| Good morning Voornaam, Regular Ghost Mail readers will know that I bought Prosus earlier this year when the market dished up an absolute gift in the form of a strange sell-off. I'm so glad I did. Fabricio Bloisi's strategic focus continues to pay off, with the latest numbers at Naspers - Prosus telling a story of a regional ecosystem approach that is blossoming.
In gold, Harmony is delivering at exactly the right time. A pre-close update reflects the achievement of production guidance and other important metrics that are either better than or in line with expectations.
In deal news, the game of corporate whiplash continues at Assura: they've now decided to support the Primary Health Properties deal! In much much smaller deal news, AH-Vest is being taken private.
And finally, Goldrush released its first trading statement in its HEPS era as the company no longer applies investment entity accounting.
Get the details on all these updates and the Nibbles in Ghost Bites at this
link>>>
There's a new Unlock the Stock recording for you to enjoy. Tharisa joined us recently to talk through their strategy and how they are navigating the current PGM and chrome market dynamics. You can enjoy it here>>>
Be sure to register for the next Unlock the Stock on Thursday, where we will be welcoming the management team of property group Attacq. As ever, attendance is free, but you need to register here to attend.
To end off, there's a 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! |
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| FORVIS MAZARS: Talent Scarcity: How South African Businesses can Overcome the Skills Shortage |
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| | | 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>>> |
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| SATRIX: The liquidity advantage - why ETFs should play a bigger role in institutional asset allocation |
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| | | 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>>> |
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| PODCAST: Capital Markets in South Africa - the Think Big South Africa Competition |
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| 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>>> |
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| GHOST BITES - Making sense of SENS on the local market |
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| | | The excellent momentum at Naspers - Prosus continues. Assura is now backing the Primary Health deal in yet another example of corporate whiplash. Harmony is delivering at the right time. Goldrush released a trading statement. AH-Vest is being taken private. Get the details in Ghost Bites>>> |
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| Unlock the Stock - Tharisa |
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| 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>>> |
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| DOMINIQUE OLIVIER - DreamWorks: when collaborators become competitors |
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| | | 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>>> |
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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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| For all the concern around the US consumer, Darden Restaurants beat revenue and earnings estimates and put out decent growth expectations for the 2026 financial year. Of course, there's a big difference between beating expectations and heading in the right direction - in this case, EPS was flat year-on-year despite double-digit growth in net sales.
So, in the same week, we had supermarket group Kroger talking about how they are winning share from restaurants, while Darden is convinced that consumers are still spending on casual dining. This implies that fast food is losing out in the middle, so keep an eye on those players.
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! |
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| Magic Markets: Mesh.Trade and the Titans |
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| | | 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>>> |
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| Macroeconomic indicators and macro update |
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| Markets are breathing a sigh of relief following US President Donald Trump’s surprise announcement late Monday that Israel and Iran have agreed to a full ceasefire, potentially bringing an end to the nearly two-week conflict.
The news has lifted US and European index futures, as well as Asian equity markets, with the JSE All-Share Index poised to open higher in line with its global counterparts.
Safe-haven assets such as the US dollar and gold have weakened overnight amid improved risk sentiment. Brent crude oil prices have dropped more than 10% since yesterday, as concerns ease over Iran potentially blocking the Strait of Hormuz - a vital passage for about one-fifth of the world’s oil supply.
This update is provided by Shaun Murison. Connect with him on LinkedIn here.
Key Indicators: USD/ZAR R17.76/$ | US 10yr 4.33% | Gold $3,323/oz | Platinum $1,278/oz | Brent Crude $66.00 |
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