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15 September 2020
Hello Voornaam,

The lack of diversity amongst the management of SA's biggest listed companies has long been under scrutiny, with black and female CEOs sorely lacking. Bidvest has addressed both of these with its new chief executive.

Mpumi Madisa, who is 40, will be the youngest and only black female leader ofa top 40 company when she takes over the reins from Lindsay Ralphs as he retires at the end of the month. She will also be only the 3rd CEO of the services, trading and distribution company that was founded in 1988 by Brian Joffe. She doesn't come in cold though; she's been with the group since 2013 and was made CEO-designate in March of last year.

Bidvest yesterday revealed the impact of Covid-19 on its performance last year. It's done a bit of cleaning up to make itself 'future-fit' as Madisa takes the business forward. Its shares rose, a did Metrofile's after the document storage business raised its annual dividend after a resilient performance.

Meanwhile, Astral Foods will report lower full-year earnings but doesn't believe it's been affected as badly by Covid-19 as some of its peers. Grand Parade will report wider losses after its Burger King outlets and casinos were closed at the height of the lockdown.

Also today, Harmony Gold has been given the final go-ahead to take over AngloGold Ashanti's remaining gold assets in SA and Jubilee Metals Group has had its mining licence in Zambia extended.

Finally, Rand Swiss's Viv Govender says the much-watched Volatility Index is predicting something extraordinary this November. More to follow.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect


The latest from Ingham Analytics

Ingham Analytics revisits the iron ore market in their latest mining Searchlight entitled "Steel yourselves". If you're a shareholder in Kumba (of which Anglo American owns 70%), BHP, Fortescue and Rio Tinto you'll be interested in what is driving iron ore prices to multi-year highs. There are several interesting graphs. Ingham Analytics say that iron ore futures prices are firm into 2021. If you are invested do you stay and is there still some meat on the bone for a new money investor?

One hundred and eighty degrees from mining is tech stocks and "The devil incarnate, Softbank?" is topical given the tech share price gyrations of late. Japanese conglomerate Softbank is in the spotlight in unpacking mathematically complex trades that essentially amount to manipulation.


Todays Latest Headlines

Bidvest delivers credible performance
Incoming CEO Mpumi Madisa will take the reins as the services and trading group recovers from the impact of Covid-19.
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Metrofile increases dividend after resilient performance
The documents storage business, which is the target of a proposed takeover, says it has benefitted from annuity income streams.
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Steel yourself
If you're a shareholder in Kumba (of which Anglo American owns 70%), BHP, Fortescue and Rio Tinto you'll be interested in what is driving iron ore...
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Volatility is predicting something extraordinary this November...
Futures on the Volatility Index (often called the VIX) are showing an unusual pattern in terms of their pricing.
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Harmony gets green light for AngloGold mines
The Department of Mineral Resources and Energy approved the transfer of the West Wits mineral rights to Harmony with no conditions.
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Jubilee Metals gets Zambian licence renewed
The metals processing company says it will be in the position to produce its first copper concentrate within three months.
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Company Notices and Announcements
CORPORATE ANNOUNCEMENT BY: The Bidvest Group Limited
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