| Good morning Voornaam, It's mini-budget day! If you're still figuring out what to look for and why this is so important, then check out Investec's No Ordinary Wednesday podcast featuring Annabel Bishop and Tertia Jacobs in conversation with Jeremy Maggs to unpack this topic. Enjoy it here>>>
When I found out that I would be doing a podcast with Yusuf Wadee of Satrix on Shari'ah-compliant investing, I was genuinely excited to learn more about this area of finance. He certainly didn't disappoint, with a terrific discussion tapping into his deep experience in the markets and this particular field of investing. Satrix has just listed the Satrix MSCI World Islamic ETF, addressing the issue of a small universe of Shari'ah-compliant stocks in the JSE Top 40. This podcast will help you understand the rules applied in these indices and how the underlying sector exposures change as a result. Regardless of your faith, there's plenty to learn here about investing.
In company news, the story of the day was surely Shoprite. This juggernaut is still growing at a double-digit rate, gobbling up market share from competitors and especially from Pick n Pay. The latest sales update from Shoprite is a reminder of just how strong they are.
Elsewhere, we saw trading statements or earnings updates from Coronation, enX, Salungano and Vunani. In deal news, I'm afraid that the Competition Tribunal has decided that billions in investment in fibre sounds too much like a good time for South Africa, so they've prohibited the deal to merge Vodacom and Remgro's fibre assets. We await the reasons for the decision and they better be good, considering the huge public interest benefits that have been thrown away here.
Finally, Trematon released the circular for the Aria Property disposal.
Get all these stories plus the usual assortment of Nibbles in Ghost Bites here>>>
If you're looking for more insights into local companies, then I have a couple of other options for you. For a gold mining fix, check out the Unlock the Stock presentation featuring Pan African Resources. This gold miner is on a great trajectory at the moment, as explored in this presentation and management Q&A. On the retail side, the latest Ghost Wrap podcast is a helpful six-minute summary of recent retail news. I covered Clicks, Dis-Chem, The Foschini Group and Cashbuild. Brought to you by Forvis Mazars, you'll find it here.
Have a great day!
PS: don't leave your 2025 financial planning until 2025! I know it's nearly the end of the year, but this is the time to push through and prepare. To help you navigate this process, here's a great piece from Satrix on things to focus on. |
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| THE TRADER'S HANDBOOK: Insights and strategies for currency markets |
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| | | In this episode of The Trader's Handbook, Shaun Murison from IG Markets South Africa joined me once more to explore the fascinating and often misunderstood world of forex trading.
We broke down the complexities of currency pairs, leverage, and volatility while dispelling common misconceptions about the risks involved.
The podcast and detailed transcript are available here>>> |
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| INVESTEC: India a gateway to outsized emerging market opportunities |
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| As the global economy shifts from a high inflation and high interest rate environment into the next interest rate cutting cycle, global investors are casting their net wider in their search for returns. India is an attractive opportunity. Investec explains why in this article>>> |
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| SATRIX: Shari'ah-compliant Investing |
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| | | Shari'ah-compliant investing in South Africa just got a major boost with the listing of the Satrix MSCI World Islamic ETF on the JSE in October.
Yusuf Wadee of Satrix joins me to unpack this fund and the fascinating Shari'ah principles in general. There's much to learn here, regardless of whether your faith requires you to invest based on these principles.
Along with a detailed transcript, you'll find it here>>>
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| SATRIX: Don't wait until 2025 for your financial goals |
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| Satrix: As October (which also happens to be Financial Planning Month) draws to a close, it’s easy to just write off the rest of this year and promise yourself that you’ll start in January. Instead, this is the time to plan and build momentum. Satrix gives some great practical tips here>>>
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| DOMINIQUE OLIVIER: How Marvel cracked the Universe |
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| | | Getting warm bodies in cinema seats is no easy feat in the age of streaming (just ask the likes of Ster-Kinekor or NuMetro). Yet despite the rising challenge, Marvel managed to create something in 2008 that drew audiences back to cinemas in droves – and they managed to keep that drive going for just over a decade. How did they do it and why hasn't DC done the same? Find out here>>> |
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| Ghost Bites - local company news: |
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| Ghost Bites: The latest on Coronation, enX, Salungano, Shoprite, Trematon, Vodacom, Vunani and numerous Nibbles in Ghost Bites here>>> |
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| Unlock the Stock - Pan African Resources |
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| | | Unlock the Stock: Pan African Resources returned to the platform to talk about the performance and prospects in an environment of favourable gold prices. Enjoy the presentation and Q&A here>>> |
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| Investec podcast: mini-budget preview |
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| | | In the latest episode of the No Ordinary Wednesday podcast, Investec Chief Economist Annabel Bishop and Treasury Economist Tertia Jacobs discuss the Finance Minister's priorities ahead of the mini budget on 30 October. Enjoy it here>>> |
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| International Business Snippet: |
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| This shouldn't come as a huge shock to you if you've been regularly reading this section of Ghost Mail, as I've been highlighting the catastrophe in the European automaker industry. Volkswagen has reported a 42% drop in operating profit in the third quarter, with vehicle sales down by 8.3%. Therein lies exactly what I've been trying to show you - the Chinese and other competitors only need to take a portion of the market for it to cause a disaster in Europe, as the fixed cost manufacturing base at the likes of Volkswagen just cannot cope with a drop in volumes.
Perhaps one day, European regulators will look back on their policies that made the continent less and less competitive on the international stage.
At least UBS is doing well, with the Swiss bank enjoying the clients that it absorbed from collapsed rival Credit Suisse. Net profit came in at more than double expctations. After a recent beat from Deutsche Bank as well, there's positive momentun in European banking.
Our latest research in Magic Markets Premium is on Netflix. As the clear winner in the streaming wars, this has become a great business. Is it great enough to justify the valuation? You'll find out in the latest report for our subscribers this week. |
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| Magic Markets: What can we learn from market sector rotations? |
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| | | Magic Markets: Although there’s a risk of churning your portfolio too often if you become obsessed with short-term market movements, there’s a lot of value to be gained from the way Mohammed Nalla does his quarterly rotation work for institutional clients. In this episode, we cover recent sector performance in the US market and where some of the future gains may be found. Find it here>>> |
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| IG Markets Morning Call: daily macroeconomic update |
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| US and European index futures, along with Asian equity benchmarks are trading in negative territory this morning ahead of a busy day in terms of high impact data. Our local bourse the JSE All-Share Index is in turn expected to open up slightly lower today as well.
In the US we are expecting ADP Non-Farm Payroll and Advance GDP data this afternoon, while this evening will see tech heavyweights Meta and Microsoft releasing quarterly results. At home we have the Mid-Term Budget Speech set for release later today as well.
The dollar has softened slightly along with US Treasury Yields. The rand is marginally firmer this morning.
Oil prices remain at depressed levels after Israel’s retaliatory airstrike on Iran bypassed oil and nuclear facilities within the region.
Gold has extended gains into new high territory supported by the slightly softer dollar, as well as geopolitical and US election uncertainty.
Key Indicators: USD/ZAR R17.70/$ | US 10yr 4.24% | Gold $2,780/oz | Platinum $1,044/oz | Brent Crude $71.00
The macroeconomic update is based on the morning call update by IG Markets |
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