| Engineering and construction group Aveng received a strong response to last month's rights issue. So much so that it's going back to shareholders for more cash. Day hospital group Advanced Health got a cooler reception, failing to reach its target. They are among a number of JSE-listed companies that have been forced to turn to shareholders for additional capital over the past year. However, while they had debt and liquidity constraints, that's not always the case. The Foschini Group also raised shareholder capital last year as a precaution and so it could also take advantage of opportunities - such as the acquisition of the Jet chain from Edcon. Mr Price had planned a rights issue also to fund growth, but decided not to due to its strong cash position. Also today, Sygnia will list its range of exchange-traded funds (ETFs) on A2X Markets next week. And Eastplats has a new chief financial officer as it prepares for a big improvement in production - and revenue. Finally, as the fallout from the implosion of hedge fund Archegos mounts, The Finance Ghost and Mohammed Nalla (Moe-Knows) discuss how hedge funds work and how a few banks found themselves severely on the wrong end of the hedge fund disaster. Episode 19 of Magic Markets also includes a discussion around investing in initial public offerings (IPOs). It's free and fun and you can find it here and down below. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
The latest from Ingham Analytics Top market risk expert Andrew Kinsey simply explained the reason the Archegos family fund blew up, along with some banks, in his note "Archegos goes down, banks blow themselves up". Ahead of the news yesterday that Credit Suisse has lost $4.7 billion, this is a timely analysis. Now, Andrew tackles the bond markets and asks, is there a signal for equities? For those invested in the US and elsewhere this is worth pondering and the answer is in "Is there an attachment point for equities?". | 