The M&A stalemate

Good Morning Voornaam,

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Lying in limbo

Royal Bafokeng Platinum's results aren't good. End of story. With production issues clearly visible and the management team lamenting the current stalemate between Impala Platinum and Northam Platinum, these are dangerous times.

Imagine being a Royal Bafokeng executive at the moment. You can't really make any major capital allocation decisions. You can't take big opportunities to shareholders. It's very difficult to attract talent, a s anyone who has half a brain will be wondering about the sustainability of that new job. It's a disaster and one that just isn't being resolved, with the transaction stuck at the regulators. One way or another, this needs to change.

While looking at specific company updates, I must highlight Mustek's results. Although HEPS fell by 6.5%, I thought that was a pretty decent outcome given the tragic circumstances that the management team faced recently with the loss of the founder, as well as the post-pandemic slowdown in demand. There are far more "resilient" companies (supposedly) that have suffered greater drops in earnings recently.

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The rand is vulnerable

Although the rand held on to the important technical level of R18.55 on Tuesday, it tested R18.70 yesterday before drifting back below R18.60. The rand is vulnerable to say the least, with TreasuryONE highlighting Friday's non-farm payrolls and next week's CPI numbers as potential catalysts for more dollar strength.

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