investor campus...in south korea, dongbu hitek co. and daewoo securities rose 11.9% and 9.2%,...

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Key Global Indices

JSE All Share - Last Month

South Africa Market Review

FTSE 100 - Last Month

UK Market Review

S&P 500 - Last Month

US Market Review

Markets in Asia are trading higher this morning. In Japan, the Nikkei 225 is

headed for its highest close in 15 years after the nation posted its first monthly

trade surplus in almost three years in March. Yahoo Japan advanced 2.7%, after

its parent Yahoo Inc. announced that it was mulling several options regarding its

stake in the Japanese unit. In Hong Kong, Alibaba Pictures Group climbed

11.8%, after stating that it had purchased Guangdong Yueke Software

Engineering for about $133 million. In South Korea, Dongbu HiTek Co. and

Daewoo Securities rose 11.9% and 9.2%, respectively. The Nikkei 225 index is

trading 0.9% higher at 20,085.02. The Hang Seng index is trading 0.3% up at

27,928.97, while the Kospi index is trading 0.4% higher at 2,152.49.

Nikkei 225 - Last Month

Asia Market Review

US markets ended mostly lower yesterday, amid a mixed batch of earnings

updates. Harley-Davidson, E. I. du Pont de Nemours and Co. and Verizon

Communications declined 9.8%, 3.0% and 0.4%, respectively, as their 1Q15

revenue fell short of market expectations. Transocean and Chesapeake Energy

dropped 5.5% and 4.8%, respectively, tracking lower crude oil prices. Baker

Hughes fell 1.5% as it swung to a 1Q15 loss. However, Mylan climbed 8.9%,

after Teva Pharmaceutical Industries launched a $40.00bn bid to acquire the

company. Kimberly-Clark and PACCAR rose 5.4% and 4.5%, respectively. The

S&P 500 Index fell 0.1% to settle at 2,097.29, while the DJIA Index declined

0.5% to close at 17,949.59. The NASDAQ Index rose 0.4% to finish at 5,014.10.

UK markets finished higher yesterday, led by gains in shares of Sky and ARM

Holdings. Sky advanced 5.0%and emerged as the top gainer on the FTSE

100index, after announcing an increase in its operating profit for the nine months

ended March 2015.ARM Holdings rose 3.9%, after reporting a rise in its 1Q15

revenue. Airline sector stocks, International Consolidated Airlines Group and

easyJet gained 2.6% and 2.3%, respectively. Bucking the trend, Associated

British Foods fell 5.3%, after the company announced that it expects a modest

drop in its FY15 earnings. Rio Tinto declined 2.2%, amid a lower-than-expected

expansion in its 1Q15 iron ore production. The FTSE 100 Index advanced 0.2%

to close at 7,062.93.

South African markets closed higher yesterday. Harmony Gold climbed 5.9%.

The company, its 3Q15 production report, revealed that it continues to

restructure its operations for long term profitability. Pick n Pay Stores gained

4.6%, after it reported a 28.0% rise in its headline EPS in FY15. Barclays Africa

Group, Capitec Bank Holdings and Nedbank Group rose 3.0%, 1.4% and 1.2%,

respectively. Steinhoff International Holdings added 0.8%, after it made an offer

valued at R1.19bn to acquire the remaining shares of JD Group. However, Royal

Bafokeng Platinum fell 3.2%, after indicating that operations have been

suspended at its Styldrift I Project following the death of an Aveng contract

employee. The JSE All Share Index rose 0.6% to close at 54,140.93.

22 April 2015

51,346

52,408

53,471

54,534

20-Mar 31-Mar 9-Apr 20-Apr

6,705

6,859

7,014

7,168


2,036

2,067

2,098

2,129


18,844

19,275

19,706

20,137


Last Close 1D Chg 1D % Chg YTD% Chg 1M % Chg 1Y % Chg P/E Multiple (x)

JSE All Share 54,140.93 301.22 0.6 8.8 2.9 11.9 20.98

JSE Africa Resource 10 41,360.99 -442.97 -1.1 -1.4 -3.0 -27.2 51.46

JSE Africa Financial 15 17,804.47 127.16 0.7 13.8 4.2 30.4 14.60

JSE Africa Industrial 25 68,786.40 623.25 0.9 10.3 3.7 25.4 21.53

FTSE 100 7,062.93 10.80 0.2 7.6 0.6 6.6 24.09

German DAX 30 11,939.58 47.67 0.4 21.8 -0.8 26.9 19.91

France CAC 40 5,192.64 5.05 0.1 21.5 2.1 17.2 26.84

S&P 500 2,097.29 -3.11 -0.1 1.9 -0.5 12.0 18.20

Dow Jones Industrials 17,949.59 -85.34 -0.5 0.7 -1.0 9.1 15.38

Nasdaq Composite 5,014.10 19.50 0.4 5.9 -0.2 21.7 29.79

Nikkei 225* 20,085.02 175.93 0.9 14.1 1.8 37.2 22.73

Shanghai Composite* 4,369.90 76.28 1.8 32.7 18.7 107.8 21.40

Hang Seng Index* 27,928.97 78.48 0.3 18.0 14.3 22.4 11.70

*Time - SAST 6:00:00 AM

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Commodities

At 06:00 SAST today, Brent crude oil fell 0.3% to trade at $59.17/bl. The

American Petroleum Institute (API), in its weekly report, stated that crude

oil inventories rose by 5.50mn bls last week. Yesterday, Brent crude oil fell

3.0% to settle at $59.32/bl. Meanwhile, the Iran President, Hassan

Rouhan, asked for an immediate cease fire of Saudi Arabian-led airstrikes

on Yemen, as a new round of attacks hit the Yemeni capital of Sana

yesterday.

Yesterday, the Illinois North Central No.2 Yellow corn spot prices fell 1.4%

to $3.54/bushel

At 06:00 SAST today, gold prices declined 0.2% to trade at $1,199.72/oz.

Yesterday, gold gained 0.5% to close at $1,202.41/oz, amid improved

demand for safe haven assets as traders remained concerned over

Greece's financial future.

Yesterday, copper declined 0.7% to close at $5,943.00/mt. Aluminium

closed 0.3% higher at $1,834.25/mt.

Currencies

Yesterday, the South African rand strengthened against the US dollar.

Meanwhile, the leading indicator in South Africa came in lower than the

previous month’s revised level in February. Today, trading among the

currency pair will be influenced by consumer price inflation data in South

Africa and existing home sales data in the US.

The yield on benchmark government bonds was mixed yesterday. The

yield on 2015 bond declined to 6.09% while that for the longer-dated 2026

issue rose to 7.95%.

At 06:00 SAST, the US dollar is trading 0.1% lower against the South

African rand at R12.1033, while the euro is trading 0.2% lower at

R12.9828.

Yesterday, the euro declined against most of the major currencies, amid

intensifying worries over Greece. Additionally, German ZEW survey

showed that its economic sentiment index dropped unexpectedly in April,

but the current situation index climbed more than market expectations. In

the eurozone, the ZEW survey indicated that optimism in the nation’s

economy improved in April. Later today, investors will eye the eurozone’s

preliminary print of consumer confidence and the minutes of the Bank of

England’s latest monetary policy meeting for further direction.

At 06:00 SAST, the euro dropped 0.1% against the US dollar to trade at

$1.07272, while it has weakened 0.1% against the British pound to trade at

GBP0.7184.

Crude Oil and Corn Prices Spot

Gold & Platinum Prices Spot

Copper, Aluminium & Iron Ore Prices Spot (Rebased)

USD/ZAR Movement

EUR/ZAR Movement

GBP/ZAR Movement

3.5

3.6

3.7

3.8


52.7

56.0

59.4

62.8

$/b

us

he

l

$/b

bl

Crude - LHS Corn - RHS

1099

1133

1167

1201


1159

1186

1212

1239

$/o

z

$/o

z

Gold - LHS Platinum - RHS

11.6799

11.8769

12.0738

12.2708


12.5962

12.8290

13.0617

13.2945


17.3441

17.6576

17.9711

18.2846



80

90

100

110

Copper Aluminium Iron Ore 62% Fe Content - CFR Qingdao China

3



Yield Corner

% Closing

Yield

% Change

on Day

Yield % -

1M Ago

South Africa CPI* 3.90 0.00 3.90

South Africa Repo Rate 5.75 0.00 5.75

JSE SA Listed Property Index 5.38 -0.19 5.33

R157 (2015) (SA Bond) 6.09 -0.73 6.08

R207 (2020) (SA Bond) 7.43 0.35 7.20

R186 (2026) (SA Bond) 7.95 0.03 7.77

US 10 Year Treasury 1.91 1.01 1.93

US 30 Year Treasury 2.58 0.71 2.51

Italian 10 Year Treasury 1.45 -2.22 1.20

German 10 Year Treasury 0.10 34.67 0.18

* As on February 2015

South African Government Bond Yields

JSE All Share Index - Major Gainers & Losers

Figures in bracket indicate (Last Close, Absolute Change, % Change)

5.8%

6.4%

7.0%

7.6%

8.2%

8.8%

Apr-14 Jul-14 Oct-14 Jan-15 Apr-15

R157 (2015) R186 (2026)

-8.9% -7.1% -5.3% -3.6% -1.8% 0.0%

Assore Ltd (10488.00, -919.00, -8.1%)

Exxaro Resources Ltd (8765.00, -532.00, -5.7%)

Aveng Ltd (1090.00, -55.00, -4.8%)

Murray & Roberts Holdings Ltd (1255.00, -60.00, -4.6%)

Brimstone Investment Corp Ltd (1684.00, -66.00, -3.8%)

African Oxygen Ltd (1427.00, -53.00, -3.6%)

Rhodes Food Group Pty Ltd (1979.00, -71.00, -3.5%)

Hospitality Property Fund Ltd (1585.00, -55.00, -3.4%)

Anglo American Platinum Ltd (29687.00, -1013.00, -3.3%)

Royal Bafokeng Platinum Ltd (4881.00, -159.00, -3.2%)

0.0% 1.8% 3.6% 5.3% 7.1% 8.9%

Trustco Group Holdings Ltd (335.00, 19.00, 6.0%)

Harmony Gold Mining Co Ltd (2434.00, 136.00, 5.9%)

Invicta Holdings Ltd (7489.00, 374.00, 5.3%)

Pick n Pay Stores Ltd (5388.00, 238.00, 4.6%)

Pioneer Foods Ltd (18984.00, 777.00, 4.3%)

Naspers Ltd (190295.00, 7301.00, 4.0%)

Tongaat Hulett Ltd (13400.00, 400.00, 3.1%)

EOH Holdings Ltd (16167.00, 477.00, 3.0%)

Barclays Africa Group Ltd (19050.00, 549.00, 3.0%)

Curro Holdings Ltd (3810.00, 110.00, 3.0%)

4



Dual Listed Companies - Price Differential

Company Name Price (R) - Local

Exchange Primary Exchange

Price (Primary Exchange)

Equivalent Price (R)

Price Difference (R)

Anglo American Plc 183.83 London Stock Exchange 10.17 GBP 183.80 0.03

BHP Billiton Plc 264.63 London Stock Exchange 14.63 GBP 264.41 0.22

British American Tobacco Plc 681.21 London Stock Exchange 37.63 GBP 680.00 1.21

Capital & Counties Properties Plc 73.35 London Stock Exchange 4.05 GBP 73.23 0.12

Cie Financiere Richemont SA* 105.25 SIX Swiss Exchange 83.10 CHF 105.30 -0.05

Intu Properties Plc 63.69 London Stock Exchange 3.53 GBP 63.82 -0.13

Investec Plc 111.07 London Stock Exchange 6.16 GBP 111.33 -0.26

Lonmin Plc 24.02 London Stock Exchange 1.35 GBP 24.33 -0.31

Mondi Plc 243.41 London Stock Exchange 13.74 GBP 248.33 -4.92

New Europe Property Investments Plc/Fund 139.00 London Stock Exchange 11.25 EUR 146.06 -7.06

Old Mutual Plc 42.20 London Stock Exchange 2.39 GBP 43.10 -0.90

Pan African Resources Plc 2.08 London Stock Exchange 0.12 GBP 2.08 0.00

Reinet Investments SCA* 25.99 Luxembourg Stock Exchange 19.62 EUR 25.47 0.52

SABMiller Plc 650.58 London Stock Exchange 36.06 GBP 651.72 -1.14

AngloGold Ashanti Ltd 139.86 New York Stock Exchange 11.54 USD 139.67 0.19

DRDGOLD Ltd* 2.44 New York Stock Exchange 1.94 USD 2.35 0.09

Gold Fields Ltd 52.85 New York Stock Exchange 4.41 USD 53.38 -0.53

Harmony Gold Mining Co Ltd 24.34 New York Stock Exchange 2.05 USD 24.81 -0.47

Redefine International Plc/Isle of Man 10.58 London Stock Exchange 0.58 GBP 10.46 0.12

Glencore Xstrata Plc 53.03 London Stock Exchange 3.03 GBP 54.76 -1.73

* Depositary Reciepts (DR) trade in the ratio of ten DRs to each Company share; Exchange Rate - USDZAR:12.1033, EURZAR:12.9828, GBPZAR:18.0732, CHFZAR:12.6715, Conversion rate as of 6:00 SAST

JSE All Share Stocks Hitting 52 Week High / Low

Company Name Closing Price (R) 1D% Chg 52 Week High / Low

Curro Holdings Ltd 38.10 3.0% Hits 52 Week High

Investec Ltd 110.67 2.8% Hits 52 Week High

Investec PLC 111.07 2.7% Hits 52 Week High

Mediclinic International Ltd 130.75 1.0% Hits 52 Week High

PSG Group Ltd 192.46 2.9% Hits 52 Week High

Rand Merchant Insurance Holdings Ltd 47.76 -0.9% Hits 52 Week High

Vodacom Group Ltd 143.10 -0.7% Hits 52 Week High

Zeder Investments Ltd 8.84 0.5% Hits 52 Week High

Exxaro Resources Ltd 87.65 -5.7% Hits 52 Week Low

5



Economic Updates

Key Economic Releases Today

Country SAST Economic Indicator Relevance Consensus/

*Actuals Previous Frequency

Japan 1:50 Adjusted Merchandise Trade Balance (Mar) -JPY409.30 bn -JPY638.80 bn Monthly

Japan 1:50 Exports (YoY) (Mar) 8.5%* 2.5% Monthly

Japan 1:50 Imports (YoY) (Mar) -14.5%* -3.6% Monthly

Japan 1:50 Merchandise Trade Balance Total (Mar) JPY229.30 bn* -JPY425.00 bn Monthly

China 4:00 Conference Board Leading Economic Index (Mar) 0.2%* 1.4% Monthly

South Africa 10:00 Consumer Price Index (MoM) (Mar) 1.5% 0.6% Monthly

South Africa 10:00 Consumer Price Index (YoY) (Mar) 4.1% 3.9% Monthly

Italy 10:00 Industrial Orders n.s.a. (YoY) (Feb) - -5.5% Monthly

Italy 10:00 Industrial Sales n.s.a. (YoY) (Feb) - -2.5% Monthly

UK 10:30 Bank of England Minutes - - -

Switzerland 11:00 ZEW Survey - Expectations (Apr) - -37.90 Monthly

Italy 11:00 Retail Sales n.s.a. (YoY) (Feb) - 1.7% Monthly

Italy 11:00 Retail Sales s.a. (MoM) (Feb) - 0.1% Monthly

US 13:00 MBA Mortgage Applications (17-Apr) - -2.3% Weekly

US 15:00 Housing Price Index (MoM) (Feb) 0.5% 0.3% Monthly

US 16:00 House Price Index (SA) (Feb) - 219.04 Monthly

Eurozone 16:00 Consumer Confidence (Apr) (P) -2.50 -3.70 Monthly

US 16:00 Existing Home Sales (Mar) 5.03 mn 4.88 mn Monthly

US 16:00 Existing Home Sales (MoM) (Mar) 3.1% 1.2% Monthly

Portugal - Current Account Balance (Feb) - EUR0.13 bn Monthly

Canada - Canadian Finance Minister Oliver Presents Budget - - -

Note: High Medium Low

The leading indicator in South Africa fell to a level of 98.70 in February. In the prior month, the leading indicator had recorded a revised level

of 98.90.

The current situation index advanced to 70.20 in April, in Germany, higher than market expectations of a rise to 56.50. The current situation

index had recorded a level of 55.10 in the prior month.

The economic sentiment index in Germany dropped unexpectedly to 53.30 in April. The economic sentiment index had registered a level of

54.80 in the previous month.

The ZEW Institute has reported that compared with a level of 62.40 in the prior month the economic sentiment index climbed to 64.80 in

April, in the eurozone.

The seasonally adjusted Redbook index rose 0.1% in the US on a monthly basis, in the week ended 17 April 2015. In the previous week,

the Redbook index had risen 0.2%.

The wholesale sales in Canada unexpectedly eased 0.4% in February on a monthly basis. Wholesale sales had recorded a revised drop of

2.9% in the previous month.

In February, the final coincident index fell to a level of 110.70 in Japan. The coincident index had recorded a level of 113.30 in the previous

month. The preliminary figures had indicated a drop to 110.50.

Japan has reported adjusted merchandise trade surplus of Yen 3.30 billion in March, compared to a adjusted merchandise trade deficit of

JPY638.80bn in the prior month. Markets were expecting the nation to record an adjusted merchandise trade deficit of JPY409.30bn.

The final leading economic index registered a drop to 104.80 in February, in Japan. In the previous month, the leading economic index had

recorded a level of 105.50. The preliminary figures had recorded a drop to 105.30.

The Reserve Bank of Australia (RBA) has indicated that, in 1Q15, the consumer price index (CPI) registered a rise of 0.2% on a quarterly

basis in Australia, higher than market expectations for a rise of 0.1%. In the prior quarter, the CPI had registered a similar rise.

The RBA has reported that, on a quarterly basis in 1Q15, the trimmed mean CPI advanced 0.6% in Australia, at par with market

expectations. In the prior quarter, the trimmed mean CPI had registered a revised similar rise.

6



South Africa

Pick n Pay Stores Limited: The supermarket chain company, in its FY15 results, indicated that revenue increased 6.2% from the

preceding year to R67.60bn. Its diluted EPS stood at 176.24c, compared with 120.21c posted in the previous year. The company stated that

its diluted headline EPS rose 28.0% from the last year to 174.72c.

Harmony Gold Mining Co.: The gold mining company, in its 3Q15 production guidance, revealed that it continues to restructure its

operations for long term profitability. It stated that restructuring at Kusasalethu has been completed and the full cost saving would be

realised in the June quarter. The company indicated that overall slow start-ups post the December holidays and safety stoppages have

resulted in group production being 10.0% lower on a quarterly basis. Operating and capital costs are likely to have reduced by a similar

percentage compared to the preceding quarter.

Consolidated Infrastructure Group: The company, in its 1H15 results, stated that revenue was up 26.5% to R1.66bn, compared with the

same period a year ago. Its diluted EPS was 107.60c, compared with 87.80c posted in the corresponding period of prior year. I ts diluted

headline EPS increased 22.5% from the same period of last year to 107.40c.

Steinhoff International Holdings: The retail company announced that it has made an offer of about R1.19bn to acquire the remaining

shares at furniture chain JD Group.

Royal Bafokeng Platinum: The platinum mining company announced the death of an Aveng contract employee at its Styldrift I Project. It

revealed that all normal underground operations have been suspended pending a full investigation into the incident.

Alexander Forbes eyes Ghana and Tanzania: SA’s largest retirement fund administrator, Alexander Forbes, has announced it is working

on making an acquisition in Ghana within a year.

‘Labour unrest deters foreign investment’: The current financial year is going to be hampered by power outages and labour unrest,

Combined Motor Holdings (CMH) CEO Jebb McIntosh said at the announcement of the group’s results for the year ended 28 February

2015 on Tuesday.

Absa using taxis to gain mass market share: Unlimited free Internet connectivity is now available in 50 taxis across Johannesburg,

enabling commuters to download digital content and earn points via a mobile app, which can be translated into data.

UK and US

Verizon Communications: The broadband and telecommunications company, in its 1Q15 results, indicated that total operating revenue

increased 3.8% from the same period a year ago to $31.98bn. However, its net diluted EPS dropped to $1.02 from $1.15 recorded in the

corresponding period of previous year. The company stated that it expects FY15 capital expenditures to be between $17.50bn and

$18.00bn.

Amgen Inc.: The biopharmaceutical company, in its 1Q15 results, stated that its total revenue climbed 11.3% from the corresponding

period of prior year to $5.03bn. Its diluted EPS stood at $2.11, compared with $1.40 posted in the same period of last year. For FY15, the

company expects total revenue to be in the range of $20.90bn to $21.30bn and adjusted EPS in the range of $9.35 to $9.65.

United Technologies: In its 1Q15 results, the company revealed that its net sales dropped 1.4% from the same period of preceding year to

$14.54bn. However, its diluted EPS rose to $1.58 from $1.32 posted in the corresponding period of last year. The company stated that it is

confident to achieve 3.0% to 5.0% organic top line growth and sales of $65.00bn to $66.00bn and this would continue to suppor t its EPS

guidance of $6.85 to $7.05 in FY15.

E I du Pont de Nemours and Co.: The chemical company, in its 1Q15 results, indicated that its net sales fell 9.4% from the corresponding

period of last year to $9.17bn. Its diluted EPS was $1.13, compared with $1.54 posted in the same period of prior year. For FY15, the

company anticipates non-GAAP operating EPS in the range of $4.00 to $4.20, compared with $4.01 recorded in FY14.

Lockheed Martin Corporation: The aerospace, defence, security and advanced technology company, in its 1Q15 results, stated that

revenue declined to $10.11bn from $10.65bn recorded in the same period of prior year. Its diluted EPS stood at $2.74, compared with $2.87

posted in the corresponding period of previous year. The company stated that it has raised its FY15 EPS forecast to the range of $10.85 to

$11.15 from the previous range of $10.80 to $11.10, and reiterated its revenue forecast of $43.50bn to $45.00bn.

Yahoo! Inc.: The internet company, in its 1Q15 results, reported revenue of $1.13bn, below market expectations and also down from

$1.23bn recorded in the corresponding period of prior year. However, its diluted net EPS increased to $0.29 from $0.02 posted in the same

period of last year.

Kimberly-Clark Corporation: The personal care corporation, in its 1Q15 results, indicated that its net sales dropped 4.0% from the same

period of preceding year. However, its diluted EPS from continuing operations increased to $1.27 from $1.26 reported in the corresponding

period of last year. The company stated that it estimates FY15 adjusted EPS to be in the range of $5.60 to $5.80.

Perrigo Co.: The over-the-counter medicines making company announced that its board of directors has unanimously rejected the

unsolicited proposal from Mylan NV, disclosed 8 April 2015, to acquire all of the outstanding shares of Perrigo for $205.00/share.

Corporate Updates

7



Echo Global Logistics: The transportation and supply chain management services company announced that it has entered into a definitive

agreement to acquire Command Transportation LLC for approximately $420.00mn, subject to post-closing adjustments for working capital

and cash.

Rio Tinto: The company, in its 1Q15 production update, stated that its global iron ore shipments increased 9.0% to 72.50mnt from the

corresponding period of previous year. Also, it reported global iron ore production of 74.70mnt, marking a 12.0% increase annually. The

company stated that by making best use of its high quality assets, low cost base and operating and commercial capability, its aim is to

protect their margins in the face of declining prices and maximise returns for shareholders throughout the cycle.

Associated British Foods: The food processing and retailing company, in its interim results for 24 weeks ended 28 February 2015,

indicated that revenue from continuing operations was up 0.7% to GBP6.25bn, compared with the same period of prior year. Its basic and

diluted EPS dropped to 18.10p from 43.20p recorded in the corresponding period of previous year. The company announced that i t would

pay a net interim dividend of 10.00p/share on 3 July 2015 to shareholders.

Sky Plc: The media company, in its unaudited results, indicated that 242,000new customer additions were recorded in 3Q15, which is an

increase of almost 70.0% compared with the prior year. It stated that the company would grow revenues by 5.0% and operating profit by

20.0% over the nine months ended 31 March 2015. The company was slated to release its 3Q15 results on 21 April 2015.

ARM Holdings: The semiconductor and software company, in its 1Q15 results, revealed that its revenue increased 21.9% from the same

period a year ago to GBP227.50mn. Its diluted EPS stood at 6.00p, compared with 4.40p posted in the corresponding period of previous

year. The company stated that assuming the macroeconomic backdrop remains supportive of consumer spending, it expects revenues for

FY15 to be at least in line with current market expectations.

Informa Plc: The publishing and events company, in its 1Q15 trading update, revealed that it is focussed on customer and subscription

management through 2014-2017 growth acceleration plan to help improve stability and build momentum. It stated that the underlying

trading is on track, with robust UK and US performance balancing ongoing softness in Russia. The company stated that both academic

publishing and, in particular, global exhibitions are well placed to continue to grow attractively.

Pets At Home Group: The pet supplies retailing company, in its trading statement for FY15, indicated that total group revenue increased

9.6% from the preceding year to GBP729.10mn. It stated that the like-for-like revenue growth was 4.2%, compared with a growth of 2.4%

recorded in the previous year.

Vodafone Group: The telecommunications company indicated that following its agreement with MTN Group to interconnect their mobile

money services, customers of M-Pesa and MTN Mobile Money in East Africa would be able to transfer money to each other.

Amec Foster Wheeler: The consultancy, engineering and project management company announced that it has been awarded a contract

by Hyundai Engineering Co. for the design and supply of two 150-megawatt CFB steam generators for Therma Visayas, a subsidiary of

Aboitiz Power, for a new power plant, which will be located in the central province of Cebu in the Philippines.

Financial Times

Pemex prepares to expand oil production after decade of decline: Oil production at Pemex has touched bottom after a decade of

decline, according to the head of exploration and production at Mexico's state-controlled energy group, and a new era of deals with private

companies should fuel its recovery.

BP declares no taste for megamerger: BP’s Bob Dudley has signalled he has no appetite for a megamerger, moving to cool speculation

that Royal Dutch Shell’s GBP55.00bn takeover of UK-based BG Group could trigger a wave of multibillion-dollar deals like those that

reshaped the energy industry in the 1990s.

EU approves Hungary’s revised reactor plans: Hungary’s plan for a EUR12.00bn nuclear power plant financed by Russia was revived on

Tuesday after EU regulators approved a revised plan.

Mick Davis says commodities prices close to bottoming out: Mick Davis, one of the mining sector’s most prolific dealmakers, on

Tuesday declared that commodities prices were close to bottoming out, and signalled that this may be the year his X2 private equity vehicle

starts buying assets.

Asia Resource Minerals postpones vote on emergency refinancing: Asia Resource Minerals, the Indonesian coal mining group

cofounded by Nat Rothschild, has called off a crucial shareholder vote planned for Wednesday to approve the original terms of an

emergency refinancing.

UK trader arrested over FY10 flash crash: A UK futures trader operating out of a suburban house under the approach path to Heathrow

airport has been charged by US authorities for allegedly contributing to the FY10 “flash crash” which saw the Dow Jones Indus trial Average

plunge more than 600 points in a matter of minutes.

Mercuria resumes search for big investor: Mercuria is to resume its search for a major investor to help in the next stage of its expansion,

the CEO of the Swiss commodity company said on Tuesday, raising the possibility of partnering with a private equity company with

industrial experience.

Corporate Updates

8



Robust Credit Suisse results leave Thiam with bigger challenge: Tidjane Thiam’s task in restructuring Credit Suisse - already billed as

one of the toughest in global finance - just became a bit harder, after strong trading revenues drove a double-digit surge in first quarter

revenue at its investment bank.

Deluge of mortgage assets brings opportunities for buyers: The UK is facing a deluge of mortgage assets as companies look to sell off

loan books in improved market conditions, but intensifying competition among buyers threatens to price out smaller “challenger” banks.

Female Goldman Sachs banker agrees settlement: A senior banker at Goldman Sachs who claimed she was cheated out of millions of

pounds in bonuses and subjected to sexist comments has reached a confidential settlement with the investment bank - just before her

employment case was due to start.

John Hourican quits as Chief of Bank of Cyprus: John Hourican has quit as Bank of Cyprus Chief Executive less than two years after

the former Royal Bank of Scotland Executive was parachuted in to turn round the Mediterranean lender that collapsed during a national

debt crisis.

Israel’s Teva offers $40.10bn for US drugmaker Mylan: Teva, the largest generic drugmaker in the world, set the stage for the biggest

pharma deal of FY15 by launching an unsolicited $40.00bn offer to buy its nearest rival Mylan.

Aston Martin looks at US factory sites for electric 4x4: Aston Martin has held talks with several US states about building its first

overseas factory as part of plans to bring an ambitious electric 4x4 to market.

Raytheon and Airbus close in on $9.00bn Polish defence deals: Raytheon and Airbus took big steps on Tuesday towards securing

Polish defence contracts worth an estimated $9.00bn as the US and French companies were given the nod for two of Europe’s largest and

most closely fought military deals.

Peugeot revs up production in sharp change of fortune: PSA Peugeot Citroën has unveiled plans to ramp up European production in a

sign of the gathering strength of the region’s car market and increasing confidence at the French manufacturer.

Emmanuel Macron chooses realism over romance: France’s economy minister has admitted that the country is uncompetitive as a base

for global companies and can no longer take a “romantic” approach to rebuffing foreign takeovers, following the EUR16.00bn sa le of Alcatel

-Lucent to Nokia.

Cuts in military spending hit Lockheed Martin: Waning US military spending hit Lockheed Martin, the world’s biggest military contractor

by sales, in the first quarter as declining maintenance work and lower aircraft deliveries helped drive net income down 5.9% and net sales

down 5.0%.

Omnicom warns strong US dollar will hit harder than expected: Omnicom said the strong US dollar would be a bigger drag on revenue

this year than it had previously expected as the US advertising holding company reported its first drop in quarterly revenue in four years.

Publicis first-quarter sales beat expectations: Publicis shares saw their biggest rally in more than a year after the French advertising

group led by Maurice Lévy reported first-quarter sales that came in above market expectations.

Booking.com in European settlement over hotel prices: Booking.com, the online travel agent, has avoided the prospect of open

competition over hotel prices in Europe after agreeing a settlement with the French, Italian and Swedish authorities.

China food group looks to be global player: The head of Cofco, the Chinese state-owned grains trader, has laid out plans to turn the

company into a publicly listed global powerhouse, highlighting Beijing’s decision to relax its policy of food self-sufficiency.

Supermarkets hit back over Which? report on pricing: Top UK supermarkets have rejected the findings of a report that accuses them of

misleading and inconsistent pricing that could cost customers over GBP1.00bn a year.

Yahoo looks to boost value of Japan unit: Yahoo has appointed advisers to explore ways of maximising the value of its stake in Yahoo

Japan, sending its shares higher in after-hours trading on Tuesday despite disappointing first-quarter earnings.

US warns China over IP risks: China’s weak intellectual property protections and selective application of the law are hampering foreign

investment in the country, the US secretary of commerce warned, in spite of a push by Beijing to reassure investors that their technology is

safe.

Rio Tinto: Fell 2.2% to GBP28.12 after its quarterly production report showed weaker than forecast iron ore shipments.

WPP: Rose 2.7% to GBP15.86 after US peer Omnicom reported a solid start to FY15 with 5.1% organic revenue growth, beating

expectations.

Corporate Updates

9



Lex:

Yahoo: waiting game: It’s been three months since Yahoo announced it would split off its $32.00bn stake in Alibaba, handing it to

shareholders in a tax-free spin-off. It is one of the grandest shareholder returns schemes of this decade. But now that the market has

digested this, how does one value the remaining Yahoo business? What is left is an ageing advertising platform that has not seen revenue

growth since FY08. Macquarie estimates the Yahoo Japan stake is worth $8.60bn (before tax). In other words, the market is sti ll assigning a

negative value to Yahoo’s base business. A key plank in CEO Marissa Mayer’s plan for growth is to revive the fortunes of Yahoo’s search

business, which accounted for nearly half of the company’s net revenues in the latest quarter. Toward this end, Yahoo has redone its

search agreement with Microsoft to get more control over selling ads against its search. The terms of the new agreement are slightly more

favourable to Yahoo, which will now receive 93.0% of search revenues, up from 90.0% previously. Yahoo has also seen traffic increase

thanks to its recent partnership with the Mozilla browser: the number of paid search clicks rose by a fifth in the latest quarter. If reviving

Yahoo’s search and advertising business proves too difficult, Ms Mayer still has a powerful arrow in her quiver: divesting Yahoo Japan. On

Tuesday, she revealed that Yahoo had retained advisers to evaluate options for the unit. Yahoo may struggle to make a positive return on

capital in the advertising business, but when it comes to returning value to shareholders, intriguing possibilities remain.

Teva/Mylan: brand management: On Tuesday, Israeli Teva Pharmaceutical, the largest generic drug company by revenue finally

announced an unsolicited bid for rival Mylan NV, the fourth-largest global generics producer. The offer price of $82.00/share values Mylan

at about $50.00bn in aggregate, a figure that could rise, given initial hostile bids are usually rejected. While this deal would create the

dominant global generics company, Teva’s motivation may stem from its branded, speciality treatment for multiple sclerosis ca lled

Copaxone. Copaxone accounts for $3.50bn in revenue, about a fifth of Teva’s total sales, but half of Teva’s profits (Copaxone’s gross

margins are near 90.0% vs. just under 50.0% for Teva’s generic drugs). But unfortunately for Teva, another generic manufacturer, Momenta

Pharmaceuticals, just received regulatory approval for its version of Copaxone. At the same time, Teva’s core generic segment , about half

the company’s sales, is also slowing as not so many blockbuster drugs - such as Lipitor did - will come off patent. Teva has forecast its

2015 total sales falling slightly, to just under $20bn.

Sky: content, for now: Sky, the television company, has come back to earth. For years it broadcast over a satellite infrastructure that it

controlled, offering sports content that its rivals could not. Market forces have prompted it to rethink its strategy. This may mean giving up

some of its previous advantages. Still, it is hardly suffering. Third-quarter results on Tuesday revealed a robust 20.0% growth rate in

operating profits thanks to record subscriber additions in the UK and Ireland. Results were a bit better than analysts expected but well

ahead of what the market had sought. Sky’s share price leapt 5.0% on healthy share volume. Good news came from lower customer

turnover, or churn. Citi thinks the figure fell to under 10.0% in the quarter, Sky’s best performance in more than a decade. Stronger

economies in the UK and Ireland have helped to add and keep customers. Together the countries accounted for almost all of Sky ’s profits

last quarter. Critically, there is no evidence so far that subscribers have given up their satellite TV contracts and switched to Sky’s cheaper

pay-as-you-go broadband product, Now TV. Even though Sky charges Now TV customers a fraction of satellite contracts, the cost of

acquiring each Now customer is perhaps a seventh of the GBP350.00 of that for satellite. Sky does not regard Now TV as a discounted

substitute.

Corporate Updates

10



Key Corporate Releases Today

South Africa

Full Year Consensus

Company Name Results Currency Estimated EPS Estimated Revenue (Millions)

No major corporate releases today

UK

Full Year Consensus


Tesco Plc FY15 GBP 0.11 61,962.20

Fenner Plc 1H15 GBP 0.16 685.51

Europe

Full Year Consensus


No major corporate releases today

US

Full Year Consensus


Facebook Inc. 1Q $ 1.96 17,128.70

The Coca-Cola Co. 1Q $ 1.98 45,207.40

AT&T Inc. 1Q $ 2.51 134,289.00

Qualcomm Inc. 2Q $ 5.01 27,243.10

Boeing Co. 1Q $ 8.51 94,840.00

McDonald's Corp. 1Q $ 4.91 25,241.00

Abbott Laboratories 1Q $ 2.14 20,776.90

eBay Inc. 1Q $ 3.11 18,967.90

Texas Instruments Inc. 1Q $ 2.91 13,700.60

EMC Corp. 1Q $ 1.97 25,943.10

Thermo Fisher Scientific Inc. 1Q $ 7.33 16,875.20

Bank of New York Mellon Corp. 1Q $ 2.61 15,406.70

ACE Limited 1Q $ 9.25 16,023.80

TE Connectivity Limited 2Q $ - -

Ameriprise Financial Inc. 1Q $ 9.76 12,767.00

O'Reilly Automotive Inc. 1Q $ 8.55 7,734.03

T. Rowe Price Group Inc. 1Q $ 4.90 4,286.60

St. Jude Medical Inc. 1Q $ 3.95 5,521.53

Amphenol Corp. 1Q $ 2.47 5,619.28

Nielsen NV 1Q $ 2.69 6,353.61

11




Full Year Consensus


Sigma-Aldrich Corp. 1Q $ 4.48 2,806.90

Tractor Supply Co. 1Q $ 3.06 6,288.53

Xilinx Inc. 4Q $ 2.37 2,380.65

Equifax Inc. 1Q $ 4.28 2,590.49

D.R. Horton Inc. 2Q $ 1.87 10,178.40

Citrix Systems Inc. 1Q $ 3.53 3,261.54

Huntington Bancshares Inc. 1Q $ 0.81 2,956.14

F5 Networks Inc. 2Q $ 6.35 1,937.86

SEI Investments Co. 1Q $ 2.08 1,357.78

AutoNation Inc. 1Q $ 3.98 20,517.20

Torchmark Corp. 1Q $ 4.30 4,372.44

Gentex Corp. 1Q $ 1.03 1,513.14

Informatica Corp. 1Q $ 1.64 1,131.98

Ryder System Inc. 1Q $ 6.37 6,834.10

SLM Corp. 1Q $ 0.50 692.50

MarketAxess Holdings Inc. 1Q $ 2.46 294.75

Morningstar Inc. 1Q $ 2.98 822.62

Allegiant Travel Co. 1Q $ 11.79 1,257.56

Susquehanna Bancshares Inc. 1Q $ 0.74 736.85

Cheesecake Factory Inc. 1Q $ 2.17 2,127.35

Texas Capital Bancshares Inc. 1Q $ 2.94 576.03

Cathay General Bancorp. 1Q $ 1.84 408.51

Werner Enterprises Inc. 1Q $ 1.61 2,199.05

IBERIABANK Corp. 1Q $ 4.42 787.09

Monolithic Power Systems Inc. 1Q $ 1.84 322.71

Grupo Aeroportuario del Centro Norte SAB de CV 1Q $ 1.49 276.41

Select Comfort Corp. 1Q $ 1.33 1,276.13

MKS Instruments Inc. 1Q $ 2.15 837.99

Polycom Inc. 1Q $ 0.92 1,372.01

CVB Financial Corp. 1Q $ 0.94 257.15

Columbia Banking System Inc. 1Q $ 1.77 418.61

United Stationers Inc. 1Q $ 3.37 5,670.58

Potlatch Corp. 1Q $ 1.63 629.42

Plexus Corp. 2Q $ 2.99 2,659.50

Conmed Corp. 1Q $ 1.86 732.62

Natus Medical Inc. 1Q $ 1.45 374.60

Exponent Inc. 1Q $ 3.13 305.10

12




Full Year Consensus


Eagle Bancorp Inc. 1Q $ 2.23 228.55

United Community Banks Inc. 1Q $ 1.27 303.62

Sangamo BioSciences Inc. 1Q $ (0.57) 67.71

Meridian Bioscience Inc. 2Q $ 0.86 196.21

Brookline Bancorp Inc. 1Q $ 0.64 193.18

Sonus Networks Inc. 1Q $ (0.32) 247.18

Angie's List Inc. 1Q $ 0.14 359.61

Pacific Premier Bancorp Inc. 1Q $ 1.17 98.59

Alliance Fiber Optic Products Inc. 1Q $ 1.11 89.65

Financial Institutions Inc. 1Q $ 1.79 94.51

Superior Uniform Group Inc. 1Q $ - -

TriState Capital Holdings Inc. 1Q $ 0.72 110.48

Omega Flex Inc. 1Q $ - -

Datalink Corp. 1Q $ 1.01 785.59

Old Second Bancorp Inc. 1Q $ 0.34 89.87

QCR Holdings Inc. 1Q $ 2.10 75.29

Parnell Pharmaceuticals Holdings Limited 1Q $ (0.68) 14.06

Crown Castle International Corp. 1Q $ 1.61 3,650.53

Note: All Estimates are for Full Year

South Africa Ex-Dividend Calendar

Date Company Name Dividend Type Last Day to Trade Amount

- CAMAC Energy Inc Stock Split 22-Apr-15 1 for 6

- Iliad Africa Limited Final 22-Apr-15 R0.22

- Zeder Investments Limited Regular Cash 22-Apr-15 R0.06

13 Anchor Capital (Pty) Ltd (Reg no: 2009/002925/07). An authorised Financial Services Provider; FSP no: 39834



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