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Table of Contents 1Introduction1 2Global Prospects3 3South African Prospects6 4The Portfolio7 41The South African Mining Sector7 411The South African Gold Mining Sector7 4111Western Areas10 4112Gold Fields12 412The South African Other Mineral Extractors Mines Sector14 4121Kumba Resources15 4122BHP Billiton17 413The South African Platinum Mining Sector19 4131Impala Platinum Holdings Ltd19 42The South African Steel Sector21 421Mittal Steel South Africa Ltd21 43The South African Oil and Gas Sector25 431Sasol Ltd25 44The South African Investment Company Sector27 441Remgro Ltd27 45The South African Maritime Industry29 451Grindrod30 46The South African Sugar Industry33 461Illovo34 5Conclusion39 6References41 1 Introduction In selecting a portfolio of ten shares listed on the JSE a top down approach will be used Thus the paper will begin with a brief economic analysis of the global economy giving an indication of the projected global trend Placing South Africa into the global context along with a more detailed macroeconomic analysis will suggest the direction of the economy The South African macroeconomic analysis will illustrate which sectors within the economy are expected to experience good growth Once the key areas of growth have been established firms within the sectors must be selected This selection will be based largely on a fundamental analysis of the companies within the selected industry Due to the long term 5 year nature of the portfolio the focus of the analysis will be on the economic environment in which the firm operates If a firm operating in a favourable climate is managed well it will create wealth for shareholders A large part of the fundamental analysis will therefore determine how well the firm is managed The forward looking nature of the analysis will be conducted through a detailed discussion of the direction of the relevant industry The analysis will only contain reasons to invest in the ten shares in the portfolio This is not to say that careful analysis of other firms in similar sectors were not analysed but rather analysis was
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