| Good morning Voornaam, This has become quite the week of news!
On a busy day yesterday, Tiger Brands was the standout update. The turnaround of the business is going extremely well thus far, with metrics heading in the right direction.
The same can't be said for casino assets, with Tsogo Sun really struggling at the moment. This isn't helping mothership HCI very much either, with that group also being impacted by losses in the oil and gas business. Positive news in the gaming sector came through from Goldrush though, with the company being part of the consortium that was awarded the National Lottery Licence.
In property news, we saw updates from Burstone and Emira, as well as MAS where a bidding war is slowing taking shape. The bids need to improve though, as I don't think any of the options on the table are compelling at this stage.
British American Tobacco raised a casual R25 billion in cash in one morning by selling a portion of its investment in an Indian business, so there's a reminder of how deep capital markets actually are. And in further news, we saw Jubilee Metals, Renergen and Reunert come out with important updates, while HomeChoice is looking to change its name as a clear sign of intent.
Get the details on all these updates and the Nibbles in Ghost Bites at this
link>>>
We spend a lot of time in Ghost Mail learning about the equity market. The debt market is also incredibly important, as it connects institutional investors with borrowers who are large enough to do proper debt programmes. Ian Norden of Intengo Market brings you a new article with some great stats around the industry and an explanation of how the major roleplayers participate. Find it here>>>
Greencoat Renewables is coming to the JSE soon and will be on Unlock the Stock later today. You still have time to register to meet the management team at 12pm today on the webinar. You can register here>>>
All work and no fun is no way to live. Investec knows this, which is why their excellent Investec Focus Radio offering now includes a wine podcast as well. Episode 1 of Wine in Focus is hosted by Lerato Motshologane, a dealmaker at Investec and founder of Discover Wines. If you're keen to learn more about investing in wine, you'll love this podcast>>>
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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| Intengo Market: Nuances of the South African Listed Debt Market |
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| | | South Africa’s listed debt market presents an intriguing blend of opportunities and challenges. Characterised by its unique structure, participant dynamics, and liquidity constraints, this is a space worth examining for institutional and retail investors alike. This overview is brought to you by Intengo Market. Enjoy it here>>> |
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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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| | | Tiger Brands is a great turnaround story. Goldrush is part of the consortium that won the National Lottery Licence. Tsogo Sun is struggling. British American Tobacco, Burstone, Emira, HCI, HomeChoice, Jubilee Metals, MAS, Renergen and Reunert also released updates. Get the details in Ghost Bites>>> |
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| Unlock the Stock - Astoria Investments |
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| In the 53rd edition of Unlock the Stock, Astoria Investments returned to the platform to talk about the recent results and the strategic focus going forwards. The recording of the management presentation and interactive Q&A is available at this link>>> |
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| DOMINIQUE OLIVIER - The court of public opinion: does it matter? |
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| | | Public backlash may be loud, but it appears as though capitalism has noise-cancelling headphones. Using SeaWorld and Duolingo as examples, Dominique Olivier examines whether the bark of social media outrage has any bite in this great piece>>> |
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| INVESTEC PODCAST: Wine in Focus - Investing in Wine and Pairing Enjoyment with Returns |
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| | | Wine in Focus is an Investec Focus Radio five-part vodcast series hosted by Lerato Motshologane, a dealmaker at Investec for Business and founder of Discover Wines. Lerato chats to wine makers, investors, farmers and judges on everything from how to invest in wine, to innovations changing the way we farm, and South Africa's growing prominence on the international fine wine market. Get the insights in this podcast>>> |
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| International Business Snippet: |
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| NVIDIA was of course the talk of the town on Wednesday, beating earnings and revenue expectations. They were negatively impacted by the US government requiring Nvidia to get an export license for the H20 processor, leading to $8 billion in lost export sales to China. The group reckons that the impact on gross margin was substantial, coming in at 61% instead of 71.3% without the restriction. The gap between East and West just keeps widening, which suggests that an increasing amount of domestic demand in China will be met by their local companies.
NVIDIA was 4.9% higher in after-hours trading, with the market showing the share price some love after a flat year-to-date performance (with plenty of volatility along the way).
This week in Magic Markets Premium, we've covered Simon Property Group. The iconic US REIT is mainly focused on premium retail properties, which means that it's the pick of the litter when it comes to retail REITs in that market. But the first step is to decide whether you want such a pet in the first place. Are the risks to developed market retail property too great? As our subscribers will find out in the research, it's pretty 50-50 at thhe moment. |
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| Magic Markets: US Downgrade and JPMorgan Views |
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| | | Magic Markets: The US credit downgrade by Moody’s wasn’t a huge surprise, as they are just playing catch-up to what other ratings agencies already did. The complacency in the market in response to the downgrade is interesting though, as it became the catalyst for us to talk about the dollar as the world’s reserve currency.
In the same week, a JPMorgan investor day provided an excellent opportunity to dig into the wisdom of not just Jamie Dimon, but CFO Jeremy Barnum as well. Aside from some insights into JPMorgan’s view on the economic outlook, Barnum delivered an absolute masterclass in capital allocation.
We covered these topics here>>> |
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| Macroeconomic indicators and macro update |
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| Given the sad news of IG Markets South African being shut down by its international holding company, we will no longer be receiving these morning updates. I hope to bring you a suitable alternative in the near future. In the meantime, the below indicators will be updated each day.
Key Indicators: USD/ZAR R17.93/$ | US 10yr 4.52% | Gold $3,279/oz | Platinum $1,079/oz | Brent Crude $63.99 |
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