| Good morning Voornaam, This was a really fun week of news. I enjoy normality on SENS, as it gives me an opportunity to dig into each story instead of trying to give an overview of 15 - 20 updates per day. I hope you've enjoyed it as well!
Enjoyment hasn't been on the menu for the MultiChoice balance sheet for a while now. If it wasn't for the Canal+ deal, I think that share price would now be in the relegation zone. Sport is keeping them alive, with the group investing heavily in Showmax. I hope Canal+ has a plan, because MultiChoice has even started blaming piracy for their problems! Yikes.
In mining news, Jubilee Metals is selling the South African chrome and PGM assets in a deal that makes strategic sense. Alphamin has a new controlling shareholder, so we will have to wait and see if that triggers any kind of larger offer to shareholders.
In property, Fairvest bought several retail properties from Collins Property Group. Over at NEPI Rockcastle, they are looking for a new CEO, so dust off that CV!
Brimstone's INAV per share looks like it went a few rounds with Dricus this quarter, so that's not ideal. Finally, the JSE has imposed a censure on AYO Technology.
Get the details on all these updates and the Nibbles in Ghost Bites at this
link>>>
For more from the mining sector, you can join Tharisa on Unlock the Stock on 12th June (that's next week Thursday). This is a wonderful opportunity to engage directly with the management team. Attendance is free but you must register here>>>
Buckle up for a fantastic new Ghost Stories podcast featuring Siyabulela Nomoyi of Satrix. We decided to do a life-after-COVID show looking back on five years of the markets. Siya dug into the stats and brought excellent insights to the discussion. I cannot recommend this enough. Find it here>>>
Then, for a much longer-term view, the latest episode of Investec No Ordinary Wednesday focuses on a 20-year perspective on global investing. Hosted by Jeremy Maggs, this episode features the managers of thhe Investec UCITS World Axis Core Fund. Enjoy it here>>>
A podcast triple-header is completed by a fresh episode of Magic Markets. Inspired by another triple-header, being three weekends of Formula One races in a row, we decided to talk about Saudi Aramco (and broader oil price trends), as well as the incredible story of Ferrari's share price and how it has nothing to do with their performance in Formula One. Find it here>>>
Have a great Friday and we look forward to seeing you for Ghost Mail Weekender on Sunday! |
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| SATRIX: Life after COVID - a five-year review of the markets |
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| | | Five years ago, the world was a wild place. We were "staying home and staying safe" - and global central banks were cutting rates dramatically in an effort to stimulate economies under impossible circumstances.
With a great selection of statistics to share with the listeners, Siyabulela Nomoyi of Satrix was a wealth of knowledge in this podcast about how markets have performed in recent years, particularly in terms of which indices did well and which were disappointing.
Get a healthy dose of market insights at this link>>> |
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| Intengo Market: Nuances of the South African Listed Debt Market |
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| South Africa’s listed debt market presents an intriguing blend of opportunities and challenges. Characterised by its unique structure, participant dynamics, and liquidity constraints, this is a space worth examining for institutional and retail investors alike. This overview is brought to you by Intengo Market. Enjoy it here>>> |
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| GHOST BITES - Making sense of SENS on the local market |
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| | | MultiChoice is still making losses. Fairvest has bought a few properties from Collins. Alphamin has a new majority shareholder. Jubilee Metals is selling the chrome and PGM assets. Brimstone's NAV plummeted. NEPI needs a new CEO. AYO got censured. Get the details in Ghost Bites>>> |
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| Unlock the Stock - Calgro M3 |
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| In the 54th edition of Unlock the Stock, Calgro M3 returned to the platform. With a new CEO in place, they discussed the recent numbers and the growth strategy. The recording of the management presentation and interactive Q&A is available at this link>>> |
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| DOMINIQUE OLIVIER - Red Bull: the thing with wings |
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| | | With over two-thirds of the energy drink market in a vice grip, Red Bull isn’t just a beverage - it’s the undisputed overlord of its category. But what does any of this have to do with death-defying stunts, football teams and the youngest Formula 1 driver in history? Welcome to perhaps the best example of lifestyle marketing in the world. Give yourself wings here>>> |
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| INVESTEC PODCAST: No Ordinary Wednesday - a 20-year perspective on global investing |
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| | | 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>>> |
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| International Business Snippet: |
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| As US politics basically had a meltdown last night, with Musk and Trump hurling toddler-in-the-sandpit level insults at each other, the Tesla share price closed over 14% lower. I've never been a Tesla shareholder, purely because Musk is such a risk factor.
But before I could feel too smug, Lululemon dished out a whipping with the share price down 22% in after-hours trading. That one sadly hit me right between the eyes, as it seems that my recent dip-buying efforts in the stock weren't successful. Lululemon beat on first quarter expectations, but then cut full-year guidance. The US business is the stress point for them and as you can imagine right now, the tariff risks and overall consumer worries aren't helping.
Another company caught in this East - West fight is NVIDIA, where the latest quarter was severely impacted by a ban on certain exports to China. It's easy to forget at times that NVIDIA is a US-based company! Our latest research in Magic Markets Premium focuses on NVIDIA's recent performance, the impact of this ban going forwards and what this means for the share price. To get this research and a new report on global stocks every week, subscribe for just R99/month! |
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| Magic Markets: From analyst to entrepreneur |
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| | | Magic Markets: Muofhe Kwinda is a Magic Markets listener who reached out to us because he has an interesting story. He’s made the leap from being a financial analyst in the investment space to being an entrepreneur, with business interests in mining and agriculture.
We couldn’t resist the temptation to tap into what he’s learnt by moving from desktop analysis of companies into the “real world” where you can actually taste the effect of working capital pressure. There’s a big difference between thinking of a bear case and experiencing the day-to-day operational risks of doing business.
We covered these topics here>>> |
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| Macroeconomic indicators and macro update |
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| A bitter dispute between US President Donald Trump and billionaire Elon Musk led to a dramatic 14% drop in Tesla shares overnight, wiping out $150 billion in market value. The tension escalated after Musk openly criticized Trump's recent tax and spending legislation, prompting Trump to threaten cuts to federal contracts and subsidies for Tesla and SpaceX.
Meanwhile, a trade-related phone call between Trump and Chinese President Xi Jinping resulted in little more than an agreement to continue discussions.
US futures are signaling a positive start to the trading day, while European markets are mixed in early trading. Asian equity markets are mostly higher this morning.
The euro climbed to a six-week high of $1.1495 following the European Central Bank’s rate cut, though the ECB indicated it is nearing the end of its policy easing cycle.
Investors are now focused on this afternoon’s US employment data, which could provide fresh market direction.
The South African rand remains flat against the dollar in early trade, suggesting a quiet start for the JSE All-Share Index.
Gold prices edged up slightly, supported by a softer dollar this morning.
Oil prices slipped on Friday but are on track for their first weekly gain in three weeks, buoyed by renewed trade talks between Trump and Xi Jinping that have raised hopes for stronger growth and demand in the world’s two largest economies.
This update is provided by Shaun Murison. Connect with him on LinkedIn here.
Key Indicators: USD/ZAR R17.74/$ | US 10yr 4.39% | Gold $3,361/oz | Platinum $1,175/oz | Brent Crude $63.79 |
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