| Good morning Voornaam, Well, nobody can accuse Harmony of being all bark and no bite when it comes to copper. They've announced an R18 billion acquisition of MAC Copper, a clear sign of intent that they are serious about adding meaningful exposure to this metal to their portfolio.
We saw a number of financial updates on the local market yesterday. The standout examples were Pepkor (everything looks good except Avenida), Datatec (everything looks good full stop) and Bidcorp, where emerging markets are doing better in relative terms than developed markets.
There were a number of other earnings updates as well, including Altvest, Coronation, Insimbi Industrial Holdings, Novus, Reinet, Stefanutti Stocks and Zeda. I went into a fair bit of detail on some of these names, so grab a coffee and get stuck in.
You'll also find news of British American Tobacco selling more of its stake in ITC in India, with the proceeds used to reduce debt and fund more share buybacks.
Get the details on all these updates and the Nibbles in Ghost Bites at this
link>>>
We spend a lot of time in Ghost Mail learning about the equity market. The debt market is also incredibly important, as it connects institutional investors with borrowers who are large enough to do proper debt programmes. Ian Norden of Intengo Market brings you a new article with some great stats around the industry and an explanation of how the major roleplayers participate. Find it here>>>
Greencoat Renewables is coming to the JSE soon and will be on Unlock the Stock this week. You can meet the management team on Thursday at 12pm on the webinar provided you register here>>>
All work and no fun is no way to live. Investec knows this, which is why their excellent Investec Focus Radio offering now includes a wine podcast as well. Episode 1 of Wine in Focus is hosted by Lerato Motshologane, a dealmaker at Investec and founder of Discover Wines. If you're keen to learn more about investing in wine, you'll love this podcast>>>
Have a great day! |
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| SATRIX: A Day in the Life of a Portfolio Manager at Satrix |
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| | | Ever wondered how the nuts and bolts of ETFs work? What goes into index tracking and making sure that it is achieved at the lowest possible cost? And are all indices created equal from a complexity perspective?
Lauren Jacobs (Senior Portfolio Manager at Satrix) shows you what a day in the life of a portfolio manager looks like.
Get ready to learn and be inspired 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 WRAP: April's droppers and whoppers |
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| There may have been many public holidays in April, but that didn't stop the market from reacting to the broader geopolitical turmoil. With recession concerns as a key theme, which stocks did well and which ones delivered a nasty drop? This podcast is an overview of recent big share price moves among larger local companies on the JSE, revealing some interesting trends. Ghost Wrap is brought to you by Forvis Mazars. You can find the recording and the transcript at this link>>> |
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| GHOST BITES - Making sense of SENS on the local market |
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| | | Harmony announced a major copper acquisition. British American Tobacco is selling more of its stake in ITC in India. Pepkor's results look great, as do Bidcorp and Datatec. Altvest, Coronation, Insimbi Industrial, Novus, Reinet, Stefanutti Stocks and Zeda added to a busy day. Get the details in Ghost Bites>>> |
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| Unlock the Stock - Astoria Investments |
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| In the 53rd edition of Unlock the Stock, Astoria Investments returned to the platform to talk about the recent results and the strategic focus going forwards. The recording of the management presentation and interactive Q&A is available at this link>>> |
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| DOMINIQUE OLIVIER - The court of public opinion: does it matter? |
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| | | Public backlash may be loud, but it appears as though capitalism has noise-cancelling headphones. Using SeaWorld and Duolingo as examples, Dominique Olivier examines whether the bark of social media outrage has any bite in this great piece>>> |
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| INVESTEC PODCAST: Wine in Focus - Investing in Wine and Pairing Enjoyment with Returns |
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| | | Wine in Focus is an Investec Focus Radio five-part vodcast series hosted by Lerato Motshologane, a dealmaker at Investec for Business and founder of Discover Wines. Lerato chats to wine makers, investors, farmers and judges on everything from how to invest in wine, to innovations changing the way we farm, and South Africa's growing prominence on the international fine wine market. Get the insights in this podcast>>> |
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| International Business Snippet: |
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| Getty Images is suing Stability AI, a UK-based startup with text-to-image offerings. As you've no doubt guessed, the allegation is that the AI model has been trained on copyright-protected material, which is no different to theft. Perhaps I'm biased as a creator, but it's high time that the AI world was given a bloody nose in court. AI models that enhance productivity are one thing, but going after the arts (the thing that makes us human) with no consequences cannot be right.
Those who are hoping that Europe will respond to the worries around US Exceptionalism by finding new ways to grow should look away now. Although it's just one example, Vodafone reported another drop in Germany, the group's largest market. Although they attribute this to changes in pay-TV laws and increased competition in mobile in general, it's just one more reminder in a long list of reminders that Europe is a great place to travel rather than invest.
This week in Magic Markets Premium, we've covered Simon Property Group. The iconic US REIT is mainly focused on premium retail properties, which means that it's the pick of the litter when it comes to retail REITs in that market. But the first step is to decide whether you want such a pet in the first place. Are the risks to developed market retail property too great? As our subscribers will find out in the research, it's pretty 50-50 at thhe moment. |
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| Magic Markets: US Downgrade and JPMorgan Views |
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| | | Magic Markets: The US credit downgrade by Moody’s wasn’t a huge surprise, as they are just playing catch-up to what other ratings agencies already did. The complacency in the market in response to the downgrade is interesting though, as it became the catalyst for us to talk about the dollar as the world’s reserve currency.
In the same week, a JPMorgan investor day provided an excellent opportunity to dig into the wisdom of not just Jamie Dimon, but CFO Jeremy Barnum as well. Aside from some insights into JPMorgan’s view on the economic outlook, Barnum delivered an absolute masterclass in capital allocation.
We covered these topics here>>> |
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| Macroeconomic indicators and macro update |
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| The market update will return tomorrow.
Key Indicators: USD/ZAR R17.98/$ | US 10yr 4.47% | Gold $3,305/oz | Platinum $1,079/oz | Brent Crude $64.25 |
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