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Good morning Voornaam,

The beauty of capitalism is that capital follows the path of least resistance. If the returns are there, then a subset of investors will be willing to go through a bit more effort to get them. Generally though, the "easy" answer is the answer that investors look for.

An example of "hard" would be most South African business districts outside of just a handful of winners. An example of "easy" is the Western Cape as a whole, along with other gems like Umhlanga.

Politicians will lie to you. Capital flows won't. In Growthpoint's update, the direction of travel for capital in this country couldn't be clearer.

In other property news, Lighthouse announced its recent earnings after a wild year of adding to its portfolio. Speaking of additions, Sirius Real Estate announced another acquisition.

At Metair, I suggest you pay very close attention to what I've written in Ghost Bites about mezzanine funding structures. They don't mean that the pressure is off for equity investors.

Other updates include solid numbers at Ethos Capital (!) and some pain at Hulamin. Also, for those who enjoy a deeper dive, Datatec has released a presentation on its Logicalis business. Oh yes, and enX has announced a large special dividend.

Get my analysis on all these updates (plus the Nibbles) in Ghost Bites at this link>>>

And no, I haven't written anything on the budget speech - or whatever that abomination yesterday was. There are mainstream media houses that cover it to the highest standards, so you don't need it from me. The TL;DR is pretty simple, really: South Africans are very close to breaking point. This is a democracy, so do something about it and make your voice heard as often as you can.

Hosted by Jeremy Maggs and part of the excellent Investec Focus Radio stable, the latest episode of No Ordinary Wednesday focuses on whether China is Trump-proof. You don't want to miss this one! Find it here>>>

In Magic Markets, the team from Mesh Trade joined us to explain how you can invest in gold using blockchain technology. Interesting, right? Talk about tradition meeting technology! To learn about fractional ownership of Krugerrands (and a discount available for a limited time), listen to this podcast>>>

Have a lovely day!

PS: there's still time to register for Unlock the Stock at 12pm today featuring Homechoice, one of the more interesting growth stocks on the JSE. Attendance is free but you must register here>>>

SATRIX: Don't waste the TFSA opportunity

Tax-free savings accounts (TFSA) are one of the most building blocks in any equity portfolio. The advantage of compounding tax-free returns over a long period is incredibly powerful and can really turbocharge a long-term wealth creation journey.

To discuss the importance of TFSA investments and the opportunities available to investors in the ETF universe, familiar voice Siyabulela Nomoyi of Satrix returned to the Ghost Stories podcast.

Enjoy it here>>>

GHOST WRAP: Retailers on sale on the JSE - a review of the first few weeks of 2025

The retail sector got off to a very poor start in 2025. With practically the entire sector down, are there stocks that were punished more than they should've been? This podcast is a useful summary of recent retail updates across the clothing and grocery sectors, as well as other relevant areas. You can find the recording and the transcript (with charts) at this link>>>

GHOST BITES - Making sense of SENS on the local market

Growthpoint, Lighthouse and Sirius Real Estate gave important property updates. Also look out for Datatec, enX, Ethos Capital, Hulamin and Metair. Get the details in Ghost Bites>>>

Unlock the Stock - Afrimat

In the 48th edition of Unlock the Stock, popular JSE mid-cap Afrimat returned to the platform for a management presentation and interactive Q&A with attendees of the webinar. The recording is available at this link>>>

DOMINIQUE OLIVIER - Click or brick: where does the future of shopping lie?

Online shopping was supposed to take over the world - so why are more people demanding access to physical stores? The numbers tell an interesting story about the need for omnichannel strategies. Read it here>>>

INVESTEC PODCAST: Is China Trump-proof?

Tariffs may have a diminished impact on China, as the country has strategically restructured its supply chains to lessen its reliance on the US. This is according to Campbell Parry, global resources analyst at Investec Wealth and Investment International, on the latest episode of No Ordinary Wednesday available here>>>

International Business Snippet:

The European defence theme is well underway, with German company Rheinmetall expecting 2025 sales to jump by between 25% and 30%. This comes after a record year of profits in 2024. Operating margins have improved substantially as a result of higher volumes. Currently seen mainly as a European defence company, the CEO is on record as talking about the opportunity to become a global champion.

The world is changing, fast. This is why we covered BAE Systems in Magic Markets Premium recently, as understanding elements of this defence theme is well worth your time. The company finds itself in an interesting position, with strong links into the US, European and allied military budgets. It's a better business than many of the continental Europe names, as reflected in the valuation. Our subscribers can enjoy our detailed work on this growth stock.

Magic Markets: Buying gold on the blockchain

Magic Markets: If there’s one thing the markets taught us recently, it’s that gold remains as relevant as ever. Mesh Trade brings you a new way to invest in this store of value, giving you a perfect example of tradition combined with tech.

For a limited time, Mesh investors can buy Krugerrands at the best retail price in the market and on a fractional basis using blockchain technology. Mesh also offers a wide range of tokenised financial assets, giving investors a multi-asset solution on a single platform.

To learn more, listen to this podcast>>>

Macroeconomic indicators

The market overview from IG Markets will return tomorrow. Indicators have been updated below:

Key Indicators: USD/ZAR R18.38/$ | US 10yr 4.32% | Gold $2,938/oz | Platinum $988/oz | Brent Crude $70.78

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.