Bye-bye, babushkas

Good Morning Voornaam,

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Covering eight companies in under eight minutes, the Ghost Wrap podcast brings you the latest news and my opinions on AECI, Argent Industrial, Hudaco, PBT Group, Invicta, Hyprop, Advanced Health and the Naspers/Prosus stable. Ghost Wrap is made possible by the support of Mazars. Find it here>>>

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Bye-bye, babushkas

Mondi is one step closer to being out of Russia. The sale of the three packaging operations to Gotek Group for EUR30.4 million has been completed, no doubt with a collective sigh of relief. Mondi still needs to sell the Syktyvkar operations, which are a lot bigger. This has proven to be difficult to get across the line. When that happens, the company has indicated that a special distribution will be available to shareholders.

I'm not sure what is going on at Salungano but it doesn't look good. At all. Not only is the financial reporting delayed, but three independent directors (including the lead independent director) resigned at the same time. Alles is not oraaait by die huis, that much we know.

Other updates in Ghost Bites relate to De Beers (part of Anglo American), AVI, Brikor, Montauk, Remgro and Texton.

You can read Ghost Bites here>>>

Some strength in the rand

Although the market was quiet ahead of Independence Day celebrations in the US today, the rand started in the R18.80s and recovered to R18.66 at one stage. This was consistent with other emerging market currencies. US Manufact uring PMI data fell short of expectations, with a reading of 46.0 vs. the anticipated level of 47.0.

Services PMI and the FOMC minutes are both due from the US this week, with Friday as the main event with non-farm payrolls.

For more from TreasuryONE, subscribe to their YouTube channel and stay on top of the currency and macroeconomic news.

Have a lovely day!

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