| Good morning Voornaam, Welcome to another lovely long weekend, with our social media feeds filled with politicians fighting amongst themselves to take credit for stopping the VAT increase. South Africa is many things, but it's never boring. Also, was that load shedding that came back yesterday?!?
Anyway, onwards to company news. Anglo American released a production update yesterday and although they are putting the focus on copper (and a couple of other commodities), I can't help but look at the De Beers numbers. Absolutely nothing is improving for mined diamonds, that much I can tell you.
The other Anglo American group companies also released updates, although Anglo American Platinum won't be in that bucket for much longer. The demerger and name change to Valterra Platinum is weeks away now. At least PGM prices are up slightly year-on-year, although the same certainly can't be said for production. It was actually Kumba Iron Ore that carried the can this quarter, boosted by better iron ore pricing as well as improved performance by Transnet. And yes, your eyes aren't deceiving you there! Let's wait and see if there are 20 different politicians trying to take credit for Transnet as well.
In other mining news, Gold Fields has some good news to share from Ghana and Orion Minerals raised convertible debt from an ex-director's company.
Outside of mining, we saw Zeder released financial results and Cashbuild put out a quarterly sales update that reflects consistency and growth in volumes. Lastly, Supermarket Income REIT is seeding a joint venture with Blue Owl Capital.
These details and the Nibbles are available in Ghost Bites at this link>>>
There's a new episode of No Ordinary Wednesday for you to enjoy. This excellent Investec podcast is hosted by Jeremy Maggs and the recent focus has unsurprisingly been on Trump and the tariffs. It really is a solid way to stay on top of what's going on, with the latest episode featuring Chris Holdsworth and Osa Mazwai of Investec. Get it here>>>
I have a great love of the financial ecosystem and how different opportunities can be structured. As you are probably aware, public markets have been struggling with a relative lack of IPOs, accompanied by a trend of delistings. This is because an increasing number of transactions are happening in the private space. On the latest Magic Markets, Connie Bloem of Mesh.Trade joined us to talk about how Mesh is improving access to good quality "private" assets. Enjoy it here>>>
Friday means DealMakers is back! There are the usual weekly summaries of local M&A, local corporate finance and deals in Africa. There's also a piece on demand for logistics solutions in Africa.
Have a great start to your weekend - we will see you on Sunday for Weekender. |
|---|
|
|---|
| GHOST STORIES: Diversification - the way to survive market chaos |
|---|
|
|---|
| | | With the markets in disarray in the aftermath of tariffs, it looks like the theme this year is more around risk management in a bear market rather than which growth stocks to buy.
This is where strategic asset allocation becomes key, as discussed with Kingsley Williams of Satrix in this podcast.
Enjoy it here>>> |
|---|
|
|---|
| GHOST STORIES: Debt markets - the other side of the coin |
|---|
|
|---|
| | | Intengo Market is a digital marketplace for debt instruments in South Africa, driving outcomes like increased liquidity and price discovery.
CEO Ian Norden joined me on this podcast to give an overview of the debt markets in South Africa. From trends in public vs. private markets through to how Dutch auctions work, there's so much in here - and you can expect many more insights in months to come.
Learn all about the debt markets in this podcast>>> |
|---|
|
|---|
| GHOST WRAP: Q1 winners on the JSE |
|---|
|
|---|
| In considering how the first few months of the year have played out, some surprising winners have emerged. The performance in gold is simply a case of the sector carrying on where it left off in 2024, but what about platinum? And where did that telecoms rally come from? Also, have retail stocks continued their slide since the previous episode of Ghost Wrap that focused on that issue?
You can find the recording and the transcript (with charts) at this link>>> |
|---|
| |
|---|
| GHOST BITES - Making sense of SENS on the local market |
|---|
|
|---|
| | | Anglo American, Anglo American Platinum and Kumba Iron Ore all released production updates. Other mining sector news came in from Gold Fields and Orion Minerals. Elsewhere, Cashbuild and Zeder released financial updates and Supermarket Income REIT is seeding a joint venture. Get the details in Ghost Bites>>> |
|---|
|
|---|
| Unlock the Stock - CA Sales Holdings |
|---|
|
|---|
| In the 51st edition of Unlock the Stock, regular attendee CA Sales Holdings returned to the platform to talk about the recent performance and strategic focus areas for the group. The recording of the management presentation and interactive Q&A is available at this link>>> |
|---|
| |
|---|
| DOMINIQUE OLIVIER - Colombia has a cocaine hippo problem |
|---|
|
|---|
| | | Ecosystems are like very complicated Jenga towers: one wrong move, and suddenly you’ve got starlings in New York, hippos in Colombia, and scientists frantically trying to put the pieces back together. Dominique Olivier tells the story of Pablo Escobar's hippos in this piece>>> |
|---|
|
|---|
| INVESTEC PODCAST: Positioning for tariff turmoil |
|---|
|
|---|
| | | Where are investors seeking refuge amid uncertainty? And will the recent rebound in global stocks last? In this episode of No Ordinary Wednesday, Investec Wealth and Investment International's Chief Investment Strategist Chris Holdsworth, and investment strategist Osa Mazwai explore the ongoing impact of US President Donald Trump’s tariff policies. Get the insights in this podcast>>> |
|---|
|
|---|
| International Business Snippet: |
|---|
|
|---|
| Intel released quarterly earnings that were ahead of expectations for both revenue and profits. Well, the word "profits" is working hard there, as they are severely loss-making. Guidance for the year was poor and they are focusing on doing things like reducing expenses (including through cutting staff numbers), which isn't typically what you want to see from a "growth" company.
Of course, they attribute this guidance to tariffs and the likelihood of an economic slowdown. Although that certainly isn't helping, Intel has been a major disappointment for a long time now.
This week in Magic Markets Premium, we've covered JPMorgan. The banking giant is a core position in our portfolios, but even Jamie Dimon's crew isn't immune to recessions. As our subscribers will find out in the research, we are watching this one carefully this year. |
|---|
|
|---|
| Magic Markets: Mesh.Trade - Unlocking Private Markets |
|---|
|
|---|
| | | Magic Markets: As the recent trend in IPOs and delistings on public markets tells us, an increasing number of companies are looking to private markets for their capital raising needs. This means that retail investors are being shut out of these opportunities, which is particularly problematic as these early-stage opportunities usually offer the highest potential returns.
Mesh.Trade is committed to increasing access for investors, which is why the platform is designed to enable issuers to raise debt and/or equity funding.
Connie Bloem joined us to talk about why access to good quality private assets is so important in the South African market. To learn more, listen to this podcast>>> |
|---|
|
|---|
| Macroeconomic indicators and IG Markets macro update |
|---|
|
|---|
| European stock futures trend upward, contributing to a second consecutive weekly gain as markets adapt to Trump's April 2 "Liberation Day" tariff announcement. Positive earnings from Alphabet, Nestle, and Merck provide additional support.
Asian markets have shown strong performances, with Japan's Nikkei rising over 2% and MSCI's broad ex-Japan index climbing more than 1%.
Trump's major tariffs remain suspended for 90 days, with expectations for individual deals with trading partners, though none have materialized yet. US-Japan discussions continue without concrete outcomes. The China situation remains complicated - Trump claims ongoing trade talks while Chinese Foreign Ministry officials dismiss these as "false news." However, Bloomberg reports suggest China may suspend its 125% tariff on certain US imports including medical equipment and some industrial chemicals.
The US dollar has strengthened against both the Swiss franc and euro during Asian trading. The rand has softened against this stronger dollar, though the JSE All-Share Index is expected to open firmer in line with global equity markets.
Oil prices are up modestly today, buoyed by potential trade war de-escalation, but face a weekly decline amid oversupply concerns.
Gold continues pulling back from all-time highs on easing trade tensions and dollar strength.
Today features a light schedule for earnings and economic data releases, following negative sentiment readings from eurozone countries earlier this week. The overall market mood reflects cautious optimism, supported by anticipated Fed rate cuts and potentially improving trade relations, despite mixed signals from China.
Key Indicators: USD/ZAR R18.83/$ | US 10yr 4.31% | Gold $3,312/oz | Platinum $965/oz | Brent Crude $66.76
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. |
|---|
|
|---|
|
|
