| Good morning Voornaam, Despite GNU-phoria having calmed down a bit after the election, it's lovely to still have electricity. It's great to see that South Africans feel better about the place. But is this actually translating into a more favourable situation on the ground? Are South African businesses feeling more confident to invest? To find out, Dino Zuccollo and Jonti Osher of Westbrooke joined Mohammed Nalla and I on the latest Magic Markets podcast. You absolutely don't want to miss it! Get it here>>>
The ArcelorMittal chart has been a wonderful example of the power of buying a shift in sentiment and then getting out of the way before reality sets in. This is the "buy the rumour, sell the deal" approach to trading M&A news. Chinese stimulus is going to take time to improve things in global steel, with Arcelor suffering massive losses in the meantime.
In happier news, Quilter's distribution strategy is working really well in the UK, with strong net inflows this quarter. We also saw promising numbers out of 4Sight Holdings as well as Primary Health Properties. And for Zeder shareholders, those Applethwaite proceeds (and surely a special dividend before too long) will taste delicious.
All these updates and the Nibbles are in Ghost Bites at this link>>>
With all the noise in the market, it's useful to lift your head to some of the broader themes playing out. This recent article from Satrix is a helpful overview of the major drivers in markets at the moment.
In case you missed it earlier this month, Elzahne Henn of Forvis Mazars in South Africa joined me to talk about the complexities of global mobility and what it means for employees tax. Simply, if you have any kind of cross-border employment relationship (whether you are the employer or the employee), there are things you really need to get right. Find out what they are here>>>
You still have a couple of hours left to register for Calgro M3 on Unlock the Stock at midday today - the last time that the outgoing management team will be presenting on the platform.
Have a great day! |
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| FEATURED: The Investec Rand India Accelerator |
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| | | The Investec Rand India Accelerator offers geared exposure to growth in the iShares MSCI India ETF over the 3.6-year term. The ETF tracks the large and midcap Indian market, covering 85% of the India equity universe. Listed on the JSE, it offers 1.5x geared exposure to the ETF capped at 40%, for a maximum return of 60% in Rands. In addition, the Accelerator provides a high degree of capital protection.
To explain the opportunities and risks of this product, Brian McMillan of Investec Structured Products joined me on this podcast. |
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| FEATURED: The Trader's Handbook Ep 8 |
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| | | IG Markets Episode 8: In Episode 8 of The Trader’s Handbook, learn why indices are an attractive option for traders, providing broad market exposure, lower risk compared to single stocks and significant cost advantages. We also discussed practical tips on technical indicators such as RSI and stochastic oscillators. Enjoy it here>>> |
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| FEATURED: Does factor investing work? |
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| Satrix: Factor investing takes ETFs to the next level. Instead of tracking a stock index (like the JSE Top 40), these ETFs have a set of rules based on investment fundamentals like valuation multiples or even levels of debt. The sky is the limit with the creativity that goes into these factors, but do they actually work?
To unpack these types of ETFs and the thinking behind them, Nico Katzke of Satrix joined me for an insightful discussion. Find it here>>> |
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| What does a tyre business know about fine dining? |
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| Dominique Olivier: The Michelin Guide is like the Oscars of the restaurant world. Chefs dream of them, diners flock to them, and some restaurants even wish they could send them back. But how did we end up in a world where a tyre company’s opinion of your dinner is worth so much?. Find
out here>>> |
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| Unlock the Stock: Lesaka Technologies |
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| Unlock the Stock: Watch the recording of the management presentation by the Lesaka Technologies team, along with the vibrant Q&A session on Unlock the Stock. Find it here>>> |
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| Ghost Bites - local company news: |
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| | | Ghost Bites: The latest on ArcelorMittal, 4Sight, Primary Health Properties, Quilter, Zeder and numerous Nibbles in Ghost Bites here>>> |
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| Investec podcast: responsible investing |
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| | | Investec Wealth & Investment International has launched a comprehensive guidebook on responsible investing. In the latest episode of the No Ordinary Wednesday, Jeremy Maggs speaks to the authors, Boipelo Rabothata and Maxine Gray. Enjoy it here>>> |
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| International Business Snippet: |
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| It's been a busy week of banking news in the US, with Morgan Stanley as the latest big name to report numbers to the market. They strongly beat estimates, with the share price closing 6.5% higher. Revenue increased 16% and profits were up 32%! Investment banking revenue is well worth a mention, up a whopping 56%.
Ulta Beauty is facing a competitive onslaught at the moment and it shows in the share price, down 23.3% this year. The company continues to talk about "headwinds" but has maintained its forecast for this year that was updated in August. They expect comparable sales to be suffer a decline of between -2% and 0%, with a hope to return to growth by 2026.
Our latest research in Magic Markets Premium is on Stellantis. This is a great example of a stock that we were correctly bearish on, with the automotive group suffering immense competition and the outcome of its own bad decisions. Are things improving yet? You'll find out in the latest report for our subscribers this week. |
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| Magic Markets: GNU follow-through - are businesses changing? |
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| | | Magic Markets: GNU-phoria in South Africa is now a few months old. Loadshedding is becoming a distant memory. Sentiment has clearly turned positive, but is this making a difference in day-to-day business decisions around capital allocation decisions? Dino Zuccollo and Jonti Osher of Westbrooke joined us for this important discussion. Find it here>>> |
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| IG Markets Morning Call: daily macroeconomic update |
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| US stock indices were mostly higher overnight, rebounding from the previous day's lows. European and Asian benchmarks have traded mostly higher as well in light news trade, leading our local bourse the JSE All-Share Index higher.
The dollar has firmed, most notably against the Euro as the European Central Bank (ECB) looks set to lower rates this afternoon at the conclusion of its Monetary Policy Committee (MPC) meeting. The rand is weaker on the day trading at its lowest levels of the week against the greenback.
Gold has managed to gain despite a stronger dollar.
Oil prices have tried to rebound off their worst levels in roughly 11 days after US crude inventory levels were reported as having dropped more than expected in the previous week.
Key Indicators: USD/ZAR R17.63/$ | US 10yr 4.03% | Gold $2,678/oz | Platinum $1,004/oz | Brent Crude $74.12
The macroeconomic update is based on the morning call update by IG Markets |
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