| Good morning Voornaam, After an incredibly disrupted month, it feels like the economic engine has stopped sputtering and is now running smoothly again. People are out there and getting things done. I hope you've had a similar start to your May!
Gold Fields is back with another update, this time a Q1 production report. Given their decision to acquire Gold Road, they needed to release solid numbers to avoid scaring the market. Although they are down quarter-on-quarter vs. a strong base, it looks good overall. There's also an update on the Ghana JV discussions with AngloGold.
Over at MTN, the good news keeps coming from the African subsidiaries. MTN Rwanda wasn't quite as glowing as what we saw in Ghana and Nigeria, but the company still grew revenue and earnings ahead of inflation. That's what really counts.
In other news, Metrofile's mystery acquirer has now moved to the due diligence stage, so that potential deal is still alive. At Mantengu Mining, they really need to get someone to help them with SENS announcements. I cannot understand a strategy of trying to use high EPS to complain about a low share price, all while reporting headline losses. South African investors think that EPS is about as useful as a biltong packet with a hole at the bottom.
These details and the Nibbles are available in Ghost Bites at this link>>>
In further company-focused content, there's a brand new episode of Ghost Wrap made possible by Forvis Mazars. I looked at major stocks that moved at least 10% (in either direction) in April. Get ready for the droppers and the whoppers - and what they tell us about the local market. You can enjoy it here>>>
Have you ever wondered about the nuts and bolts of an ETF and how it can track so many stocks at a low cost? Lauren Jacobs, Senior Portfolio Manager at Satrix, joined me on the latest Ghost Stories podcast to talk about what a day in her life looks like. It's a fascinating look at how ETFs actually work and what the different ways are to replicate an index. I enjoyed recording this podcast and you'll also enjoy the end result at this link>>>
The latest Magic Markets episode is an authentic look at my co-host Mohammed Nalla's recent day-trading adventure. He dusted off a COVID strategy to see if it would work during all the recent market volatility. Results were questionable, but the learnings were invaluable. He shares them in this podcast>>>
You can also enjoy the latest episode of No Ordinary Wednesday, the excellent Investec podcast that is hosted by Jeremy Maggs. It features Annelise Peers and Richard Cardo in a discussion on US exceptionalism and the potential in alternative markets. Get it here>>>
And finally, you may recall the news that the JSE is finally getting a brand new listing. ASP Isotopes will be coming to the local market, having already been listed on the Nasdaq. To tell their story, they've decided to join us on Unlock the Stock this Thursday 8th May. I know it's shorter notice than normal, but do try make a plan to attend and pose your questions. After all, it's not every day that we get new listings! Attendance is free, but you must register here>>>
Have a great day! |
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| SATRIX: A Day in the Life of a Portfolio Manager at Satrix |
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| | | Ever wondered how the nuts and bolts of ETFs work? What goes into index tracking and making sure that it is achieved at the lowest possible cost? And are all indices created equal from a complexity perspective?
Lauren Jacobs (Senior Portfolio Manager at Satrix) shows you what a day in the life of a portfolio manager looks like.
Get ready to learn and be inspired at this link>>> |
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| GHOST STORIES: Debt markets - the other side of the coin |
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| | | 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>>> |
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| GHOST WRAP: April's droppers and whoppers |
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| There may have been many public holidays in April, but that didn't stop the market from reacting to the broader geopolitical turmoil. With recession concerns as a key theme, which stocks did well and which ones delivered a nasty drop? This podcast is an overview of recent big share price moves among larger local companies on the JSE, revealing some interesting trends. Ghost Wrap is brought to you by Forvis Mazars. You can find the recording and the transcript at this link>>> |
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| GHOST BITES - Making sense of SENS on the local market |
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| | | Gold Fields had a solid Q1. MTN Rwanda grew ahead of inflation. Metrofile's mystery acquirer is now at the due diligence phase. Mantengu Mining needs to learn that HEPS is what counts. Get the details in Ghost Bites>>> |
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| Unlock the Stock - CA Sales Holdings |
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| 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>>> |
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| DOMINIQUE OLIVIER - The IVF pioneer the world (almost) forgot |
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| | | Science doesn’t just progress in laboratories. It unfolds in the margins, shaped by the people, politics, and institutions around it. The story of IVF, when told in full, reminds us that breakthroughs are often born twice: once in the petri dish, and again in the public imagination. Dominique Olivier explains how IVF was really developed in this piece>>> |
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| INVESTEC PODCAST: USE Inc - a superpower stumbles |
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| | | With the recent global markets turmoil, driven by US President Donald Trump’s tariffs policies, questions are being asked about the future of US exceptionalism. Jeremy Maggs hosts this episode with Annelise Peers and Richard Cardo of Investec. Get the insights in this podcast>>> |
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| International Business Snippet: |
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| In case you needed further evidence that Ferrari is a luxury goods company rather than a car company, they reported a 17% increase in first-quarter profit. It's all about demand for personalised vehicles and how this drives margins higher. At a time when most car companies are desperately cutting costs, Ferrari is out there with a slight beat on market expectations.
Still, they aren't immune to tariffs. They've warned that tariffs could impact their margins, although demand for Ferraris is so robust thanks to manufactured scarcity (they deliberately produce fewer cars than the level of demand) that tariff increases might not make much of a difference to their consumers.
The Formula One team performance is a truly terrible predictor of whether Ferrari's earnings will be strong.
This week in Magic Markets Premium, we've covered Intel. The chip company should be doing well, yet they have made one mistake after the next. With new management in place, could things improve? As our subscribers will find out in the research, there are signs of life at Intel, but there's still plenty to worry about. |
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| Magic Markets: Mesh.Trade - Unlocking Private Markets |
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| | | 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>>> |
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| Macroeconomic indicators and IG Markets macro update |
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| US and European stock futures are trending slightly lower this morning as markets await the Federal Reserve's interest rate announcement later today. The Fed is widely expected to maintain current interest rates, with CME's FedWatch tool indicating a 97% probability of no change. Investors will be closely monitoring Fed Chair Jerome Powell's press conference for signals about future monetary policy direction.
Chinese stocks retreated from early gains on Wednesday as initial optimism regarding Beijing's monetary stimulus measures and upcoming US-China trade talks gave way to profit-taking. China's central bank has announced plans to lower benchmark interest rates and inject liquidity into the banking system, among other easing measures, to stimulate economic growth and counter trade war impacts. These policy announcements came shortly before US and Chinese officials confirmed weekend trade talks in Switzerland.
Gold prices pulled back from yesterday's highs following news of the upcoming US-China trade talks, but have begun to recover this morning as the dollar shows renewed short-term weakness.
Oil prices increased on Wednesday and continue to strengthen this morning, supported by indicators of declining US production and rising demand in Europe and China, as buyers returned after prices reached new lows earlier this week.
The rand is currently trading at its strongest levels against the dollar since March 2025. The JSE All-Share Index is expected to open slightly lower today, following trends seen in global markets.
Key Indicators: USD/ZAR R18.26/$ | US 10yr 4.32% | Gold $3,394/oz | Platinum $987/oz | Brent Crude $62.89
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. |
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