EQUITY MARKET Close Prev Move % 27210.6 27246.4 -35.8 -0.13 24589.1 24639.5 -50.4 -0.20 50345.7 50536.6 -190.9 -0.38 27932.4 28050.5 -118.1 -0.42 2621.2 2624.5 -3.3 -0.13 19164.7 19220.0 -55.3 -0.29 25123.3 25172.2 -48.9 -0.19 20029.5 20091.9 -62.5 -0.31 37803.6 37250.8 552.8 1.48 21.95 21.96 0.0 bp GOVERNMENT BONDS R157 (2015) -14.0 bp 8.40 8.26 R204 (2018) -15.0 bp 9.02 8.87 US 10 Year 3.0 bp 3.33 3.36 US 30 Year 3.7 bp 4.26 4.30 EXCHANGE RATES Spot at 08:00 Curr Prev Move % 7.490 7.458 Rand / $ 0.033 0.44 12.509 12.535 Rand / Pound -0.026 -0.21 11.170 11.104 Rand / Euro 0.066 0.59 7.390 7.344 Rand / CHF 0.046 0.63 6.919 6.928 Rand / Aus $ -0.009 -0.13 1.491 1.489 $ / Euro 0.002 0.15 89.13 89.17 Yen / $ -0.040 -0.04 INTERNATIONAL INDICES INDEX Latest Prev Move % Dow -11.1 -0.11 10437.4 10426.3 2193.1 2203.8 Nasdaq -10.6 -0.48 1109.8 1110.3 S&P 500 -0.5 -0.05 22719.2 22754.0 Hang Seng -34.8 -0.15 9551.5 9676.8 Nikkei 225 -125.3 -1.30 5342.1 5345.9 FTSE 100 -3.8 -0.07 5787.6 5778.4 Dax 9.2 0.16 COMMODITIES Spot at 08:00 Latest ($) Prev ($) Latest (R) Prev (R) Gold 1142.15 1138.55 8554.70 8490.7 Silver 18.46 18.36 138.23 136.9 Platinum 1447.50 1452.50 10841.78 10832.0 Palladium 369.50 372.00 2767.56 2774.2 Brent 78.94 77.66 591.26 579.1 ECONOMIC DATA MONEY MARKET Last Interest rates (%) Item JIBAR 3m y/y (%) m/m (%) 7.13 JIBAR 6m CPI: Sep 6.10 0.40 7.60 JIBAR 1yr PPI: Sep -4.00 0.30 8.21 4.00 T-Bill 3m M3: Sep 6.99 1.49 Repo rate PSCE: Sep 7.00 R3.87bn Prime 10.50 Trade: Sep (Changed 13-Aug) R306.436bn Reserves: Sep SASFIN SECURITIES MONEY BROKING RATES 5.83% R 50,000 - R 99,999 6.06% R 100,000 - R 249,999 6.17% R 250,000 - R 499,999 6.23% R 500,000 - > INDICES All-Share Top 40 Resources 20 Basic Materials Gold Mining Financials Industrials Cons Goods Cons Services JSE SAVI Rates are indicative only & subject to confirmation. For information on these & other Treasury products call Ana Pereira on (011) 809-7542 SASFIN FUNDS - NAV (R) 18-Nov-09 18-Nov-09 18-Nov-09 18-Nov-09 12-Nov-09 Balanced Equity Fund TwentyTen Wealth Preserver International Fund THURSDAY 19 NOVEMBER 2009 COMPANY NEWS: * Didata - said it sees product sales improving in 2010 but expects trading conditions to remain tough. It expects operations in Algeria and Morocco to contribute to earnings in 2010. It added, it plans acquisitions in South America in 2010 and in 1 or 2 countries in North Africa. * Metorex - said its Ruashi mine produced 2512t of copper and 274t of cobalt for the month of October 2009. Life of mine shows that Ruashi can produce an average of 36 000t of copper and 4000t5000t of cobalt a year. It added, the sale of its 55% stake in Vergenoeg Flourspar mine for $60m is on track for completion during December 2009. The increase in copper and cobalt prices are driving revenues higher. * Investec (I) - HEPS -19% to 20,4p (25,4p), EPS -13% to 22,2p (25,6p). Interest Income -25% to £974,1m (£1,3bn), Net Interest income -13% to £297,4m (£343,6m), Operating income £638,7m ( £646,9m). Interim DPS 8,0p. LDT: 4 Dec. "Over the past two years the group has successfully focused on maintaining a sound balance sheet, increasing both capital and liquidity. The group's trading performance in the first half was comfortably ahead of the second half of last year. Looking ahead, assets under management have grown substantially, impairments appear to have peaked, and the group's business divisions appear to be moving onto the front foot. The group believes that it is well placed to capitalise on a much changed banking landscape." * Illovo (I) - HEPS +27% to 185,2c (144,8c), EPS +23% to 179,3c (145,0c). Revenue -67% to R247,6m (R753,6m), Operating Profit 74% to R236,9m (R915,8m). Interim DPS 32,0c. LDT: 31 Dec. "Operations for the current year are progressing well, but the results will be influenced by the level of the rand compared to other currencies and final sugar production. Provided there is no major change to these factors, it is presently anticipated that for the full year to 31 March 2010, operating profit will be between 10% and 20% higher than that of the previous year, whilst headline earnings will be similar to those of last year. As a result of the rights issue, it is anticipated that headline earnings per share will be between 10% and 20% lower than in the previous financial year." * Simmers (I) - HLPS -12,8c (-14,2c), LPS -10,6c (-14,2c). Revenue R498,5m (R563,3m), Operating loss -R128,8m (-R174,1m). "The Group's focus for the next six months is on controlling costs and preserving capital in the face of an increasingly volatile operating environment. In response to the crisis in the South African mining industry precipitated by the strong rand and rising power costs, Simmers has completed rationalisation programmes at BGM and TGME. These initiatives will be further boosted following the integration of Tau Lekoa mine. Phase One of the pre-feasibility study on the Weltevreden resource is on track and development could commence as early as April 2010. EARNINGS ANNOUNCEMENTS FROM MANAGEMENT: * Naspers - HEPS for the six months ended 30 September 2009 expected to be between 30%-40% higher. EPS expected to be between 55%-65% lower. Results due: 26 Nov. NEWS: * SA September retail sales - fell by -5,1% y/y at constant prices compared with a revised 6,5% decline in August. MARKET MOVERS: * Didata +6,4%: 998c, Sappi +3,8%: 3010c, Lonmin +1,9%: 21601c, Exxaro +1,7%: 9565c, Pick n' Pay +1,3%: 4150c, PPC 2,9%: 3243c, Sanlam -2,3%: 2173c, Truworths -1,6%: 4230c, Remgro -1,5%: 8750c, SABMiller -1,1%: 20766c. The JSE SAVI - represents the day’s implied volatility price, as quoted by market makers, for an three month (at the money) Safex Top 40 option. The pricing is compiled between 16:15 and 17:00 pm every day. 107.21 131.36 137.94 115.06 774.50 $103.40 For further information on the Sasfin Unit Trusts please call our Unit Trust call centre on (012) 425-6000 DISCLAIMER: This research report (“report”) is confidential, issued for the information of clients of Sasfin Securities (Pty) Ltd (“SasSec”) and may not be issued to members of the, nor published in, public. The information, research and opinions contained herein have been formulated in good faith and where applicable have been derived from published sources generally reliable and believed to be fair, however the information, research and opinions, as the case may be, are not warranted to be complete or accurate. SasSec does not assume liability or responsibility for their form, sufficiency or accuracy. Any person making use of this report does so entirely at his or her own risk. SasSec does not assume liability for any losses arising from any errors or omissions in this report, irrespective of whether there has been any negligence, including gross negligence, by SasSec, its affiliates, officers or employees, and whether such losses are direct, indirect or consequential. This report is neither an offer nor a solicitation to buy or sell, and is not intended to call attention to, or to market, or promote the services of SasSec. SasSec does not have a proprietary interest, other than a possible casual or arbitrage interest, in any of the listed companies referred to herein and no director of SasSec, unless otherwise stated in this report, is a director of the companies referred to herein. Sasfin Securities (Pty) Ltd, registered credit provider NCRCP 2948, member of the JSE and the Sasfin Group, Reg No. 1996/005886/07. 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