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Good morning Voornaam,

It's time for a new Ghost Wrap podcast! Made possible by Forvis Mazars in South Africa, I decided to look at the homegrown favourites that have delivered great returns for investors at the halfway mark in the year. Themes like gold, platinum and telcos all feature here - along with a few other stocks that are up at least 20% year-to-date. My hope is that what you'll take from this is an understanding that success in the market can come from both thematic investing as well as great stock-picking skill. Enter the JSE Winners' Club in this podcast>>>

Yesterday was a pretty light day of company news, which means you have an opportunity to dig into what FirstRand had to say about their updated guidance. At a time when banks are struggling to manage the interest rate cycle and lack of growth, FirstRand has upgraded its guidance. But where is that coming from?

I also covered Primeserv, the business services group that seems to have had an excellent second half of the year to complement the great interim period.

Get the details on these updates and the Nibbles in Ghost Bites at this
link>>>

You do still have time to register for Unlock the Stock today featuring Attacq. The property group released a pre-close update this week, so there's fresh information to dig into. You can register for that here.

Also be sure to check out the new piece from Duma Mxenge of Satrix on why ETFs should play a bigger role in institutional asset allocation. Even if you are a retail investor, the underlying thinking here around the use of ETFs is absolutely valid. Read it here>>>

Have a great day!

SATRIX: The liquidity advantage - why ETFs should play a bigger role in institutional asset allocation

Institutional investors are increasingly incorporating Exchange Traded Funds (ETFs) into their portfolios, attracted by their cost efficiency, transparency, and liquidity. As the investment landscape becomes more complex and cost-sensitive, ETFs are proving to be a powerful tool for modern portfolio management.

Duma Mxenge explores their growing role in institutional investing, advantages over traditional investment vehicles, and their impact on market liquidity and institutional strategy.

Enjoy this piece at this link>>>

GHOST WRAP: The JSE Winners' Club in 2025

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>>>

PODCAST: Capital Markets in South Africa - the Think Big South Africa Competition

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>>>

GHOST BITES - Making sense of SENS on the local market

FirstRand has updated its guidance and reminded the market why it trades at a premium valuation. Primeserv's business support services model is doing very nicely. Get the details in Ghost Bites>>>

Unlock the Stock - Tharisa

In the 56th edition of Unlock the Stock, Tharisa returned to the platform to talk through their recent numbers and strategy in the PGM and chrome market. The recording of the management presentation and interactive Q&A is available at this link>>>

FORVIS MAZARS: Talent Scarcity: How South African Businesses can Overcome the Skills Shortage

With talent rising as a strategic priority in 2025, just under half of organisations in the Forvis Mazars C-Suite Barometer: Outlook 2025 continue to report a struggle to recruit talented people, with the emphasis shifting to high-quality employees at more junior levels. Daniella Frank and Susan Truter give more details. Get the details in Ghost Bites>>>

DOMINIQUE OLIVIER - DreamWorks: when collaborators become competitors

When you sideline a rainmaker, you can’t act surprised when they start making it rain somewhere else. This is the story of how one botched promotion led to the creation of a real thorn in Disney’s side - and set a whole new direction for the animation industry. Welcome to the tale of DreamWorks, as told by Dominique Olivier in this piece>>>

INVESTEC PODCAST: No Ordinary Wednesday - a 20-year perspective on global investing

Twenty years on, the managers of the Investec UCITS World Axis Core Fund reflect on what two decades of global investing have taught them and what investors should expect next. Join Investec Investment Management’s Head of Multi-Manager Investments Ryan Friedman and Fund Manager Bronwen Trower in conversation with Jeremy Maggs in this podcast>>>

International Business Snippet:

Carnival Corp enjoyed a strong response in the market to its second quarter results. That's no surprise, as they were ahead of expectations and even raised their full-year guidance at a time when the market isn't used to seeing that. They expect 2025 earnings to be around 40% higher than the prior year!

It seems that the trend of getting out there and living your life after the pandemic hasn't slowed down. If anything, it's accelerated - people want experiences more than they want things. Cruises certainly tick the box for experiences, even though I have less than zero desire to go on one.

This week, we are covering PepsiCo and all its problems that have led to massive recent underperformance vs. Coca-Cola. The entire research library in Magic Markets Premium is available for just R99/month. Invest in yourself and give it a try!

Magic Markets: Mesh.Trade and the Titans

Magic Markets listeners have become familiar with AnBro’s approach to building global equity portfolios with different mandates. Titans is just one such example, focusing on an equal-weighted portfolio of best-of-breed stocks across various sectors.

With Titans now available on Mesh.Trade’s platform alongside the other AnBro offerings, it was the perfect opportunity for Craig Antonie of AnBro to join us to talk about the fund strategy, accompanied by Connie Bloem of Mesh.Trade to talk about the platform offering.

We covered these topics here>>>

Macroeconomic indicators and macro update

Following the Israel-Iran ceasefire news, investor sentiment has improved, but President Donald Trump has once again unsettled markets with his remarks, which criticise Fed Chair Jerome Powell and question the Federal Reserve's independence.

This has weighed on the dollar index, which fell to its lowest level of the year overnight.

Despite this, US equity markets remain strong, with the S&P 500 and Nasdaq trading near record highs. European futures are mixed this morning, Chinese stocks are down, while the Nikkei is trading notably higher, buoyed by gains in semiconductor-related shares.

The South African rand continues to strengthen against the softer dollar, having reached its best levels of the year. The JSE All-Share index is expected to open flat today.

Gold prices have edged up, supported by the weaker dollar, while oil prices are slightly higher but still close to their lowest levels in the past two weeks.

This update is provided by Shaun Murison. Connect with him on LinkedIn here.

Key Indicators: USD/ZAR R17.66/$ | US 10yr 4.27% | Gold $3,338/oz | Platinum $1,374/oz | Brent Crude $65.09