Local factors were blamed for a 1% pullback on the JSE yesterday - although global markets were also broadly weaker as the euphoria over a possible Covid-19 vaccine wore off. At home, Stats SA reported that the official unemployment rate rose to a record 30.8% in the third quarter of the year, with the expanded unemployment rate inquiring to 43.1%. This includes people who want to be employed even though they may not actively be seeking work. Meanwhile, the mining sector continued to contract in September, although at a slower pace, with output declining by 2.8% from a year earlier. On the JSE, Growthpoint Properties was the biggest of the large cap decliners, falling more than 16% after releasing an investor update and announcing an accelerated bookbuild of its shares after the market close on Wednesday. Prosus and Naspers were amongst the largest gainers, recovering some of the losses they suffered earlier this week as sentiment towards the tech sector soured. There's been quite a stir after Alibaba associate Ant's listing in Hong Kong and Shanghai was halted earlier this month. Ingham Analytics tackles this issue it its latest Searchlight report, entitled "Anti-Trusted". More details down below. Meanwhile, MultiChoice, which was unbundled by Naspers last year, announced subscriber numbers topped 20 million viewers across the continent, helping it grow first-half revenue despite the impact of Covid-19 and the lockdown on advertising, and sports advertising in particular. You can read more about that by following this link or down below. Finally, it's Friday so all the latest from DealMakers too. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
The latest from Ingham Analytics Ingham Analytics has introduced another thematic analysis called China Tech with the first note entitled "Anti-Trusted". With Prosus and Naspers being so dominant on the JSE and with growing interest in investing directly in Chinese tech companies such as Tencent and Alibaba, Ingham Analytics are shifting more of their analytical gaze toward this huge and growing sector. These stocks sold off heavily this week on regulatory concerns. Ingham Analytics highlight in this note the relevant implications. Recent notes of interest include "US bounce", "White-Anted", "Ant(icipating) a listing", "Ant's away" and "Buckle up?" |