TECHFIN RESEARCH PRIVATE LIMITED

DAILY MARKET UPDATE ~ FEBRUERY 25 2010

Private: Information for our clients only

LOCAL EQUITY MARKET

Index Today Previous Change (%)

Industrial↓ 139.54 141.26 -1.22

Mining↑ 175.29 169.63 +3.34

Comment
The stock market traded mixed on Thursday, with benchmark Industrial Index putting away 1.22% to
close at 139.54 points, on the back of declines in PPC, Old Mutual and Natfood. Meanwhile the
Mining Index advanced by 3.34% to settle at 175.29 points, buoyed by a notable gain in Hwange.

Counters
Industrial Counters Today (USc) Previous (USc) Change (USc)

PPC↓ 360.00 379.00 -19.00

OLD MUTUAL ↓ 149.00 155.00 -6.00
NATFOOD↓ 120.00 125.00 -5.00
ECONET↓ 465.00 470.00 -5.00
CAFCA↓ 13.00 15.00 -2.00
MEIKLES↑ 40.00 35.02 +4.98
STAR AFRICA↑ 8.40 7.00 +1.40
TA HOLDING↑ 40.00 39.00 +1.00
AFRE↑ 7.51 7.00 +0.51
CBZH↑ 17.90 17.60 +0.30

Comment
In industrials, declines comprised of PPC, down 19c to 360c, Old Mutual gave away 6c to 149c, while
the duo of Natfood and Econet retreated by 5c each to 120c and 465c, respectively. Cafca lost 2c to
13c. However, gains were realised in Meikles, up 4.98c to 40c, Star Africa rose by 1.40c to 8.40c, TA
Holding advanced by 1c to 40c, Afre added on 0.51c to 7.51c, while CBZH put on 0.30c to end at
17.90c.

Daily Financial & Commodity Markets Update ** February 25 2010 ** Prepared by Techfin Research 1
 Counter Today (USc) Previous (USc) Change (USc)

HWANGE 34.00 31.00 +3.00

BINDURA 20.20 20.20 -
FALGOLD 6.00 6.00 -
RIO ZIM 220.00 220.00 -

In Minings, Hwange firmed by 3c to 34c, while Bindura, Falgold and Rio Zim, traded unchanged at
previous levels at 20.20c, 6c and 220c in that order.

INTERNATIONAL MARKETS
Today Change (%)

DOW JONES↑ 10 374.16 +0.89

NASDAQ↑ 2 235.90 +1.01

↑
S&P 500↑ 1 105.24 +0.97
FTSE 100↓ 5 332.19 -0.20
XETRA DAX↓ 5 594.04 -0.38
JSE ALL SHARE↓ 26 771.46 -0.60
NIKKEI 225↓ 10 101.96 -0.95

Comment
US Stocks managed to trade in the positive region on Wednesday after Federal Reserve Chairman
Ben S. Bernanke said the economy still requires low interest rates to spur demand. As a result, the
blue-chip Dow Jones Industrial Average firmed by 0.89% to settle at 10 374.16 points, the NASDAQ
Composite added on 1.01% to 2 235.90 points, while the Standard and Poor’s 500 gained by 0.97%
to finish at 1 105.24 points. Meanwhile, in the morning trade, European stocks reversed gains and
plunged in the negative, with the FTSE 100 sliding by 0.20% to 5 332.19 points, while the Frankfurt’s
Xetra Dax eased by 0.38% to 5 594.04 points, as Moody’s Investors Service followed Standard &
Poor’s in warning Greece’s debt rating may be cut. In Asia, the Japanese Nikkei 225 lost 0.95% to
10 101.96 points, on concern export earnings will suffer as the euro weakened to a one-year low
against the yen. Meanwhile, in the afternoon trade, the South Africa’s JSE All-Share Index weakened
by 0.60% to trade at 26 771.46 points amid profit taking.

Daily Financial & Commodity Markets Update ** February 25 2010 ** Prepared by Techfin Research 2
METALS

Metal Today Previous Change

Gold (US$/oz) ↓ 1 093.30 1 098.65 -5.35

Silver (US$/oz) ↑ 15.82 15.74 +0.08
Platinum (US$/oz) ↓ 1 509.50 1 510.50 -1.00
Copper (US$/tonne) ↓ 7 031.50 7 226.50 -195.00
Nickel (US$/tonne) ↓ 20 062.50 20 427.50 -365.00

Zinc (US$/tonne) ↓ 2 156.50 2 225.50 -69.00

Lead (US$/tonne) ↓ 2 167.25 2 292.50 -125.25

Aluminium (US$/tonne) ↓ 2 078.50 2 117.25 -38.75

Brent Crude Oil (US$/barrel) ↑ 76.88 76.36 +0.52

Comment
Precious metal prices were indicated mostly weaker, with gold losing US$5.35 to trade at
US$1 093.30 per ounce, after the U.S. dollar rebounded against the euro, while firmer oil prices
offered little help as investors turned cautious on bullion after it failed to sustain recent gains.
Platinum dipped by US$1.00 to US$1 509.50 per ounce, while silver marginally gained by US$0.08 to
US$15.82 per ounce. On the London Metal Exchange, base metal prices extended weaker
sentiments, with copper declining by US$195.00 to US$7 031.50 per ounce as a stronger dollar
eroded the appeal of the industrial metal and other commodities as a hedge against currency
weakness. Meanwhile, Brent crude oil rose by US$0.52 to US$76.88 per barrel reversing losses
made the previous day after Bernanke reaffirmed his commitment to keeping interest rates low.

FLUE-CURED TOBACCO
Mass Sold (kilograms) Daily Average Price USc/kg)
Day-1 (16-Feb-07) 41 179.00 249.50
Day-2 (18-Feb-07) - -
Day-3 (23- Feb -07) 178 340.00 327.00
Day-4 (25- Feb -07) 143 520.00 363.00
* Please note that tobacco trades are done twice per week i.e Tuesdays & Thursadays

Comment
Deliveries of flue-cured tobacco shed 34 820.00 kilograms to finish at 143 520.00 kilograms, at an
average price of Usc363 per kilogram on day 4, Thursday the 25h of February 2010. The seasonal
mass sold to date stands at 672 843 kilograms at an average price of Usc332 per kilogram.

Daily Financial & Commodity Markets Update ** February 25 2010 ** Prepared by Techfin Research 3
LOCAL MONEY MARKETS (For a minimum amount of US$10 000)
Asset Today Previous

US$-90-day NCD rate (%) 16.50 16.50

US$-60-day NCD rate (%) 15.50 15.50
US$-30-day NCD rate (%) 13.00 13.00

Comment
The short-term interest rates for the US dollar were indicated unchanged at prior session levels.

INTERNATIONAL MONEY MARKETS

Asset Today Previous

One year LIBOR rate (%)↓ 0.85438 0.86688

6 months LIBOR rate (%)↓ 0.39125 0.39375
3 months LIBOR rate (%) 0.25194 0.25194
1 month LIBOR rate (%) 0.22875 0.22875

Comment
Elsewhere, LIBORs portrayed mixed reactions, with 1-year and 6-months Libors weakening to
0.85438% and 0.39125% in that order. Meanwhile, 3-months and 1-month Libors traded at preceding
levels.

INTERNATIONAL US DOLLAR CROSS RATES (as at 11:00 hrs)

Currency Today Previous

US$/EURO↑ 1.3488 1.3524

US$/GBP↑ 1.5313 1.5424

↑
ZAR/US$↑ 7.8000 7.7700

JPY/US↓ 89.44 90.07

CHF/US$↑ 1.0850 1.0826

↑
BWP/US↑ 6.9857 6.9711

Daily Financial & Commodity Markets Update ** February 25 2010 ** Prepared by Techfin Research 4
Comment
The US dollar traded firmer against higher-yielding currencies taking cues from the Bernanke's
testimony on Wednesday to Congress that discount rates will be raised to 0.75 percent from 0.5
percent, triggering an immediate rise in the dollar.

The views expressed in this document reflect the views of Techfin Research (Private) Limited based on the information
available at its disposal at the time of writing and may change without notice, and is provided for information purposes
only. While Techfin Research (Private) Limited has taken all reasonable steps in carefully preparing the document, it does
not take any responsibility for any action that may be taken on the basis of the information contained herein. This
document may not be reproduced, distributed or published by any recipient for any purposes without the authorization of
Techfin Research (Private)

Daily Financial & Commodity Markets Update ** February 25 2010 ** Prepared by Techfin Research 5