Bravo, Kaap Agri

Good Morning Voornaam,

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What do they give the Kaap Agri management team for breakfast?

We know how difficult things are out there, but you would be forgiven for thinking we are in a bustling economy if you read Kaap Agri's quarterly update.

Like-for-like revenue? That was up 17.8%. Recurring headline earnings per share? 19.8% higher, accompanied by a strong working capital performance that drove an improved return on investment.

Perhaps most impressively, like-for-like expenses grew just 2.5%. It's like inflation hasn't made its way to the platteland yet (except we know that it has).

Aside from Kaap Agri's banging update, we saw results from ArcelorMittal and British American Tobacco, along with trading updates from Emira and Spur (a particularly interesting one). Steinhoff's share price plummeted as the Pepkor placement played out on the market. Again, I have no idea why anyone is buying Steinhoff shares at any price.

Get all the details this morning in Ghost Bites>>>

Let's see what happens after SONA...

As a rule, I don't watch the State of the Nation Address. I enjoy the jet booming over my house (a truly incredible noise) and that's about it, choosing to keep my head down on what I can control instead. Today, we will see how the rand reacts to SONA, after a soft dollar gave the rand a boost ahead of the circus in Cape Town.

TreasuryONE also highlights that treasury yields in the US dipped after the weekly US jobless claims release, which was a slight contraction from the recent payroll numbers that caused the dollar to surge.

It's Friday, which means DealMakers is ready for you

Aside from the excellent summaries of local M&A and other corporate finance activity, DealMakers recently announced the Ince Individual DealMaker of the Year finalists ahead of the annual gala awards later this month. There's also a piece from the team at Webber Wentzel on ESG reporting and particularly the risks of false or misleading disclosure by companies.

Don't fall behind on podcasts

Before fresh podcasts hit you next week, make sure you're up to date by listening to:

May your weekend be less of a state of disaster than South Africa. And if you can't achieve that, at least take pictures!