| Good morning Voornaam, Finally, we had a quieter day on the local market in terms of company news. On the positive side, Sabvest showed us what a great year for an investment holding company looks like. On the negative side, ArcelorMittal is still winding down the long steel business as nothing has emerged thus far that could stop that process.
Along with the director dealings and a few Nibbles, you'll find those details in Ghost Bites at this link>>>
You still have time to sign up for Unlock the Stock, with Fortress Real Estate Investments presenting on the platform at 12pm today. Attendance is free, but you need to register here>>>
As you aren't being bombarded with company news this morning, it's the perfect opportunity to engage with the two new podcasts available to you. First up is Ghost Wrap, brought to you by Forvis Mazars in South Africa and featuring a look at the winners on the JSE in the first quarter of 2025. Gold, platinum (yes, really) and even telecoms all get a mention. It's been a rather odd and interesting start to the year! Get it here>>>
Then, Investec's No Ordinary Wednesday brings you a discussion between host Jeremy Maggs and Investec's Chief Economists, Phil Shaw in the UK and Annabel Bishop in SA. The focus is on the economic outlook for Europe and South Africa. Get ready to learn at this link>>>
Today is essentially a fake Friday thanks to the public holiday, so you're getting DealMakers a day early. The usual summaries of South African M&A, local corporate finance and African deals are all available. There's also a delightfully named article on sweat equity (legally toned and ready to flex!) and a piece on private equity.
Interested in art? Of course you are! The latest Magic Markets episode is all about the art of investing in art, a topic we explored with the help of Tristanne Farrell at Investec. Enjoy this fun and insightful discussion here>>>
Have a great day and a lovely long weekend. We will still be seeing you on Sunday for Ghost Mail Weekender. This daily email returns on Monday. |
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| SATRIX: Don't waste the TFSA opportunity |
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| | | 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>>> |
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| GHOST WRAP: Q1 winners on the JSE |
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| In considering how the first few months of the year have played out, some surprising winners have emerged. The performance in gold is simply a case of the sector carrying on where it left off in 2024, but what about platinum? And where did that telecoms rally come from? Also, have retail stocks continued their slide since the previous episode of Ghost Wrap that focused on that issue?
You can find the recording and the transcript (with charts) at this link>>> |
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| GHOST BITES - Making sense of SENS on the local market |
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| | | ArcelorMittal hasn't yet received anything or locked in any deals that would change the fortunes of the long steel business. Sabvest had an extremely good year in 2024. Get the details in Ghost Bites>>> |
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| Unlock the Stock - Afrimat |
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| 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>>> |
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| DOMINIQUE OLIVIER - Ozone: how a hole taught humanity to collaborate |
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| | | In a world of polarised viewpoints and much shouting, Dominique Olivier took the opportunity this week to write about something rare: a moment when the world didn’t just come together, but actually got it right. A global effort so successful, so decisive, that it stands as one of the greatest acts of collaboration in human history. There's a reason why you never heard about the hole in the ozone layer anymore. Read it here>>> |
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| INVESTEC PODCAST: Global economy - recession or recovery? |
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| | | Recession risks, inflation pressures, and trade tensions - how is the global economy shaping up in 2025? Investec’s Chief Economists, Phil Shaw (UK) and Annabel Bishop (SA), take stock of the latest trends in No Ordinary Wednesday. From global growth forecasts to the economic outlook for Europe and South Africa, they break down what lies ahead in this podcast>>> |
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| International Business Snippet: |
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| With the market putting an increasing amount of focus on China, it's important that Tencent released strong numbers. The Q4 numbers were ahead of expectations for both revenue and profits, with gaming and advertising revenue boosting the story.
Of course, they just wouldn't be a tech company if they didn't have an AI strategy. In addition to strong growth in the core business, Tencent unveiled some interesting AI developments. The jury is still out on exactly how AI will be monetised by these tech giants.
In Hong Kong, Tencent is up 26% year-to-date. This is why Naspers and Prosus are also having a great year thus far.
In our most recent Magic Markets Premium show, we covered retail stalwart Costco. Trading at what seems like an impossibly high multiple, we dug into whether the underlying business is strong enough to come even close to justifying the asking price. Our subscribers can enjoy our detailed work on this stock. |
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| Magic Markets: Buying gold on the blockchain |
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| | | 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>>> |
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| Federal Reserve Chair Jerome Powell indicated that the Trump administration's initial policies, particularly extensive import tariffs, appear to be steering the US economy toward slower growth and temporarily higher inflation. Despite these concerns, Fed policymakers maintained their projection for two interest rate cuts this year.
Investors have found reassurance in the Federal Reserve's cautious approach, helping markets recover after recent volatility triggered by tariff-related uncertainties that threaten both market stability and economic growth. US equity markets have advanced while the dollar index hovers near short-term lows.
The central banking spotlight now shifts to Europe, with the Bank of England, Swiss National Bank, and Riksbank all scheduled to announce rate decisions today. The BoE, taking center stage, is broadly expected to maintain current rates as it evaluates both the economic consequences of President Trump's tariff initiatives and the British government's upcoming employer tax increase. FTSE futures are trending slightly lower ahead of this announcement, while European markets remain near short-term highs. Asian equity markets are showing mixed performance this morning.
The JSE All-Share index is expected to open flat to marginally higher this morning after posting significant gains yesterday. The rand remains firm against a weakened US dollar.
Oil prices increased Thursday, supported by strong US demand projections following larger-than-expected declines in fuel inventories, combined with a weaker US dollar.
Gold reached an all-time high Thursday after the Federal Reserve signalled two potential interest rate reductions this year, enhancing the precious metal's appeal amid persistent geopolitical tensions and stagflation worries.
Key Indicators: USD/ZAR R18.15/$ | US 10yr 4.24% | Gold $3,049/oz | Platinum $1,009/oz | Brent Crude $71.25
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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