.41 -2.54 21.59
REM : Remgro Ltd 230.60 -0.95 1.13 10.96
RMH : Rmb Holdings Ltd 55.06 0.55 -2.89 13.88
SAB : Sabmiller Plc 591.10 -0.61 -5.74 10.95
SBK : Standard Bank Group Ltd 128.94 1.73 -1.31 -0.37
SHF : Steinhof f Intl Holdings Ltd 54.25 0.93 0.31 21.37
SHP : Shoprite Holdings Ltd 138.00 0.44 -1.41 -15.85
SLM : Sanlam Ltd 63.30 0.57 -3.06 18.90
SOL : Sasol Ltd 572.10 -0.01 -6.73 11.20
TBS : Tiger Brands Ltd 315.00 -0.11 -0.14 18.01
VOD : Vodacom Group Ltd 128.05 1.35 -1.50 -3.72
WHL : Woolw orths Holdings Ltd 71.20 1.70 1.85 0.17
Month
trend

Results diary back to top
Research | Research@Nedbankcapital.co.za | +27 11 294 3178
Report Report Latest FY0 (ZAc) FY+1 FY+2 Nedbank Capital
date Code type FYE EPS DPS EPS DPS EPS DPS Rec FV TR
13-Oct-14 PSG I N Feb 12 315 73
C 0 0 476 111 442 125
14-Oct-14 DAW F N Jun 11 16 0
C 43 0 57 16 89 20
15-Oct-14 DTC I N Feb 12 311 131
C 321 95 339 153 312 173
Source: ShareData, Nedbank Capital
Forecasts in ZAcps, F = Final, I = Interim, Q = Quarterly, N = Nedbank Capital, C = I-Net Consensus, TP = 12-month forward target price, TR = Total 12-month target return, Blank spaces
mean no coverage by Nedbank Capital, Shading coverage by Nedbank Capital
While we make every effort to provide accurate reporting dates for company results, we ask readers to be aware that these dates are sometimes changed without warning & without
notice to ourselves
Last day to trade back to top
Susan Correia | Scorreia@Nedbankcapital.co.za | +27 11 295 8227
Share code Share name Dividend / interest rate
10 October
AVI AVI Ltd dividend @ 180cps
BCK Blackstar Group SE dividend @ 9cps
COM Comair Limited dividend @ 13cps
IAPN Investec Australia Prop Fd NPL take up @ 1070cps
PPR Putprop Ltd dividend @ 18cps
RCL RCL Foods Limited dividend @ 20cps
WBO Wilson Bayly Hlm-Ovc Ltd dividend @ 233cps
Source: JSE

Economic calendar back to top
Time Country Event Survey Actual Prior Revised
09-Oct
11:30 SA Mining Production YoY Aug -5.60% -3.10% -7.70% 1.60%
11:30 SA Gold Production YoY Aug -- -8.00% -14.60% -14.50%
11:30 SA Platinum Production YoY Aug -- -45.00% -45.20% -44.90%
13:00 UK Bank of England Bank Rate 09-Oct 0.50% 0.50% 0.50% --
13:00 UK BOE Asset Purchase Target Oct 375B 375B 375B --
13:00 SA Manufacturing Prod NSA YoY Aug -3.90% -1.20% -7.90% -8.10%
14:30 US Initial Jobless Claims 04-Oct 295K 287K 287K 288K
14:30 US Continuing Claims 27-Sep 2410K 2381K 2398K 2402K
15:45 US Bloomberg Consumer Comfort 05-Oct -- 36.8 34.8 --
16:00 US Wholesale Inventories MoM Aug 0.30% 0.70% 0.10% 0.30%
16:00 US Wholesale Trade Sales MoM Aug 0.30% -0.70% 0.70% 0.40%
10-Oct
07:00 JN Consumer Confidence Index Sep 42 39.9 41.2 --
10:30 UK Visible Trade Balance GBP/Mn Aug -£9600 -- -£10186 --
10:30 UK Trade Balance Non EU GBP/Mn Aug -£4000 -- -£4345 --
10:30 UK Trade Balance Aug -£3000 -- -£3348 --
15-Oct CH Foreign Reserves Sep -- -- $3990.0B $3993.2B
15-Oct CH New Yuan Loans Sep 750.0B -- 702.5B --
15-Oct CH Aggregate Financing RMB Sep 1225.0B -- 957.4B --
15-Oct CH Money Supply M2 YoY Sep 13.00% -- 12.80% --
Source: Bloomberg

Contacts
Strategic Research
Mohammed Yaseen Nalla , CFA
Head: Strategic Research
Tel +27 11 294 5430
Mohammedn@Nedbankcapital.co.za
Reezwana Sumad
Treasury: Economic Analyst
Tel +27 11 294 1753
ReezwanaS@Nedbankcapital.co.za
Equities – Institutional Cash Equities and Prime Broking
Craig Antonie
Cash Equities: Sales and Execution
Tel +27 11 294 3221
Cantonie@Nedbankcapital.co.za
Susan Correia
Tel +27 11 294 8227
Scorreia@Nedbankcapital.co.za
Marc Baulackey
Tel +27 11 535 4030
MarcB@Nedbankcapital.co.za
Gciza Nkosi
Equity Derivatives: Sales and Execution
Tel +27 11 535 4030
Gcizan@Nedbankcapital.co.za
FX Sales – Corporate and Business Banking
FX Corporate Desk
Tel +27 11 535 4002 (JHB)
Tel +27 31 327 3000 (DBN)
Tel +27 21 413 9300 (CPT)
FX Business Banking Desk
Tel +27 11 535 4003
Ross Meredith
Head: FX Sales
Tel +27 11 294 4511
Rossm@Nedbankcapital.co.za
Fixed Income – Sales and Structuring
Gareth Robertson
Institutional Flow Sales
Tel +27 11 535 4021
GarethRo@Nedbankcapital.co.za
Vanessa Pillay
Institutional Sales and Structuring
Tel +27 11 294 4421
Vanessapil@Nedbankcapital.co.za
Money Markets
MM: Corporate Desk
Tel +27 11 535 4007 (JHB)
Tel +27 31 327 3000 (DBN)
Tel +27 21 413 9300 (CPT)
MM: Business Banking
Tel +27 11 535 4006
MM: Trading and institutional
Tel +27 11 535 4008 (JHB)

Note on market data
 Market prices as per either last market close, or if open, at the time of capturing this data. % change is calculated using this price on the prior day's close.
 The time of capturing the data is around 07:00 SA time on the day on which the note is released.
 Blank spaces are as a result of unavailable data from Bloomberg, and most typically due to a market being closed for a particular day.
 % changes greater than or equal to 1% are coloured green while % changes less than or equal to 1% are coloured red.
Source: Bloomberg, Safex, as well as other sources stated, while calculations of periodic % changes are by Nedbank Capital.
Disclaimer
This e-mail and any attachments are confidential and intended solely for the addressee and may also be privileged or exempt from disclosure under applicable law. If you
are not the addressee, or have received this e-mail in error, please notify the sender immediately, delete it from your system and do not copy, disclose or otherwise act
upon any part of this e-mail or its attachments. Any pages attached to this e-mail should also be read in conjunction with this disclaimer.
Internet communications are not guaranteed to be secure or virus-free. Nedbank Ltd does not accept responsibility for any loss arising from unauthorised access to, or
interference with any internet communications by any third party, or business reasons.
Any opinion or other information in this e-mail or its attachments that does not relate to the business of Nedbank Ltd is personal to the sender and is not given or endorsed
by Nedbank Ltd. Legally binding obligations can only arise for or be entered into on behalf of Nedbank Ltd by means of a written instrument signed by a duly authorised
signatory.
Your attention is drawn to the following terms, which you will be deemed to have read and understood. All information including but not limited to indicative rates and the
price quotations contained in this e-mail are subject to market fluctuations and are provided for informational purposes only. It may not be considered as advice, a
recommendation or an offer to enter into or conclude any transactions. No guarantee is given as to the accuracy, completeness or reasonableness thereof, it being
understood that we are not your financial adviser or fiduciary. You are cautioned to ensure that you have made an independent decision in accordance with your own
objectives, experience, operational and financial resources and any other appropriate factors including independent professional advice. No guarantee, warranty, or
representation is made in respect of the performance or return on any transaction.

Daily market commentary 10102014

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