| Good morning Voornaam, The platinum sector isn't exactly a land of milk and honey right now. Why, then, is Anglo American Platinum declaring a gigantic dividend? Why are they talking about having an "efficient" capital structure at a time when the industry is in flux and acquisition opportunities might pop up if the pain continues? In my view at least, it's really simple. Strip away the PR spin and you get to the point: Anglo American needs to shore up its balance sheet before the demerger and the associated cutting loose of most of its stake in Anglo American Platinum. I think it's far more about what is best for Anglo American, not Anglo American Platinum.
Over at Afrimat, a company that does a great job of telling it like it is, there's a business update that reminds the market that the full-year numbers aren't going to be pretty. This is because the interim period was a disaster (ArcelorMittal was a major contributing factor) and Afrimat is trying to recover from that. You can engage directly with the management team at Afrimat by registering for Unlock the Stock on 27 February at this link>>>
Here's some good news for the Eggs Benedict fans like me: eggs are getting cheaper. This is thanks to a recovery in flocks in South Africa after all the HPAI pain in the sector. We know this because of an update from Quantum Foods, where the financials are looking better.
In the construction sector, Aveng is still a share price looking for a bottom. Will the split into two business units still work when one unit has released such poor numbers?
In deal news, CA Sales Holdings announced another bolt-on acquisition. I love the way they structure their deals. Emira released the circular dealing with the investment in Poland. Due to Castleview's controlling stake in Emira, the resolutions will pass at the meeting.
Get these details and the Nibbles in Ghost Bites this morning>>>
South African portfolios tend to have two kinds of equity assets in them: local shares and US-listed shares. Although few would argue that anyone has been missing out in Europe, the same can't be said for other emerging markets. China is particularly tricky to get right, which is exactly why Investec's latest structured product offering seeks to remove the downside risk from the equation. You can find out more in this article and if you like what you see, I suggest listening to the detailed podcast as well.
The Budget Speech is looming and that's always an important time of the year for South Africans. To help you understand what to expect and what to look out for, Investec's latest episode of No Ordinary Wednesday features Annabel Bishop, Tertia Jacobs and Chris Holdsworth in conversation with media stalwart Jeremy Maggs. You need to invest just over 20 minutes of your time to make sure you are well prepared for Finance Minister Enoch Godongwana's big day. Enjoy it here>>>
Have a great day! |
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| INVESTEC: International Opportunities Limited - a Chinese equity structured product |
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| China is a land that is fraught with risk and brimming with opportunity. With enhanced upside as well as downside protection, International Opportunities Limited is a structured product that seeks to balance the risks and rewards available in Chinese equity markets.
International Opportunities Limited offers 1.3x geared exposure to the CSI 300 Index, capped at 60% growth for a maximum return of 78% in USD. In addition, there is 100% capital protection at maturity in USD.
Japie Lubbe of Investec Structured Products joined me to discuss the structure in detail. Get it here>>> |
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| SATRIX: 2025 kick-off and fresh views on rent vs. buy |
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| | | Covering a range of personal finance topics and emerging trends in investing, your 2025 kick-off with Duma Mxenge from Satrix is here.
And of course, we couldn't resist talking about property. This led to an in-depth discussion on how I'm approaching the rent vs. buy conundrum.
Enjoy it here>>> |
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| GHOST WRAP: Retailers on sale on the JSE - a review of the first few weeks of 2025 |
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| The retail sector got off to a very poor start in 2025. With practically the entire sector down, are there stocks that were punished more than they should've been?
This podcast is a useful summary of recent retail updates across the clothing and grocery sectors, as well as other relevant areas.
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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| | | Afrimat, Anglo American, Anglo American Platinum, Aveng, CA Sales Holdings, Emira and Quantum Foods all released updates on a juicy day of news on the JSE. Get the details in Ghost Bites>>> |
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| DOMINIQUE OLIVIER - Woodstock '99: a recipe for a riot |
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| What do you get when you combine an unused airforce base, 220,000 teenagers, a couple of angry nu metal bands and some very expensive water? Part concert, part scene from an apocalyptic movie, the Woodstock festival that took place in 1999 was practically doomed from the start. Read it here>>> |
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| Budget 2025 - what to expect |
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| | | In this special edition of No Ordinary Wednesday, Investec experts Chief Economist Annabel Bishop, Treasury Economist Tertia Jacobs and Chief Investment Strategist Chris Holdsworth share their predictions for Budget 2025. Find this insightful episode here>>> |
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| International Business Snippet: |
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| I usually focus on the US market in this section, as that's where the action tends to me. Today, it's worth jumping across the pond to Europe, where politicians have been given a kick up the you-know-what by the Trump administration. They have come together to discuss regional defense efforts, which the market is interpreting as leading to more spending in the sector.
That led to a strong day in the Stoxx 600 Aerospace and Defense index. Swedish company Saab jumped 16% on the day, taking the 12-month gain to an impressive 43%. In the UK, BAE Systems was up 8%, although they are only up 6% over 12 months.
Still, is the European economy going to slowly grind into life at some point?
Our latest research in Magic Markets Premium is on ASML, the company in the semiconductor industry that you've never heard of. This is because they sit further up the value chain, supplying the machines that actually manufacture the chips! They even have a monopoly in certain technologies. Our subscribers can enjoy our detailed work on this company as an alternative way to play the AI theme. |
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| Magic Markets: Private markets are a hive of activity |
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| | | Magic Markets: For companies seeking capital, founders wanting to exit their stake and investors who desire diversification and solid returns, private debt and equity markets offer a vibrant ecosystem. Dino Zuccollo of Westbrooke Alternative Asset Management joined us to discuss trends and strategies in this asset class, along with general levels of adoption by investors. Get the insights in this podcast>>> |
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| Key Indicators: USD/ZAR R18.43/$ | US 10yr 4.51% | Gold $2,915/oz | Platinum $1,000/oz | Brent Crude $75.45
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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