MARKET SNAPSHOT - 30 JULY 2010

CURRENT MARKET DRIVERS: The most significant aspect of yesterday's trading action was the re-appearance of support for the risk aversion trade with yields edging back down towards 2.99%. The performance is not definitive but does indicate that market participants are well aware of the macroeconomic inconsistency and, although yields are exceptionally low, participation in the treasury market which can be described as elevated continues to be brisk. Commodities remain relatively well supported and key commodity indices are pushing up towards the resistance areas which materialised during April with 55 day moving averages for industrial metals and general commodities exhibiting marginal signs of improvement. Precious metals are likely to trade marginally higher today EXPECTATIONS: The JSE has held up relatively well with charts for key sectors exhibiting remarkably high correlation levels with other emerging markets, a trend which is clearly indicative of funds flow towards such desti full report »

Current Research
JSE-ALSH	August Newsletter
ARCMITTAL	negotiated solution in sight?	Hold
A-V-I	Finals Update	Buy
ANGLOPLAT	FY 09 tough decisions bearing fruit	Switch
CLICKS	Call Update	Hold
HULAMIN	slow move to full capacity utilisation	Hold
ANGLO	call update	Buy
ANGGOLD	Call Review	Hold
PALAMIN	signs of life beyond the big hole	Hold
ILIAD	interims Trading Statement	Hold
ARCMITTAL	call update: some breathing space	Hold
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