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Good Morning Voornaam,

Most of the focus yesterday was on the mining houses: South32, Gold Fields and Sibanye-Stillwater all released results. They varied considerably, with Sibanye firmly in last place thanks to various issues including the local gold strike that drove a 65% drop in production vs. the preceding six months.

I felt that Italtile deserved a special mention, though. The year to June 2022 was a tricky period, as the base year included substantial investment in home improvement by South Africans. As the pandemic began to fade, the riots hit our country and many wealthy South Africans headed straight back to the emigration websites that they had ignored over the prior year. When consumer confidence is low, home improvement spend tends to fall over.

Italtile's system-wide turnover fell by 6%, yet trading profit was up 6% and HEPS increased by 9%. That's a solid performance in a clearly challenging period!

For these updates and many more (including financial updates from Adcock Ingram, Distell, Balwin, Hulamin, Murray & Roberts, Octodec and others), be sure to get your daily dose of Ghost Bites.

Learn from webinars

There are two excellent webinar recordings for you to learn from:

In the inaugural bizval webinar, I presented on the art and science of valuations with one of my bizval co-founders, Graham Stephen. There was a vibrant Q&A session at the end, confirming the hunger for knowledge in this area of finance. Watch the bizval webinar at this link>>>

Yesterday's TreasuryONE webinar was a great way to learn about the macroeconomic drivers behind inflation and currency movements, with many insights into economic growth as well. Watch the TreasuryONE webinar at this link>>>

DealMakers

Every Friday, the team from DealMakers gives us their excellent summaries on corporate activity in the South African market, split by M&A deals and other corporate activity. There's also an interesting article on whether the B-BBEE commission is overstepping its powers.

Daily Market Wrap with TreasuryONE

The rand was slightly on the front foot yesterday, trading back below R16.80 after a tough week. The local PPI print came out at 18% year-on-year for July, exceeding the expectation of 17.6%. As we've highlighted all week, the focus is on the Jackson Hole Symposium and especially Fed Chair Jerome Powell's speech scheduled for later today. We could be in for some volatility on Monday morning!

Podcasts

There's a brand new Magic Markets episode for you to enjoy. In Episode 90, we spoke to Petri Redelinghuys about some of the holdings in the portfolios (local and offshore) that his team manages on behalf of clients.

In Episode 3 of Ghost Stories, Carel Nolte of EasyEquities joined me to discuss insights from the data they have on how investors behave in their portfolios. It was a really great discussion!

Have a terrific weekend and get some rest.

Ghost Bites Vol 77 (22)

With a trio of mining sector earnings releases (South32, Gold Fields and Sibanye), it was a busy day. Italtile, Blue Label, Adcock Ingram, Distell, Balwin, Hulamin, Murray & Roberts and others were in the mix.

TreasuryONE webinar: Inflation, rate hikes and recession

The recording of the latest TreasuryONE webinar is available. Watch the video to learn more about the drivers behind the inflation and currency movements that have defined the market in recent months.

Demystifying the art and science of valuations - bizval webinar recording

Watch The Finance Ghost and Graham Stephen demystify the art and science of valuations. The bizval online valuation tool has been built to help founders value their businesses at an affordable cost.

Who's doing what this week in the South African M&A space?

Weekly summary of Merger & Acquisition activity by South African companies

Weekly corporate finance activity by SA exchange-listed companies

Weekly summary of corporate finance activity by South African exchange listed companies

Thorts: Is the B-BBEE Commission overstepping its powers?

South Africa's B-BBEE Commission - the "enforcer" of BEE compliance - has, in recent months, found itself on the wrong side of the law

Magic Markets Ep90: The Herenya Portfolios

Petri Redelinghuys and his team at Herenya manage portfolios on behalf of clients in addition to running the trading community. We dig into some of the holdings.

Listen Now

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