| Good morning Voornaam, With another excellent weekend of sport behind us, all I can do is welcome you to Monday.
At one point, Franco Mostert was bleeding and limping on Saturday, doing his best rendition of a Pirates of the Caribbean crew member. Eben looked like he had been in an MMA title fight. They gave it everything and it was a great effort in the end. Congrats to Ireland!
I also managed exactly 10 minutes of the Euros, a sport that is filled with life-threating injuries. The true Butterfly Effect is that a butterfly flaps its wings in one hemisphere and a footballer clutches his leg in pain somewhere else from the sheer force of that wind. To be fair, on a cuisine-adjusted basis, England were the champions. To achieve so much with the power of baked beans is impressive.
We should consider ourselves lucky that Spain doesn't play rugby. That country is just ridiculous at sport, with the immense talent of Alcaraz on the tennis court as yet another example.
Moving on from the joy of sport, there was crazy news coming out of the US of course. Our politics might be a circus at times, but the US is an entire Broadway musical.
In the local market, we saw Altron announce a smart B-BBEE deal that addresses many of the drawbacks of these structures. We also saw very interesting numbers from Capitec and AVI in particular, with Ninety One also chiming in. For these and other updates, you can read Ghost Bites here.
Dominique Olivier's latest piece is out in the wild, dealing with Stigler's Law and how there is actually no such thing as an original idea. Although that sounds depressing, it's also highly liberating to realise that "innovation" is just a tweak on an existing concept. Read it here.
There's a very exciting Unlock the Stock scheduled for Thursday. Instead of a company management team presenting to you, we will be doing an overview of the REIT sector and the key drivers of returns. Highly respected property analyst Keillen Ndlovu will be delivering the presentation and will be able to take your questions. To be part of the audience and to have the chance to submit your questions, register here for free to attend on Thursday. This event is brought to you by the South African REIT Association.
Enjoy the rest of your Ghost Mail. |
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| FEATURED: Investec Structured Products - new product launches |
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| Investec structured products: Andri Joubert joined me to unpack the Rand Nikkei 225 Autocall and the Dollar Euro Stoxx 50 Autocall.
Expand your knowledge of investment opportunities through this podcast and transcript. |
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| FEATURED: The Trader's Handbook |
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| | | IG Markets collaboration: In the first episode of this exciting new podcast series, Shaun Murison of IG Markets South Africa joined me for an introduction to the art of trading and why we are doing this series. Get ready to learn about this wonderful element of the markets at this link>>> |
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| FEATURED: Magic Markets - Investing in Global BRNDZ |
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| Magic Markets: Aside from a reflection on the latest quarter and Big Tech driving market indices, this show with Craig Antonie of AnBro and the usual hosts of The Finance Ghost and Mohammed Nalla also delved into the BRNDZ portfolio and the strategy of investing in valuable brands. Get the podcast and transcript here>>> |
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| FEATURED: Stigler's Law - whose idea is it anyway? |
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| | | Dominique Olivier: When you learn that originality is a myth anyway, you feel a lot less pressure to be innovative and do something important. And that is liberating. Read more here. |
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| | | Ghost Wrap: You need just five minutes to get the latest on a few stocks that I think are worth watching in a GNU environment. KAP, Sephaku Holdings, ArcelorMittal and Nampak are all waiting for you, brought to you by Forvis Mazars. Listen to it here>>> |
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| Unlock the Stock: PBT Group returned to Unlock the Stock to present the recent numbers and take questions from the attendees of the live event. With many topics covered, this recording is well worth watching>>> |
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| Ghost Stories with Kingsley Williams of Satrix: Covering important topics like valuations and diversification, this discussion (and the related transcript) is an excellent learning opportunity for those wanting to develop their investment knowledge. Listen to the podcast or read the transcript at this link>>> Investec No Ordinary Wednesday podcast: The market may be unpredictable, but your investment strategy doesn’t have to be. Investec Investment Management experts share their insights on what approaches are winning, common mistakes investors make, and why staying the course is important. Enjoy it here>>> |
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| International Business Snippet: |
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| We find ourselves in US banking earnings season once more, with JPMorgan as the one that I watch the closest. This is my largest position of the global banks. With a second quarter result that saw profit and revenue beat analyst estimates, I'm happy. Jamie Dimon referred to the geopolitical environment as being potentially the most dangerous since World War II, so that's not great. I can't do much about politics, but I can own shares in a bank that just grew net income by 25%.
There's also some good news around Citigroup for once, with results that beat expectations on profit and revenue. Investment banking revenue was up 60%, with Citigroup getting a decent slice of the issuance of corporate bonds and other corporate finance activity.
The US market is the home of capitalism, hence that's where I have long-term banking investments like JPMorgan.
If you want to become a better stock picker, Magic Markets Premium is perfect for you. We covered Tesla last week and we are covering Costco this week. To get access to this research and the rest of the vast library, subscribe to the platform here. |
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| IG Morning Call: daily macroeconomic update |
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| An attempted assassination on former president Donald Trump has seen a muted reaction in markets so far. The dollar has softened, while US Treasury yields continue to drift lower.
US index futures are suggesting a modestly firmer start to the day, while most European and Asian benchmarks are trading lower in early trade. On balance we are expecting a flat to slightly lower open on the JSE All-Share Index today.
A softer greenback continues to see the rand trading below the R18/$ mark.
Oil prices are trading flat on the day.
Gold has continued to gain on a weakening dollar, now not far off all-time highs.
In terms of key economic data scheduled for today, US Empire State Manufacturing is out later this afternoon, while Fed Chair Jerome Powell is speaking at the Economic Club of Washington DC in the early evening.
Key Indicators: USD/ZAR R17.98/$ | US 10yr 4.18% | Gold $2,413/oz | Platinum $997/oz | Brent Crude $84.65
The macroeconomic update is based on IG's morning call update |
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