| Good morning Voornaam, I've been saying it throughout the process and I'll say it again: I think the Primary Health Properties bid for Assura is going to fail. The Assura board has been flip-flopping on which offer to support, with the KKR / Stonepeak final cash offer looking more than good enough before they suddenly changed their minds again and supported a revised bid from Primary Health Properties. The problem is that the KKR / Stonepeak offer is at a price that is almost the same as the competing bid, yet it puts cash in the pockets of investors instead of asking them to accept the risk of a merger. The Assura response document explaining why they don't recommend the KKR / Stonepeak offer is weak in my opinion.
Kudos to Orion Minerals for once again supporting retail shareholders! They are implementing a share purchase plan that allows small shareholders to invest in more shares at the same price that the strategic investors get. This is so rare on the JSE and I love to see it.
Also in mining, we have MC Mining who gave a fantastic example of how SENS gets used as a PR tool. They managed to turn an announcement about retrenchments into something that sounds like a call for celebration. In further sector news, Southern Palladium released a roadshow presentation giving more details on the optimised prefeasibility study.
Ninety One's AUM has moved higher, but the announcement doesn't indicate whether this is due to higher flows or strong asset prices in the market (or both).
And finally, Labat Africa is looking to dispose of some assets.
Get all the details you need on these updates (and the Nibbles) in Ghost Bites at this link>>>
Keen to learn more about global market opportunities, particularly those beyond the US? Do you want to gain a deeper understanding of markets like India and China? The latest Ghost Stories podcast with Kingsley Williams of Satrix is perfect for you, delivering great insights into the world beyond the S&P 500. Enjoy it here>>>
Have a great day! |
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| SATRIX PODCAST: Beyond the S&P 500 - emerging market opportunities |
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| | | With half of 2025 in the rearview mirror, it's been a period in which investors have actively looked for opportunities beyond the United States. That's good news not just for alternatives like Europe, but emerging markets like India and China as well.
Kingsley Williams joined me to talk about the key drivers and opportunities in each of those markets.
Enjoy the podcast and transcript at this link>>> |
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| GHOST WRAP: The JSE Winners' Club in 2025 |
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| | | At the halfway mark in 2025, we've lived through some huge geopolitical shifts. The world's gaze has shifted beyond just the US market.
Many investors choose to stick with what they know in times like these. This means homegrown favourites on the JSE.
But which stocks have been the big winners thus far this year, and what do they have in common?
Enjoy it here>>> |
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| PODCAST: Capital Markets in South Africa - the Think Big South Africa Competition |
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| PSG Financial Services is the proud sponsor of the Think Big South Africa competition, in collaboration with Economic Research Southern Africa (ERSA).
PSG wants to encourage South Africans to get involved in their country at the highest level, bringing forward policy ideas and constructive solutions to drive conversations and real change in our country. PSG CEO Francois Gouws joined me to explain why they are such strong supporters of this initiative.
Enjoy it here>>> |
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| GHOST BITES - Making sense of SENS on the local market |
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| | | Assura's reasons for changing their recommendation on KKR / Stonepeak look weaker by the day. Orion Minerals supports small shareholders. Ninety One's AUM moved higher. Labat Africa might dispose of businesses. MC Mining needs a turnaround at Uitkomst. Southern Palladium gives further details on the optimised prefeasibility study. Get the details in Ghost Bites>>> |
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| Unlock the Stock - Attacq |
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| In the 57th edition of Unlock the Stock, Attacq returned to the platform to talk through their recent numbers and strategy, including interesting trends in the property market across areas like retail and office space. The recording of the management presentation and interactive Q&A is available at this link>>> |
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| DOMINIQUE OLIVIER - The boxer and the million-dollar burger |
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| | | What did George Foreman, the man who once flattened Joe Frazier in two rounds, know about small kitchen appliances? Apparently, quite a lot - at least when it came to selling them. Dominique Olivier tells the story of George Foreman Grill, a wild success for Salton that made the boxer fabulously wealthy. Read it here>>> |
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| INVESTEC PODCAST: No Ordinary Wednesday - How South Africa can shift gears for growth |
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| | | South Africa has spent more than a decade in economic drift. So, how do we get back on track? In this episode of No Ordinary Wednesday, Jeremy Maggs is joined by Cumesh Moodliar, CEO of Investec South Africa, and Osagyefo Mazwai, Investment Strategist at Investec Wealth & Investment International, to unpack the hard truths, and outline a roadmap to recovery and long-term prosperity. Enjoy it here>>> |
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| International Business Snippet: |
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| Here's reason 812,953 why I'm a JPMorgan shareholder: they beat estimates on both revenue and earnings. Jamie Dimon talked about the US economy being "resilient" this quarter despite all the noise (and also despite all his recent warnings about the market being complacent).
Surprisingly, investment banking results were strong. I expected a soft quarter of companies sitting on their hands, but apparently not. The quarter started slowly for JPMorgan and then picked up.
Elsewhere in the sector, Citigroup and Wells Fargo also topped estimates. More banking results are due today.
In Magic Markets Premium this week, our subscribers got to enjoy our work on H&M. Although H&M has firmly played second fiddle to Zara owner Inditex, the valuation gap has opened up even more recently. Is this an opportunity to trade that gap, or are there reasons to justify it staying wide open? The entire research library in Magic Markets Premium is available for just R99/month. |
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| Magic Markets: Hybrid Capital - Best of Both Worlds (with Westbrooke) |
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| | | Westbrooke’s approach makes use of various funding mechanisms, with hybrid capital as a particular favourite. This aims for debt-like risk and equity-like returns, while providing capital for lower- to mid-market deals in markets like the UK.
Dino Zuccollo, Head of Investor Solutions at Westbrooke Alternative Asset Management, joined us on this episode to update us on the alternative asset market, recent deal trends across markets and the exciting news of the R3.8 billion WDO UK Fund II, raised by Westbrooke in partnership with RMB. Find it here>>> |
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| Macroeconomic indicators and macro update |
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| US Treasury yields rose to their highest level in over a month as investors digested a slight increase in US inflation and mixed earnings reports from major banks. Consumer prices grew by 0.3% in June, in line with expectations but marking the biggest monthly rise since January. This has tempered expectations for a Federal Reserve rate cut, with markets now assigning around a 60% chance of a cut in September.
Alongside inflation and tariffs, investors remain concerned about the US fiscal and debt outlook, as well as political pressure from President Trump on Fed Chair Jerome Powell to lower interest rates.
European and US futures are down slightly this morning, extending yesterday’s losses. Chinese stocks are also lower amid ongoing trade tensions, although Nvidia’s resumption of chip sales to China has helped lift the Hang Seng. The dollar index hit a three-week high yesterday while gold prices dropped, but both are easing back this morning. The South African rand is a bit firmer, although the JSE All Share index is expected to open flat to lower.
Oil prices continue to fall after President Trump softened a 50-day deadline for Russia to end the war in Ukraine and avoid sanctions, easing fears of immediate supply disruptions.
This update is provided by Shaun Murison. Connect with him on LinkedIn here.
Key Indicators: USD/ZAR R17.89/$ | US 10yr 4.48% | Gold $3,340/oz | Platinum $1,422/oz | Brent Crude $66.98 |
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