Jaltech's webinars are coming up soon this month. To learn more about the alternative asset strategies, register to attend here>>>

Keen to learn more about banking? In Episode 120 of Magic Markets, you can listen to talented young analyst Alexander Weiss of Trive South Africa talking about local vs. global banks and differences in risk management. As both my partner Mohammed Nalla and I come from banking backgrounds, we were able to add considerable experience to the discussion around fundamental ratios for banks and their balance sheets. Find it here>>>

Another podcast that is well worth your time is my discussion earlier this week with Bruce Whitfield on his Investment School segment in The Money Show. We talked through my approach to research and why I believe that just being observant about the world around you is half the battle won. Listen to it here>>>

And while those earphones are plugged in, listen to Ghost Wrap before a new episode comes out on Monday. Brought to you by Mazars, this is a weekly round-up of company news and my opinions. I covered Investec, CMH, Northam Platinum, Pick n Pay, EOH, Nampak, Murray & Roberts, Glencore and Rebosis in under 9 minutes. Get your fix here>>>

Construction is such a knife's edge

One of the best sayings I've heard in the past couple of years is "picking up pennies in front of a steamroller" - a nod to minimal reward in exchange for maximum risk. This is the feeling I get in the construction industry, where disaster never seems to be too far away. Aveng is the latest victim, with the share price dropping 20% based on news of the Batangas LNG project in Southeast Asia going from bad to worse.

I also covered PSG Konsult's FY23 results, which reflect the strength of the b usiness in growing its assets under management. The group is cash flush, with significant buybacks and an increase in the dividend payout ratio. Other news included BHP's deal in Australia, Delta Property Fund disposing of properties, Schroder's latest portfolio valuation, Steinhoff's march towards zero, Tharisa's drop in annual production guidance, Tradehold's new name and desired change to REIT status and Vunani's return to old ways in the executive team.

Find all of it in Ghost Bites to end off your week>>>

Dollar weaker, gold stronger

US PPI for March was below expectations (2.7% vs. 3.0%) and jobless claims increased for a third week in a row, perhaps indicating that the labour market may not be as strong as the non-farm payroll number suggested. TreasuryONE reminds us that US CPI also printed below expectations, with the Fed warning that they are weary of stability in the financial sector.

The net result is that the dollar index has dipped further, equity markets gained ground, bond yields fell and gold rallied to $2,045. Even the rand caught a bid, up 1.6% against the dollar. We are still lagging our peers and load shedding won't help matters. The rand traded around the R18.10 handle.

Linked to the currency, Nico Katzke of Satrix wrote this excellent article on strategic hedging of currency exposure vs. tactical hedging in a balanced portfolio. It's well worth a read if you want to expand your mind this morning.

DealMakers takes us into the weekend

It's Friday, which means the usual summaries from DealMakers are available. These include South African M&A, South African corporate finance and African M&A deals as well.

In terms of thought leadership pieces, Siyabonga Shandu from PSG Capital wrote about infrastructure development as a catalyst for growth in Africa and Brian Jennings and Thandiwe Nhlapho of CDH discussed recent case law on Section 45 financial assistance.

Have a good one!