Good morning Voornaam,
That was a supremely busy day of news on the local market! I had an early morning to finish everything, so make sure you read Ghost Bites to get on top of everything. I make it easy for you to get all you need in one click, rather than reading multiple articles on the same day.
Enjoy today's Ghost Mail and have a stunning weekend!
NEW: Magic Markets podcast |
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Banking has been an area of great interest this year. With that awful pun out the way, you can learn about the relative performance and strategic outlook of global giant JP Morgan and local stalwart Standard Bank. Join us in Episode 144 of Magic Markets, brought to you by B2IT. |
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Ghost Wrap podcast
(Capital Appreciation vs. PBT Group | Mustek | Bidvest | Hyprop vs. Growthpoint | Astral Foods + Quantum Foods | Trellidor | Southern Sun vs. City Lodge) |
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| | Kick your day off with the Ghost Wrap podcast. This bumper episode is 7 minutes long and deals with local tech small caps, property funds, chicken groups, hospitality businesses and even a couple of industrials. Brought to you by Mazars, Ghost Wrap is the smart way to stay updated. |
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NEW: DealMakers weekly summary |
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NEW: How have ETFs done thus far in 2023 and where was the right place to put your money? Find out in Ghost Stories with Siyabulela Nomoyi of Satrix. |
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| Building a business is hard. Huenu Solsona believes in building enjoyable businesses that make it easier, an approach she shared with me in the bizval podcast. |
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Harmony Gold is now part of the Unlock the Stock story, sharing insights into the recent performance and plans for the future. For those stock market junkies who love doing their own research, this is the perfect platform. Unlock the Stock is brought to you by A2X. |
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TreasuryONE Market Update The market is looking to today's release of Core PCE data in the US, after the dollar fell off yesterday's highs. Data was mixed yesterday, with the final 2nd quarter GDP number in the US coming in at 2.1% vs. 2.2% expected. CPI data in Germany and jobless claims in the US were both better than expected, though. The recent run towards the dollar does look stretched, with the dollar index poised to close the week on an 11-week streak of gains.
Emerging markets benefitted from yesterday's softer dollar and so did equity markets. Gold had a rough day, trading below $1,870 an ounce and well off the $1,900 level the previous day. |
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| | The lessons dished out by the markets this year have been all about how companies cope in inflationary conditions. The winners have one thing in common: pricing power. |
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Ghost Bites - local company news |
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| | Get all the details you need on Afrimat, Attacq, Barloworld, Burstone, Capitec, Emira, EOH, HCI, Heriot, Netcare, RCL Foods, Schroder, Spar and Trellidor. |
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No teardrops at this Waterfall We've seen a lot of property updates lately. They have ranged from truly awful to pretty good, actually. This isn't the right environment for broad exposure to property. It's not too bad for specific exposure, provided that exposure is working out (obviously).
It all comes down to valuation, as usual. With bond yields spiking, property yields typically need to follow suit. When yields go up, prices come down. This is why many property funds have gone sideways and some have fallen into the abyss.
It's interesting to note the huge variance in guidance being given to the market. As I mentioned earlier this week, the likes of Growthpoint and Hyprop are good examples of a poor outlook. Hot off the press is Attacq, with a strong performance this year and a solid outlook for growth, driven by the attractiveness of Waterfall City.
Another property fund with a decent outlook is Heriot. Other property updates came in from Burstone (the renamed Investec Property Fund), Emira and Schroder.
Moving on from bricks and mortar, we saw very important updates come in from Barloworld (still killing it), Capitec (watch out for the efficiency ratio calculation), EOH (with pedestrian revenue growth) and Spar (giving up on Poland).
On a busy day that gave me a very early morning to get Ghost Bites finished, we also saw news from Afrimat, HCI, Netcare and Trellidor.
If you feel like the struggles you are going through right now are unique to your life, read the Netcare update. There are some trends in there that speak to what adulting is like at the moment.
Get everything you need to know in Ghost Bites at this link>>>
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Disclaimer
Our content is intended to be used and must be used for informational purposes only. You must do your own analysis before executing any investments or strategic decisions, based on your own circumstances. We do not provide personalised recommendations or views as to whether an investment approach or corporate strategy is suited to the needs of a specific individual or entity. You should take independent financial advice from a suitably qualified individual who gives due regard to your personal circumstances.
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