Today is all about M&A - that mysterious process through which listed companies buy and sell other companies. If you think of a corporate as a Lego house, then M&A is the process of adding and taking away blocks until you have what you want.
There are a couple of examples today. First up, Hyprop is selling 50% of Hyde Park Corner for R805 million, with the question mark being around the intended use of those proceeds. When exactly are they going to give the market clarity on their plans for MAS?
The other interesting deal is Trellidor selling Taylor Blinds and NMC for what looks like an appealing price, particularly in the context of the multiple that Trellidor itself is trading at.
And finally, Primary Health Properties shareholders have given almost unanimous approval to the Assura merger. I'm not surprised, as I think it's a better deal for Primary Health than it is for Assura.
Along with numerous Nibbles covering the smaller stories, you can get these insights in today's Ghost Bites at this link>>>
Oil. Tariffs. The South African outlook. These are the macro concepts that drive so many of the stock-specific moves that we see in the market. I firmly believe that you ignore the macro at your peril. A great example of how to stay on top of things is the latest No Ordinary Wednesday podcast, brought to you by Investec. Jeremy Maggs speaks with Annabel Bishop and Phil Shaw in this show>>>
Finally, the latest Magic Markets podcast gave us an opportunity to dig into insights from some of the companies we've covered on Magic Markets Premium. To learn more about Berkshire Hathaway, BAE Systems, 3M, Waste Management and Alibaba, click here>>>
Have a great day! |
|---|
|
|---|
SATRIX: The liquidity advantage - why ETFs should play a bigger role in institutional asset allocation |
|---|
|
|---|
| | Institutional investors are increasingly incorporating Exchange Traded Funds (ETFs) into their portfolios, attracted by their cost efficiency, transparency, and liquidity. As the investment landscape becomes more complex and cost-sensitive, ETFs are proving to be a powerful tool for modern portfolio management.
Duma Mxenge explores their growing role in institutional investing, advantages over traditional investment vehicles, and their impact on market liquidity and institutional strategy.
Enjoy this piece at this link>>> |
|---|
|
|---|
GHOST WRAP: The JSE Winners' Club in 2025 |
|---|
|
|---|
| | At the halfway mark in 2025, we've lived through some huge geopolitical shifts. The world's gaze has shifted beyond just the US market.
Many investors choose to stick with what they know in times like these. This means homegrown favourites on the JSE.
But which stocks have been the big winners thus far this year, and what do they have in common?
Enjoy it here>>> |
|---|
|
|---|
PODCAST: Capital Markets in South Africa - the Think Big South Africa Competition |
|---|
|
|---|
PSG Financial Services is the proud sponsor of the Think Big South Africa competition, in collaboration with Economic Research Southern Africa (ERSA).
PSG wants to encourage South Africans to get involved in their country at the highest level, bringing forward policy ideas and constructive solutions to drive conversations and real change in our country. PSG CEO Francois Gouws joined me to explain why they are such strong supporters of this initiative.
Enjoy it here>>> |
|---|
| |
|---|
GHOST BITES - Making sense of SENS on the local market |
|---|
|
|---|
| | Hyprop has sold a 50% share in Hyde Park Corner for R805 million, but what will they do with the money? Trellidor has sold Taylor Blinds and NMC South Africa for a solid price. Primary Health Properties shareholders love the Assura deal. Get the details in Ghost Bites>>> |
|---|
|
|---|
Unlock the Stock - Tharisa |
|---|
|
|---|
In the 56th edition of Unlock the Stock, Tharisa returned to the platform to talk through their recent numbers and strategy in the PGM and chrome market. The recording of the management presentation and interactive Q&A is available at this link>>> |
|---|
| |
|---|
DOMINIQUE OLIVIER - The catch that's catching up with us |
|---|
|
|---|
Beneath the waves, a silent collapse is underway. As fish stocks dwindle, so do the jobs, meals and communities built around them. But it’s not too late for us to make a meaningful change. Dominique Olivier explains how to balance conservation with people whose livelihoods depend on the ocean. Read it here>>> |
|---|
| |
|---|
INVESTEC PODCAST: No Ordinary Wednesday - tensions, tariffs and the fragile global economy |
|---|
|
|---|
| | At the midpoint of 2025, the global economy stands at a precarious intersection of cooling inflation on one side and rising geopolitical tensions on the other. In this episode of No Ordinary Wednesday, Jeremy Maggs speaks with Investec Chief Economists Annabel Bishop (South Africa) and Phil Shaw (UK) about the shocks and signals shaping markets. Enjoy it here>>> |
|---|
|
|---|
International Business Snippet: |
|---|
|
|---|
Tesla's valuation depends on one thing and one thing only: robotaxies and your views on self-driving. If you think Tesla's current value is driven by the electric vehicles they are selling today, then you haven't done your research on the company and you certainly haven't listened to Musk, who couldn't be clearer on what the real value of Tesla might be.
But that doesn't mean that the market won't react to car sales, as that's the only data point they really have right now. Unfortunately, Musk can't help but be a polarising figure, which means that there are people who simply won't buy a Tesla on principle. Not only is the global EV market growing below expectations, but it's quite likely that Tesla's quarterly deliveries report will be disappointing. I must also highlight China as a major risk, where the domestic competitors are going from strength to strength and the general deterioration of East-West relations won't do Tesla any favours.
The quarterly deliveries report is expected to be released today. I remain a Tesla bear.
This week, we are covering PepsiCo and all its problems that have led to massive recent underperformance vs. Coca-Cola. The entire research library in Magic Markets Premium is available for just R99/month. Invest in yourself and give it a try! |
|---|
|
|---|
Magic Markets: Insights from five global companies |
|---|
|
|---|
| | In this episode of Magic Markets, Mohammed Nalla and The Finance Ghost decided to each choose three companies from the recent research in Magic Market Premium, with the goal being to discuss some of the most interesting insights that came out of each one.
Both chose Berkshire Hathaway (predictably), so there were actually only five companies to discuss. Luckily, this left more than enough meat on the table. This podcast highlights some of the best insights from research into Berkshire Hathaway, BAE Systems, 3M, Waste Management and Alibaba.
Enjoy it here>>> |
|---|
|
|---|
Macroeconomic indicators and macro update |
|---|
|
|---|
European benchmark indices closed lower overnight, while most Asian markets, led by Japan and South Korea, also opened lower this morning. The declines come as President Trump reaffirmed the July 9 tariff deadline, escalating trade uncertainties. He threatened a 35% tariff on Japanese imports, citing frustration over sluggish US-Japan trade talks.
US and European index futures are flat in early trade today.
The US dollar remains near multi-year lows, pressured by fiscal concerns and expectations of Federal Reserve rate cuts. Trump’s $3.3 trillion tax-and-spending bill has passed the Senate and now moves to the House, fueling worries about rising debt levels.
Gold prices eased to $3,330 per ounce following a recent surge driven by safe-haven demand, while the yen and euro have held steady.
Oil prices are slightly higher this morning despite news that Israel has agreed to key conditions for a 60-day ceasefire in Gaza. Hamas has yet to respond.
The South African rand strengthened to 17.60 against the dollar, supported by a weaker dollar, higher gold prices, and easing domestic political tensions. Relations between President Ramaphosa and the Democratic Alliance have improved after a cabinet reshuffle, although opposition to the budget remains. Meanwhile, South African Reserve Bank Governor Kganyago reiterated the need for a lower inflation target to maintain currency stability.
This update is provided by Shaun Murison. Connect with him on LinkedIn here.
Key Indicators: USD/ZAR R17.65/$ | US 10yr 4.27% | Gold $3,331/oz | Platinum $1,365/oz | Brent Crude $67.01 |
|---|
|
|---|
|
|
