My mission in Ghost Mail is to empower investors to the greatest extent possible. This is the resource that I wish had existed earlier in my career, filled with articles and podcasts that will help you understand the markets and the world of business. A perfect example is the Ghost Stories podcast with Nico Katzke of Satrix, in which we talked about the delights and dangers of dividends. Listen to it here>>>
Property, retail and so much more - in just a few minutes
The Ghost Wrap podca st is designed for busy people. You literally need just a coffee break to get the latest on Fortress, Truworths, Woolworths, Bidcorp, Cashbuild, KAP and Motus, all thanks to Mazars. Find it here>>>
If you have a little bit longer...
The past four episodes of Magic Markets have delivered really useful updates on recent results from global companies. Here they are, including Episode 141 hot off the press:
So, you want to start a business?
Huenu Solsona has founded several businesses that you might be familiar with, including the Galileo Open Air Cinema and Adventure Bootcamp. Her recipe for success is based on two key princ iples: extensive global travel to spot opportunities and an absolute commitment to building businesses that are fun. For a dose of inspiration, you can find my chat with her on the bizval podcast at this link>>>
Filling capacity, contract by contract
Aspen has a lot of capacity to fill. This is a classic case of "build it and they will come" at the manufacturing facility in Gqeberha, with R6 billion having been invested by the company to expand capacity. Aspen is positioning itself as a manufacturing and distribution gateway to Africa for multinational pharmaceutical brands, with a fourth contract now announced.
Other updates include Calgro M3's trading statement and Capital & Regional closing the Gyle shopping centre acquisition. Finally Grindrod Shipping gives us a lesson in how cyclical shipping is, inspiring my chart of the day that splits out vessel revenue from ship sale revenue.
I've also included my interview from earlier this week with Gugulethu Mfuphi on Kaya Biz. We talked about Shoprite's results and my views on retail.
You can get all these insights with a single click in Ghost Bites this morning. Find it at this link>>>
Shock! Horror! The US economy is still pumping
The release of the ISM services index in the US revealed a widespread increase in activity, beating expectations. New orders and employment both increased, giving this index the highest employment reading since November 2021. From an inflation perspective, it's notable that the prices paid category showed a second consecutive monthly increase, after a consistent decline for the past eighteen months.
As TreasuryONE explains, this suggests that inflation risks are still present in the economy, which casts uncertainty on whether the Fed will stay put or implement rate cuts in the first half of next year. Headline CPI isn't going to drop unless services inflation decreases, which isn't happening anymore.
The rand is at R19.24 this morning, reflecting pressure on emerging markets. It's worth noting that the Polish zloty (there's a new currency for the day) fell after a 75 basis points cut by its central bank, eroding the carry trade appeal.
Brent Crude remains above $90, boosted by OPEC+ production cuts that certainly don't help South African consumers.
Have a great Thursday!
PS: it's not too late to register for these events today, but they unfortunately overlap. You can attend Unlock the Stock at midday to engage with Harmony Gold, or you can attend a Jaltech webinar at midday about solar for property owners and how to fund these projects.
