We recently saw Curro come out with numbers that raised serious questions about the trajectory of capacity utilisation at the schools. ADvTECH operates a different model, focused on private schools and including tertiary education as well. It's very clear that the ADvTECH model is stronger at the moment, especially as they are having no trouble in achieving enrolment targets.

Over at Standard Bank, the extent of the footprint on the continent means that the earnings are significantly impacted by African currency movements. As telco enthusiasts (sufferers?) already know, this can create a large gap between local currency earnings and reported earnings. On the plus side, Standard Bank thinks there might be some relief in 2025 for African currencies.

Alphamin released a horrible update in the afternoon that is a strong reminder of the risks in Africa other than currencies. The Bisie tin mine operations have been temporarily suspended and staff are being evacuated based on security concerns in the DRC. You can imagine how the share price responded.

To add to an interesting day of news, we saw important earnings updates from Exxaro, Hyprop and Montauk Renewables.

Get my analysis on all these updates (plus the Nibbles) in Ghost Bites at this link>>>

The latest Magic Markets episode helps you lift your head from the markets and consider an alternative asset class. The returns might be more volatile than your average equity portfolio, but at least you can enjoy your investment on your wall. Yes, with the help of Tristanne Farell at Investec, we covered the art of investing in art! Enjoy this fun and insightful discussion here>>>

DealMakers brings you great insights into the corporate finance industry every Friday in Ghost Mail. Aside from the usual summaries of South African M&A, South African corporate finance and African deals, there's a piece on how "locked box" structures work in deals as well as the relationship between risk and reward. 

In case you missed it, make sure you've checked out the recent episode of No Ordinary Wednesday. Hosted by Jeremy Maggs and part of the excellent Investec Focus Radio stable, this episode focuses on whether China is Trump-proof. Find it here>>>

Have a lovely Friday - we will see you on Sunday for Weekender.

PS: if you're planning your diary for next week, be sure to include Unlock the Stock featuring Fortress Real Estate on Thursday 20th March at 12pm. As always, attendance is free. You just need to register here>>>

Adobe fell 14% as investors expressed their concerns around Adobe's AI monetisation strategy. This takes the fall in the past year to 33%. The real risk is probably less to do with Adobe's monetisation strategy and more to do with the disruption that AI is causing to not just Adobe's product range, but also the creative people who use it. It doesn't help that Adobe has traded at stubbornly high valuations, making it ripe for a correction.

Ulta Beauty had a better day at least, up 6.5% after beating earnings expectations on the revenue and profit lines. Guidance for 2025 is weak though, with comparable sales growth expected to be just 1%. The share price reaction shows you that the market has been expecting poor growth, further evidenced by Ulta Beauty being down 44% over 12 months!

The world is changing, fast. This is why we covered BAE Systems in Magic Markets Premium recently, as understanding elements of this defence theme is well worth your time. The company finds itself in an interesting position, with strong links into the US, European and allied military budgets. It's a better business than many of the continental Europe names, as reflected in the valuation. Our subscribers can enjoy our detailed work on this growth stock.

The US dollar strengthened broadly this morning, with the euro retreating from its five-month high as markets react to escalating global trade tensions and growing fears of an economic downturn.

President Donald Trump has intensified trade disputes by threatening a 200% tariff on European wine, cognac, and other alcohol imports. This follows the EU's planned retaliatory levies on American whiskey and other goods in response to Trump's 25% steel and aluminium tariffs implemented earlier this week.

These trade conflicts have heightened economic uncertainty, pushing the S&P 500 into correction territory on Thursday as investors moved toward safe-haven assets like US Treasuries. While US and European index futures have partially rebounded from oversold territory this morning, questions remain about the sustainability of this recovery.

On balance we are expecting a slightly firmer start for the JSE All-Share Index this morning, while the rand remains flat on the day.

The EU-US trade tensions are further complicated by Germany's struggles to pass a major spending proposal, while hopes for a Ukraine-Russia ceasefire have diminished after Moscow indicated significant revisions would be needed to the US proposal.

Oil prices recovered some ground on Friday after falling more than 1% in the previous session, partly due to fading prospects of a quick end to the Ukraine war that could restore Russian energy supplies.

Meanwhile, gold reached a record high as uncertainty over US tariffs and trade tensions boosted prices, supported by increasing expectations of Federal Reserve monetary policy easing.

Key Indicators: USD/ZAR R18.31/$ | US 10yr 4.29% | Gold $2,984/oz | Platinum $1,011/oz | Brent Crude $70.34

As often as practically possible, insights from the IG Markets morning macro update by Shaun Murison will be featured here. Where this isn't possible, only indicators will be provided. If you want to learn more about trading, refer back to The Trader's Handbook, a podcast series that takes you through many of the important principles in trading.