It's about the right foundations. Cement manufacturer PPC is all about foundations, with the financial foundation looking a lot better these days as well. With a CEO who genuinely impressed me in Unlock the Stock, PPC faces a tough operating environment but at least does so from a position of strength these days. You can see for yourself by watching the recording of PPC's presentation and Q&A session on Unlock the Stock at this link. There's still time to register for the event featuring CA Sales Holdings if you move quickly, scheduled for 12pm today. Get your name on the list here>>>

Barloworld goes from strength to strength

This company continues to impress me. Alongside the likes of Bell Equipment and Master Drilling that you've recently been exposed to in Ghost Bites, Barloworld also supplies the mining and heavy industrial industries with its equipment businesses. Barloworld faces the huge additional challenge of operating in Russia, something that seemed like a great idea before February 2022.

Havi ng exited its investment in mobility business Zeda (now separately listed on the JSE), Barloworld is a more focused group that believes it is now in a growth phase. A quick look at the numbers makes it hard to argue with them.

The other major update yesterday was from RCL Foods, with the Vector Logistics business being sold to an infrastructure investment fund rooted in Denmark. This is a useful deal to point out next time somebody tells you that "nobody" is investing in South Africa anymore. That is nonsense.

For these updates and more from 4Sight Holdings, Impala Platinum and Indluplace, along with the mother of all share trades by Koos Bekker, read Ghost Bites here>>>

How is medical real estate changing?

In much the same way that different industries need to respond to change, owners of real estate and investors in that sector need to do the same. In this article, OrbVest explores some of the trends disrupting healthcare and the impact this could have on medical real estate. It also includes information on OrbVest's latest medical real estate investment opportunity. Read it here>>>

Don't miss these opportunities to learn

Ghost Mail is packed with ways for you to learn more about the world of financing and investing. Here are just a few recent examples:

• Jeff Miller (CEO of Grovest) joined me on Ghost Stories to talk about their Twelve B Energy Fund and how investors can gain exposure to solar investments in a tax-enhanced structure>>>

• Alexander Weiss of Trive South Africa highlighted recent news and trends from Woolworths and Shoprite, alongside technical analysis of the charts and where opportunities might present them selves>>>

• Rachel Ziemba was our guest on Magic Markets to talk about a wide range of macroeconomic and geopolitical topics, including the global perception of our greylisting status>>>

Risk-on, but just a little bit

According to TreasuryONE, the market is starting to price rate cuts in the US more aggressively, possibly because the US treasury yield curve remains deeply inverted. This is usually a sign of a looming recession. The market expects the Fed not to hike rates again and to start cutting rates in the second half of 2023.

This is good news for the rand and other emerging market currencies, but of course this situation can change quickly. At the local MPC meeting later today, the expectation is a 25bps hike in interest rates.

Have a great day!