| Good morning Voornaam,
A few times this year, I've written about how equities tend to perform when interest rates move higher. Or not perform, as the case may be. Not only do valuation multiples come under pressure, but many companies find themselves on a treadmill just to keep the bankers happy. You'll see how this plays out in Ghost Bites today.
The latest column from Dominique Olivier tackles the fascinating world of intellectual property. The Checkers vs. Pick n Pay battle is the perfect backdrop to a great story about The Verve's only hit, Bitter Sweet Symphony. The name turned out to be prophetic, as the band got on the wrong side of music rights held by a far more famous band. This is the perfect read to kick off your day.
If you fancy a more technical read, there's a great piece from the team at Satrix on why they believe that rules-based funds will continue to dominate. As your grow your knowledge and challenge yourself to keep learning more, articles like these are really helpful.
You can also check out the latest ghost Wrap episode, getting you up to date on Mr Price, Southern Sun vs. City Lodge and a trio of capital raises (Sirius / African Rainbow Capital / Sibanye-Stillwater). Ghost Wrap is made possible by Mazars. You can enjoy it here>>>
Don't miss out on Magic Markets and the latest on global retail giants Walmart and Target. As part of that discussion, we also tackled concepts like constant currency earnings and whether inflation really is as "sticky" as people think it is. Magic Markets is brought to you by data and automation specialists B2IT.
Have a great Tuesday! |
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| BRAND NEW: Magic Markets podcast |
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| In Episode 152 of Magic Markets, we looked at international retailers Walmart and Target.
With topics ranging from their earnings guidance through to why concepts like constant currency earnings are important, there's much to learn here.
We also talked about the "stickiness" of inflation - or lack thereof?
This show is brought to you by international data and automation specialists B2IT. |
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| BRAND NEW: The bittersweet truth about intellectual property
(by Dominique Olivier) |
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| In her latest column, Dominique Olivier tells an incredible story of a copyright nightmare in the music industry, featuring one of the most recognisable tunes of the 90s. Against the backdrop of the Checkers - Pick n Pay fight in the news, this a fascinating display of intellectual property in action. |
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| BRAND NEW: Ghost Wrap podcast
(Mr Price | Southern Sun vs. City Lodge | Sirius Real Estate |
African Rainbow Capital | Sibanye-Stillwater) |
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| | | The latest Ghost Wrap podcast goes into a bit more detail than usual, but these stories were worth it. Ghost Wrap is brought to you by Mazars. |
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| BRAND NEW:
Why rules-based funds will continue to dominate future flows |
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| The team at Satrix celebrates the ten-year anniversary of the Satrix Balanced Index Fund and explains why they believe that rules-based funds will dominate future flows. |
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| Bell Equipment and Calgro M3 returned to the Unlock the Stock platform in a joint session to share insights into the recent numbers and the strategic outlook.
You can watch the recording here, thanks to our partner A2X. |
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| LATEST: Ghost Stories podcast with Nico Katzke of Satrix |
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| | | Nico Katzke is no stranger to Ghost Stories listeners. There's always so much to learn from him about markets and investing. This time, you also get to enjoy him putting me through my paces in the second half of the show. |
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| DAILY: TreasuryONE Market Update There is growing conviction that the Fed hiking cycle is over, leading to a softer dollar. This helped the rand make some headway yesterday, closing at R18.65 after a really tough time last week.
Gold is busy consolidating above the $2,000 level, trading at around $2,015. There were sadly losses for PGMs, which isn't doing that local mining sector any favours. Despite the expected announcement of increased supply cuts at the upcoming OPEC+ meeting, markets are expecting oil supply to exceed demand and Brent Crude is struggling to hang on to $80.
To cap off the year, TreasuryONE is hosting a webinar on Tuesday, 5th December at 9am. Attendance is free, but you must register here. Get it in your calendar nice and early! |
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| | | Get the latest on Ascendis, Invicta, Oceana, Shaftesbury, Standard Bank, Tsogo Sun, Wesizwe Platinum and Zeda to keep you up to date. It's all available with a single click in Ghost Bites. |
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| Working hard - but for the bankers We saw a busy day of news yesterday. The most interesting thing for me is that it gives a perfect comparison of how corporates are performing vs. banks. In an environment of higher interest rates, debt providers get an increasingly bigger bite at the cherry before equity investors do.
Simply put, this means that banks are still doing well. Standard Bank has confirmed this in an update for the ten months year-to-date. On the other side of the debt coin, we see the likes of Invicta with a sideways profit performance despite a decent increase in revenue.
Load shedding is also a pain of course, especially when combined with higher finance costs. Tsogo Sun will confirm this for you.
It's not all bad, obviously. We saw excellent results from the likes of Oceana and Zeda, with Shaftesbury singing a happy tune about London's West End as well.
If you want to feel better about anything other than the PGM sector, read the latest tough news from Wesizwe Platinum.
Last but certainly not least, there's news of a delisting offer at Ascendis. This is structured as a general offer rather than a scheme of arrangement, so there's a wonderful opportunity for you to learn something about M&A strategies.
Along with the usual assortment of Little Bites, you can get everything you need from SENS with a single click in Ghost Bites. Read it here>>>
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Disclaimer
Our content is intended to be used and must be used for informational purposes only. You must do your own analysis before executing any investments or strategic decisions, based on your own circumstances. We do not provide personalised recommendations or views as to whether an investment approach or corporate strategy is suited to the needs of a specific individual or entity. You should take independent financial advice from a suitably qualified individual who gives due regard to your personal circumstances.
Whilst every care is taken, we accept no responsibility or liability for any errors or omissions in any of our content.
The views, thoughts and opinions expressed in our content belong solely to the author or quoted individuals and/or entities, and not necessarily to the author's employer, organisation, committee or other group or individual, or any of our affiliates or brand partners. |
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