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Good Morning Voornaam,

You still have time to register for Unlock the Stock with Calgro M3 at midday today. Thanks to A2X, attendance is free if you register here>>>

We've had a solid response to our survey thus far and the results are fascinating. I will share some of them with you once finalised. I would love to get the response rate even higher, so please fill out this quick survey and help us make Ghost Mail even better!

One of the most interesting insights in the survey has been the high proportion of entrepreneurs and founders in this reader base. I always had a suspicion, but now I have the facts. I am a co-founder of bizval, a company valuation tool that is growing quickly. This May, we are offering readers a free use of the bizval Live tool for an online valuation of their businesses. You simply need to use the code KNOWYOURVALUE on checkout. Just choose the bizval Live option at this link>>>

Nampak needs money

A lot of money, as it turns out, but less than initially feared. The envisaged Nampak rights offer is down from R1.5 billion to R1 billion, which still hurts a lot at approximately double the current market cap of the group. With the release of interim results for the six months to March, it has become very clear that there is simply no time left to delay the process. Operating p rofit was R259 million and net finance costs were R494 million! You don't need your calculator to figure out the problem here.

It was a busy day of news overall, including a pre-close update by Liberty Two Degrees that gives great insights into the broader retail environment in South Africa. As I suspected, the fast food businesses have been performing very well during high levels of load shedding.

We also saw updates from Conduit Capital, Delta Property Fund, Indluplace, MiX Telematics, Premier Fishing, Reunert (a load shedding winner), RFG Holdings, Trematon and Vunani. I would also pay some attention to the director dealings section, particularly regarding Harmony Gold.

All of this is just one click away in Ghost Bites this morning>>>

And remember, if you struggle to stay on top of the daily JSE news, you can use the Ghost Wrap podcast as a weekly highlights reel of the most interesting news. Brought to you by Mazars, the latest episode included my views on Dis-Chem, Grindrod Shipping, NEPI Rockcastle, Telkom, Nampak, Purple Group and Investec. Enjoy it here>>>

What do compound returns, debt ceil ings and energy groups have in common?

Answer: you can learn about all three right here in Ghost Mail.

Broaden your horizons

There are many companies in this world that have only seen load shedding as part of a broader news headline about problems in South Africa. Some of them can't even find us on a map, despite clear instructions right there in the name of our country.

Global exposure in a portfolio is undoubtedly a good idea and we do a lot of work in Magic Markets to help you do better in offshore markets.

The latest free show was with Craig Antonie of AnBro Capital Investments. He joined us to discuss two companies on the watchlist that you've likely never heard of, even though one of them has products that are used in one-in-three yoghurts sold worldwide! Learn about International Flavors and Fragrances ($IFF) and Runway Growth Finance ($RWAY) in this show>>>

And remember, Magic Markets Premium is a research offering that brings you incredible insights into global companies for just R99/month. The library includes over 80 research reports and podcasts covering companies in almost every sector you can think of. A subscription gets you access to the full library plus a new report and podcast every week. I would've given just about anything to have a resource like this in my formative years in finance. Now it exists right here at this link>>>

Are you ready for 50 basis points?

All eyes on the SARB today, with expectation of a 50 basis points hike. The FOMC minutes will also be digested by the market this week, providing more clarity on the Fed's view for further hiking in this cycle. The market has been anticipating either a skip or a pause at the next meeting.

TreasuryONE also notes that metal prices have been under pressure this week based on weak global manufacturing data. With OPEC+ meeting this week, supply concerns helped push Brent Crude prices higher.

Remember, if you want to understand more about the drivers of the rand, watch the recording of the recent webinar that I co-hosted alongside Wichard Cilliers of TreasuryONE.

Good luck out there today!

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