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Good morning Voornaam,

There's no debate over which of yesterday's stories was the most important: the immense growth at Capitec. They seem to be taking everything they learnt in building the best business journey of democratic South Africa and applying it into new verticals, like business banking and life cover. 36% growth in both HEPS and the interim dividend is extraordinary.

Here's the challenge though: the market largely expects this. Whilst it is true that the market knew the great numbers were coming thanks to updates as early as July, it's also true that the share price barely budged after the release of results with all the underlying details. There's no doubting the strength of the business here. Just be careful of loading up a large position after such a powerful share price rally this year. There are big expectations.

Another fun story yesterday was ADvTECH and the news of a private university to be built in Sandton. Tertiary education in this country is changing at pace.

Aside from the various Nibbles (including director dealings), I also covered updates from Kibo Energy and Trencor.

Get it all in Ghost Bites, your one-click summary of local company news at this link>>>

In further local market news, I have a brand new Ghost Wrap for you with thanks to Forvis Mazars. I covered Nampak, Spar, Metair and Transaction Capital in this fast-paced podcast. You can easily get through it in your coffee break, so make something warm and join me here>>>

IG Markets South Africa has shared another great piece with us, this time on how to create a trading plan in 7 steps. Trading requires immense discipline, with a trading plan helping tremendously with keeping you focused and on track. Learn all about the elements of these plans here>>>

I know how passionate you are about learning how to do your own research in the market. In the latest Magic Markets show, we walk you through the most important metrics to consider on the income statement. Don't worry - it doesn't sound like someone reading an accounting textbook. We made sure of that. Get it here>>>

Have a great day!

FEATURED: The Trader's Handbook Ep 7

IG Markets Episode 7: Building on previous discussions around technical trading indicators, we explored the concept of volatility and its significance in managing risk. We talked about stop losses, leverage and position sizing. We also included a piece on support and resistance lines. Learn all about it at this link>>>

FEATURED: CA Sales Holdings on Unlock the Stock

Unlock the Stock: CA Sales Holdings has been a regular feature of Unlock the Stock. Those who have backed the strategy have gotten excellent returns from it. In this video, they presented the recent numbers and engaged with the audience's questions. Get it here>>>

Satrix: Index-tracking and the balance between returns and fees

Satrix: The importance of fees in an investment strategy cannot be emphasised enough, especially when you consider the power of compounding. In this piece, Satrix explains how index-tracking strategies help balance returns and fees. Find it here>>>

Dominique Olivier: Gentrification, gondolas and gelato

Dominique Olivier: There aren't many professions out there that are still passed down through multiple family generations. Although Venice shows signs of gentrification, the gondolier industry isn't one of them. Read more here>>>

Magic Markets: How to Interpret Profits

Magic Markets: Doing your own research isn't easy, especially when you consider how complicated financial statements are. In this episode, we explain the most important parts of the income statement and how to interpret it in a useful way. Get it here>>>

Ghost Bites - local company news:

Ghost Bites: The latest on ADvTECH, Capitec, Kibo Energy and Trencor along with numerous Nibbles in Ghost Bites here>>>

Ghost Wrap:

Ghost Wrap: Get up to date on the performance and latest news at Nampak, SPAR, Metair and Transaction Capital in just a few minutes. Brought to you by Forvis Mazars, you can enjoy Ghost Wrap here>>>

Investec podcast: responsible investing

Investec Wealth & Investment International has launched a comprehensive guidebook on responsible investing. In the latest episode of the No Ordinary Wednesday, Jeremy Maggs speaks to the authors, Boipelo Rabothata and Maxine Gray. Enjoy it here>>>

International Business Snippet:

With a new CEO coming in at Nike, there are big changes underway. The company has withdrawn its full-year earnings guidance and has postponed its investor day, which makes sense as Elliott Hill needs time to formulate the messaging he wants to give to the market.

First quarter results are out though, with the company missing on revenue but beating on earnings per share. The US market is very focused on top-line performance at companies, so they don't get excited about short-term wins in profitability. Instead, they want to see a product strategy that is resonating with the market. At Nike, they also want to see a rework of the go-to-market approach in a way that finds the right balance between direct-to-consumer and wholesale.

Our latest research in Magic Markets Premium is on McDonald's. Has the company lost its edge in providing the cheapest fast food around? You'll find out in the latest report for our subscribers this week.

IG Morning Call: daily macroeconomic update

US and European equity benchmarks were mostly lower overnight with increasing geopolitical risk providing an excuse for markets to correct from near term highs. Chinese indices are however significantly firmer today as the region returns from holiday and reacts to the latest stimulus initiatives by Chinese policymakers. The JSE All-Share Index will look to balance movements in global markets this morning, likely to find some support and outperformance from the resource sector in lieu of improved demand side sentiment out of China.

Escalating tensions in the Middle East are providing some safe haven support for the US dollar which has strengthened overnight and is weighing on the rand right now.

Oil prices have surged on Middle Eastern woes after Iran launched a ballistic attack on Israel last night.

After strengthening yesterday, gold prices are marginally lower this morning as they balance geopolitical events against the firmer dollar.

Traders will be keeping an eye out for ADP Non-Farm Employment data out of the US this afternoon.

Key Indicators: USD/ZAR R17.41/$ | US 10yr 3.73% | Gold $2,648/oz | Platinum $988/oz | Brent Crude $74.40

The macroeconomic update is based on IG's morning call update