| Good morning Voornaam, My brand promise is to cover everything that comes out on SENS each day. Yesterday was a great example of one of those days where I questioned my sanity. There were over 30 announcements, not including the ones that just aren't relevant for decision making. This is why Ghost Mail is late this morning.
In addition to the Nibbles section of Ghost Bites that deals with the smaller stuff, there were 13 major company announcements to get through. It's hard to pick which ones matter the most, but I do think the Barloworld deal is worth highlighting. As I fully expected, the parties only wanted to reach minimum acceptances that would give them control over Barlworld. This has now happened, so the deal should technically go ahead unless there's a major regulatory or other surprise.
In the property sector, it was a busy day of news from the Resilient and Lighthouse duo, along with MAS and Spear. There's plenty to dig into across these names, like footfall trends in South Africa and Europe and rental renewal rates in the Western Cape.
We also saw updates from the "real" economy (industrials and mining) from AECI, African Rainbow Minerals, ArcelorMittal, Exxaro, Invicta and Sephaku.
To round off a juicy day, Goldrush and Lesaka Technologies are worth looking at.
There's only one place in South Africa where you can get all of this in one click. You'll find Ghost Bites here>>>
For a helpful macro overview this morning and thoughts on the global economy, you can enjoy the latest No Ordinary Wednesday podcast, brought to you by Investec. Jeremy Maggs speaks with Annabel Bishop and Phil Shaw about topics ranging from the oil price and US tariffs to the South African growth outlook. Enjoy it here>>>
Finally, the latest Magic Markets podcast gave us an opportunity to dig into insights from some of the companies we've covered on Magic Markets Premium. To learn more about Berkshire Hathaway, BAE Systems, 3M, Waste Management and Alibaba, click here>>>
Have a great day! |
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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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| GHOST WRAP: The JSE Winners' Club in 2025 |
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| | | At the halfway mark in 2025, we've lived through some huge geopolitical shifts. The world's gaze has shifted beyond just the US market.
Many investors choose to stick with what they know in times like these. This means homegrown favourites on the JSE.
But which stocks have been the big winners thus far this year, and what do they have in common?
Enjoy it here>>> |
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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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| | | An exceptionally busy day of news saw financial updates from AECI, Exxaro, Goldrush, Invicta, Lighthouse, MAS, Resilient, Spear REIT and Sephaku. News of corporate actions came through from African Rainbow Minerals, ArcelorMittal, Barloworld and Lesaka Technologies. 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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| 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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| DOMINIQUE OLIVIER - The catch that's catching up with us |
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| Beneath the waves, a silent collapse is underway. As fish stocks dwindle, so do the jobs, meals and communities built around them. But it’s not too late for us to make a meaningful change. Dominique Olivier explains how to balance conservation with people whose livelihoods depend on the ocean. Read it here>>> |
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| INVESTEC PODCAST: No Ordinary Wednesday - tensions, tariffs and the fragile global economy |
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| | | At the midpoint of 2025, the global economy stands at a precarious intersection of cooling inflation on one side and rising geopolitical tensions on the other. In this episode of No Ordinary Wednesday, Jeremy Maggs speaks with Investec Chief Economists Annabel Bishop (South Africa) and Phil Shaw (UK) about the shocks and signals shaping markets. Enjoy it here>>> |
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| International Business Snippet: |
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| With the US market merrily reaching all-time highs, Meta has gotten in on the action with its own record high. Aside from the broader market trend that certainly helps, the company has been on quite the AI hiring spree. If there's one thing that Zuckerberg isn't shy to do, it's throw money at growth areas.
He also knows how to pick a juicy name, with Meta calling it the Superintelligence Labs. I remain happily long, with Meta as one of my largest positions.
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: Insights from five global companies |
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| | | In this episode of Magic Markets, Mohammed Nalla and The Finance Ghost decided to each choose three companies from the recent research in Magic Market Premium, with the goal being to discuss some of the most interesting insights that came out of each one.
Both chose Berkshire Hathaway (predictably), so there were actually only five companies to discuss. Luckily, this left more than enough meat on the table. This podcast highlights some of the best insights from research into Berkshire Hathaway, BAE Systems, 3M, Waste Management and Alibaba.
Enjoy it here>>> |
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| Macroeconomic indicators and macro update |
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| The S&P 500 and Nasdaq both closed at record highs yesterday, finishing the second quarter on a strong note. However, futures are mostly flat this morning.
European equity markets declined overnight, reflecting unease ahead of the upcoming trade deal deadline on July 9. This morning, European futures are tracking sideways as well.
In Asia, markets are mixed: South Korea’s Kospi is higher, Japan’s Nikkei is lower, and Hong Kong is closed for a holiday. Ongoing trade tensions and tariff issues continue to influence investor sentiment. The absence of a US-Japan trade agreement, along with President Trump’s recent critical comments about the region, may be contributing to the Nikkei’s underperformance today.
The US dollar index fell to new multi-year lows yesterday as investors weigh progress on the U.S. tax-cutting and spending bill, which is advancing slowly through the Senate. The Congressional Budget Office projects the bill could add $3.3 trillion to the national debt over the next decade.
The South African rand remains strong against the weaker dollar, largely unaffected by near-term politics. The JSE All Share index is expected to open flat, balancing moves from its global index peers.
Oil prices remain subdued following the Iran-Israel ceasefire, while gold prices are gaining, supported by the softer dollar and investor caution ahead of next week’s trade deal deadlines.
This update is provided by Shaun Murison. Connect with him on LinkedIn here.
Key Indicators: USD/ZAR R17.62/$ | US 10yr 4.20% | Gold $3,337/oz | Platinum $1,354/oz | Brent Crude $66.81 |
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