Ghost Bites:

• ARC shareholders are putting pressure on management fees
• EOH is stable operationally but has far too much debt
• Nampak's revenue growth is good but profits are under pressure
• Mr Price has completed the Studio 88 acquisition
• Renergen's quarterly update reflects on a major milestone for the group
• Rain wants to merge with Telkom

As you can see, it was a busy day of news! There are also plenty of updates in the Little Bites section, including an update on labour action at Sibanye-Stillwater. Read Ghost Bites here>>>

Turnarounds are tough

In the aftermath of the pandemic, we've had a few companies on the JSE that are trying very hard to reach a sustainable level of debt. Sadly, when the macroeconomic picture has deteriorated and yields are higher, investors are even less patient with turnaround stories than before.

One such example is Tongaat Hulett, whose shares have been suspended from trading. I didn't bother including it on this chart for that reason. There are four other names that collectively tell a story abou t betting on turnarounds in a bear market:

As you would've noticed further up, there are major updates on Nampak and EOH this morning in Ghost Bites.

Another turnaround candidate that isn't on the chart is City Lodge, which was the victim of Covid lockdown restrictions that destroyed the tourism industry. In his column this week, Chris Gilmour takes a look at the latest news in the sector and uses the recent results from City Lodge as a good opportunity for a deeper look at the company, including the way it changed in response to consumer trends. Read it here>>>

Against a backdrop of difficult markets and companies under pressure, we used the latest Magic Markets episode with Petri Redelinghuys of Herenya Capital Advisors to talk about strategies to make money in a bear market. As always, it was a balanced discussion that clearly highlights the risks in this environment. Listen to Episode 95 here>>>

Keen on property? Let's unlock Growthpoint!

The most recent edition of Un lock the Stock saw the management team at CA Sales Holdings join us to talk about the exciting growth strategy of this FMCG company. You can watch the recording here>>>

The next edition of Unlock the Stock is tomorrow at 12pm, so you don't have much time left to register! Use this opportunity to come and learn not just about Growthpoint, but about the state of the property sector in South Africa in general. There will be a lengthy Q&A session after the presentation, so don't miss out on this one. Register for free at this link>>>

Golden Week

Welcome to Golden Week, in which markets in China are closed for the entire week. With mainly second-tier data due to be released this week, TreasuryONE believes that the focus will be on US payroll numbers due on Friday.

We come into this week off the back of softer risk-off sentiment on Friday, which saw the pound end the week at similar levels to the end of the prior week. This is important after it hit an all-time low against the dollar at the start of the week. The R18.00 handle remains key for the rand.

Treasury yields were lower on Friday, with the US 10-year quoted at 3.7% and the 2-year yield at 4.15%.

Another learning opportunity: crypto

If you're interested in crypto, then you don't have much time left to register for the Jaltech webinar on 5 October at 12pm. Presented by Andoni Nicolau, an actuarial science graduate from Wits University who has been active in the industry since 2016, this is a great opportunity to learn more about the recent sell-off, pending regulations and other important elements of crypto. Register for free here>>>

With that, I wish you a great week ahead!