"do you therefore think the market should be re-rating the SP upwards today, based on 2011, if focusing on 2011 is a non issue according to you ?....pls advise ??"
Mitis as you can see we are in a bear mkt, in bear markets the mkt ignores good news, it is extremely pessamistic as you can clearly see.
"In fact, most major economies, including South Africa, were growing at a strong rate until recently. Corporate profits and dividends were good and stock markets responded by generating very strong returns, especially the local bourse. “When the stock market is in a bull phase, all good news is pounced upon as an excuse to drive share prices higher and bad news just gets brushed off as irrelevant. Conversely, in bear markets bad news drives share prices lower and good news tends to be regarded as irrelevant,” according to Ledbitter."
