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Good morning Voornaam,

On a busy day for the mining sector, Barloworld suffers the upstream effect of lower commodity prices and poor infrastructure support in SA.
Is Microsoft changing its gaming strategy?
TreasuryONE comments on contradictory US economic data.
The Magic Markets podcast showcases the momentum in alternative assets, together with Westbrooke.
There's a brand new Ghost Wrap podcast bringing you the latest on Sasol, ArcelorMittal, Sappi, Curro and British American Tobacco - available here

Are you a founder of a business? Do you want to know more about "bootstrapping" vs. raising funding? The next bizval webinar will tackle this topic. Attendance is free for this webinar scheduled for 21st February at midday, but you need to register here>>>

Unlock the Stock is back! The first event of the year will welcome Afrimat back to the platform to talk about recent numbers and the prospects of the business. Attendance is absolutely free but you must register here>>>

(PS: if you would've loved to see your brand in that paragraph, Unlock the Stock is currently open to sponsorship discussions)

Local company news:

When commodity prices move lower, the mining industry watches juicy profits disappear. The only thing you can be certain of in this sector is that dividends will be more volatile than your crazy aunt at family lunches.

Case in point: South32. The dividend is 92% lower year-on-year. Welcome to the jungle.

Second case in point: Barloworld, sitting further up the value chain and exposed to the mining industry as a whole. When you're selling shovels in the gold rush (almost literally), there should be a much smoother result than at mining level. Indeed, revenue in Equipment southern Africa is only down 2%. Depressingly for South Africans, Equipment Mongolia (also a mining business) saw revenue grow 20%. We have a a problem in our country, folks.

Also in Ghost Bites, Aveng is changing its reporting currency to Australian Dollars and released a great trading statement as well. Blue Label Telecoms released a trading statement which isn't exactly simple - so nothing new there. There's good news at small cap 4Sight though, for those who dabble in the really unusual stuff.

Also look out for impairments at BHP, really tough numbers at KAP, an update full of narrative rather than numbers at Nampak and yet more helium delays at Renergen. To finish off a very busy day of news, the independent board at MC Mining doesn't like the take-private offer from the consortium.

Get all the details in Ghost Bites>>>

For an efficient and insightful update on local news, the Ghost Wrap podcast should be a staple on your favourite podcast player. Made possible by Mazars, the latest episodde needs just 6 minutes of your time to update you on Sasol, ArcelorMittal, Sappi, Curro and British American Tobacco. Get it here>>>

You can also enjoy my latest Namibian radio segment, covering Santam, Transaction Capital, Cashbuild, Anglo American and why it was so lucrative to be an early employee at groups like Naspers. Find it here>>>

International company news:

If you've been following Microsoft, you'll know that the company recently acquired Activision Blizzard after a long and painful process with competition regulators. The gaming industry is lucrative and Microsoft has never really managed to establish leadership. My view is that Microsoft does best when focusing on platforms rather than hardware.

Although the company is denying a change in strategy, there are signs of this happening on the gaming side. Perhaps to appease competition regulators, Microsoft is making certain gaming titles available on consoles other than Xbox. At this stage, the company hasn't confirmed exactly which titles.

Xbox fans are upset about this, as they want exclusivity over the games. As a Microsoft shareholder, I would be very happy to see the company focus on delivering great games with recurring revenue streams that are console-agnostic. You know, in the same way that you don't need a Microsoft computer to get an Office 365 subscription?

I'll say it again for the billionth time: in Satya Nadella we trust.

Moving on, to understand the favourable conditions for alternatives and whether they are set to continue, Dino Zuccollo of Westbrooke was the guest on the latest Magic Markets podcast. You absolutely don't want to miss it! Listen to it here>>>

Have a great day!

READ: DealMakers annual awards and deal summaries

The results are in for the DealMakers 2023 awards for the M&A industry. I attended this gala event in my banking days and believe me, it's a big deal. Pun shamelessly intended. Get those results plus the summaries on local M&A and corporate finance for the week.

LISTEN: The 2024 kick-off with Duma Mxenge of Satrix

With a great mix of practical personal finance and investing concepts, this podcast with Duma Mxenge of Satrix will get you on the right path for 2024. Don't miss it!

Listen to the Ghost Stories podcast here (42 minutes long)

Currencies, commodities and rates: TreasuryONE Market Update

US retail sales disappointed vs. expectations, creating some headwinds for the dollar. The UK also took a knock, with the economy shrinking by 0.2% during the 4th quarter of 2023.

The US data contradicted hotter than expected inflation data that came out earlier this week, which simply reopens the debate around timing of potential rate cuts. To add even more confusion, weekly claims for unemployment benefits came out better than expected!

The rand is at R18.96 this morning and the US 10-year is at 4.26%. Gold has raised its head above the $2,000 level again (although not by much), with platinum ZAR also moving back closer to R17,000 from recent lows. Brent Crude is at $82.78.

As a Ghost Mail reader, you have a wonderful early bird opportunity to register for the 2024 post-budget panel discussion hosted by TreasuryONE, Econometrix and ETM Analytics. I absolutely cannot recommend this enough and I will also be attending to learn from the panel. Get it in your diaries now already by registering at this link>>>

LISTEN: Magic Markets podcast

In Episode 161 of Magic Markets, we dug into Meta and Microsoft as two of the most important names in the Magnificent Seven growth stocks that continue to dominate headlines (and portfolios for that matter). What can we learn from recent earnings updates and the share price trends? Find out in this podcast, brought to you by international data and automation specialists B2IT.

Listen to Magic Markets Episode 161 here (22 minutes long)

READ: The Bumble story: if you need it, build it
(by Dominique Olivier)

Whitney Wolfe Herd went off and built the the business that she wished existed in this world. There's a lot to be said for that approach, even if the share price story hasn't worked out well. Dominique Olivier digs into the story of Bumble.

Learn about Bumble and how it differs from other dating apps

READ: Satrix launches Satrix JSE Global Equity ETF

Satrix is releasing a new product that gives a higher weighting to local companies with international listings. In other words: more of an offshore component. Find out more in this article.

Learn about this new product from Satrix in this article

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