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Good morning Voornaam,

With the looooong weekend ahead, it's time to recharge after a crazy first quarter. I hope that you have an excellent time celebrating whatever it is that you celebrate this month, be it religious holidays or simply time with family (or both, of course).

If the Easter Bunny runs out of chocolates, then ol' cottontail could do worse than bring you some Clicks or PSG Financial Services for your portfolio. Both companies are seen as high quality assets that trade at premium valuations. The latest numbers make it pretty clear why that is the case, with both of them achieving strong growth and having the dividends to match. Bonus: such investment sweetness is diabetic-friendly!

Right at the other end of the spectrum, we find Insimbi in a loss-making position. If nothing else, it's a great case study in how to interpret trading statements.

In the mining sector, Copper 360 has restructured short-term debt on its balance sheet in what looks like a smart transaction, while Jubilee Metals has released an operational update. Note that the Jubilee update covers only the South African operations, not the Zambian side of the business.

Finally, British American Tobacco reaffirmed guidance at the AGM, with no mention anywhere of tariffs in the prepared statement.

These details and the Nibbles are available in Ghost Bites at this link>>>

There's a new episode of Magic Markets for you to enjoy. If you've ever wondered how carry trades work and what their impact on currencies and yields can be, then this one is for you. We talked about the global asset ownership web in general, a particularly relevant point in the current geopolitical context. Get it here>>>

For additional context to what we are seeing play out in the world, the recent episode of No Ordinary Wednesday (hosted by Jeremy Maggs for Investec) is a great listen. Featuring some of the top minds at Investec, you can enjoy it here>>>

Finally, the news you'll read about Copper 360 in Ghost Bites today is a perfect example of debt markets in action. To learn more about this vibrant side of the local market and just how important it is, you can check out the Ghost Stories podcast featuring Ian Norden of Intengo Market. Covering topics ranging from why corporates tap public debt markets through to how Dutch auctions work, there's so much in here for you to learn. Find it here>>>

Have a great day - we will still see you on Sunday for Ghost Mail Weekender, with your daily markets fix returning on Tuesday.

GHOST STORIES: Diversification - the way to survive market chaos

With the markets in disarray in the aftermath of tariffs, it looks like the theme this year is more around risk management in a bear market rather than which growth stocks to buy. This is where strategic asset allocation becomes key, as discussed with Kingsley Williams of Satrix in this podcast. Enjoy it here>>>

GHOST STORIES: Debt markets - the other side of the coin

Intengo Market is a digital marketplace for debt instruments in South Africa, driving outcomes like increased liquidity and price discovery.

CEO Ian Norden joined me on this podcast to give an overview of the debt markets in South Africa. From trends in public vs. private markets through to how Dutch auctions work, there's so much in here - and you can expect many more insights in months to come.

Learn all about the debt markets in this podcast>>>

GHOST WRAP: Q1 winners on the JSE

In considering how the first few months of the year have played out, some surprising winners have emerged. The performance in gold is simply a case of the sector carrying on where it left off in 2024, but what about platinum? And where did that telecoms rally come from? Also, have retail stocks continued their slide since the previous episode of Ghost Wrap that focused on that issue?

You can find the recording and the transcript (with charts) at this link>>>

GHOST BITES - Making sense of SENS on the local market

Clicks and PSG Financial Services reminded the market why they are seen as such high quality stocks. British American Tobacco reaffirmed guidance at the AGM. There's the latest from Copper 360, Insimbi and Jubilee Metals as well. Get the details in Ghost Bites>>>

Unlock the Stock - Fortress Real Estate Investments

In the 50th edition of Unlock the Stock, Fortress Real Estate Investments made its debut on the platform to talk about the recent performance and strategic focus areas for the group. The recording of the management presentation and interactive Q&A is available at this link>>>

DOMINIQUE OLIVIER - Raising the ghost of Smoot-Hawley

We can't guess where the tariffs and trade war will end up. Instead, we can just revisit the historical parallel. As the saying goes: history doesn’t always repeat itself, but it often rhymes. Dominique Olivier tells the story of the Smoot-Hawley Tariff Act of 1930 in this piece>>>

INVESTEC PODCAST: Positioning for tariff turmoil

In this special edition of Investec’s No Ordinary Wednesday podcast, Jeremy Maggs is joined by Chris Holdsworth and Osagyefo Mazwai to delve into the recent market turmoil following President Donald Trump's controversial tariff announcements. Get the insights in this podcast>>>

International Business Snippet:

In the chip industry, ASML sits further up the value chain than some of the more famous names that you'll know, like Nvidia. Their technology is used to manufacture chips, which means that ASML is supplying those household names.

It's therefore worth paying attention to the latest numbers that show a big miss vs. expectations at ASML on net bookings. Uncertainty around tariffs is impacting the story here, although you also have to believe that at some point this AI investment boom needed to slow down.

The share price is now down 32% over 12 months. In fact, it's trading at similar levels to what we saw in mid-2021!

This week in Magic Markets Premium, we've covered Delta Air Lines. They came into this year expecting their best year ever. Now, they've pulled full-year guidance. Talk about a deterioration! As our subscribers will find out in the Delta research, the issue is more around uncertainty than observable problems - for now, at least.

ICYMI: Magic Markets - Trade Wars and Trading

Magic Markets: With the markets all over the place and practically impossible to predict, Moe is busy with a day-trading strategy and Ghost has bought a few dips, ranging from technology through to golf. Is there method in this madness? What is really going on out there? And should we be thinking more and more about China?

Volatility can be wild, but it’s also a key feature of the markets and a very exciting time for those who like to see action on the screens. In this episode, our passion for the markets really shines through. We invite you to join us.

To learn more, listen to this podcast>>>

Macroeconomic indicators and IG Markets macro update

Global shares fell sharply overnight as US restrictions on chip sales to China and tariff uncertainty impacted tech stocks, though markets are seeing marginal respite this morning with US and European index futures trading cautiously back into positive territory.

Hong Kong shares have gained, led by property, tech and chip stocks, while Chinese equities remain broadly steady.

On the currency front, the dollar index is trading flat this morning after a period of eroding support, with the rand also unchanged overnight. Gold prices have reached new all-time highs amid global uncertainties and US-China tensions, while oil prices are rebounding on news of US sanctions targeting Iran's oil exports and OPEC+ production cuts.

Federal Reserve Chair Jerome Powell has indicated a "wait-and-see" approach on interest rates, pending more economic data on tariff impacts.

Locally, the JSE All-Share Index is expected to open flat to marginally firmer today, aligning with the partial rebound in global markets.

Key Indicators: USD/ZAR R18.88/$ | US 10yr 4.32% | Gold $3,318/oz | Platinum $971/oz | Brent Crude $66.23

As often as practically possible, insights from the IG Markets morning macro update by Shaun Murison will be featured here. Where this isn't possible, only indicators will be provided. If you want to learn more about trading, refer back to The Trader's Handbook, a podcast series that takes you through many of the important principles in trading.