| Good morning Voornaam, Welcome to a new week! I hope you enjoyed your Ghost Mail Weekender yesterday. Every Sunday, Dominique Olivier brings you a break from the markets in the form of a wonderful collection of insights for curious minds. If you aren't receiving it, you can subscribe here. And if you haven't yet engaged with her writing, the latest example is a great piece on how "plenty of fish in the sea" is a dangerous fallacy. Read it here>>>
Keen to win one of ten Takealot vouchers worth R1,000 each? Jaltech is conducting South Africa's largest solar survey and they need your input, whether you have solar or not. Completing the survey takes less than one minute! Click here to make your voice heard and to be in the draw for a voucher.
Onwards to company news we go. The most interesting story on Friday was surely the news of fintech group Lesaka Technologies acquiring Bank Zero, giving them access to a banking licence and all the benefits that brings. In a R1.1 billion deal, they are paying for R1 billion of the price by issuing shares to the sellers of Bank Zero. That's how listed companies can scale quickly!
There was also a banking update from Absa that showed how an improved credit loss ratio has boosted the latest earnings.
You must be wondering about the Remgro Anaconda reference in the subject line of this email. I'm clearly showing my age here, but eTV will forever be synonymous with one-too-many-reruns of Anaconda on Friday Action Night on eeeeeee - nostalgia for days! Remgro shareholders will soon have a direct stake in eTV and the rest of the eMedia Investments business, as Remgro's subsidiary Venfin will be injecting additional equity into eMedia Holdings N shares and then unbundling a stake worth R775 million to Remgro shareholders. I'm not sure this is quite the value unlock that Remgro shareholders have been asking for, but it's a start.
Other updates came in from Crookes in the agriculture space (bananas are doing the heavy lifting there), PBT Group, Reinet, RMB Holdings, SA Corporate Real Estate and Sea Harvest. It was a day of news that really shows the breadth of options on our market.
Get the details on these updates and the Nibbles in Ghost Bites at this
link>>>
For a helpful macro overview this morning and thoughts on the global economy, you can enjoy the latest No Ordinary Wednesday podcast, brought to you by Investec. Jeremy Maggs speaks with Annabel Bishop and Phil Shaw about topics ranging from the oil price and US tariffs to the South African growth outlook. Enjoy it here>>>
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 start to your week! |
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| SATRIX: The liquidity advantage - why ETFs should play a bigger role in institutional asset allocation |
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| | | 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>>> |
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| GHOST WRAP: The JSE Winners' Club in 2025 |
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| | | 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>>> |
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| PODCAST: Capital Markets in South Africa - the Think Big South Africa Competition |
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| 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>>> |
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| GHOST BITES - Making sense of SENS on the local market |
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| | | Absa's trading update reflects a much lower credit loss ratio. Lesaka is buying Bank Zero. Crookes and Sea Harvest gave us agri updates. Remgro is unbundling its eMedia exposure. Reinet might sell Pension Insurance Corp. RMB Holdings has a tough story to sell. SA Corporate Real Estate's update has fascinating read-through for grocery retail. Get the details in Ghost Bites>>> |
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| Unlock the Stock - Tharisa |
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| 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>>> |
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| FORVIS MAZARS: Talent Scarcity: How South African Businesses can Overcome the Skills Shortage |
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| | | With talent rising as a strategic priority in 2025, just under half of organisations in the Forvis Mazars C-Suite Barometer: Outlook 2025 continue to report a struggle to recruit talented people, with the emphasis shifting to high-quality employees at more junior levels. Daniella Frank and Susan Truter give more details. Get the details in Ghost Bites>>> |
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| DOMINIQUE OLIVIER - The catch that's catching up with us |
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| 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>>> |
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| INVESTEC PODCAST: No Ordinary Wednesday - tensions, tariffs and the fragile global economy |
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| | | 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>>> |
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| International Business Snippet: |
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| Nike finally caught a bid on Friday, with the share price closing 15% higher based on the release of quarterly results. This takes the year-to-date performance to a drop of only 2%. This rally came despite the company warning of a $1 billion incremental cost impact from tariffs, with the market perhaps latching onto the comments that Nike can "fully mitigate" that over time by reworking elements of its supply chain.
This is the danger for the Chinese domestic economy - Nike is talking about reducing its procurement from its Chinese supply chain from the current level of mid-teens to a high single digit percentage by the end of this financial year. I can't help but wonder where demand will come from to pick up the excess Chinese manufacturing capacity.
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! |
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| Magic Markets: Insights from five global companies |
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| | | 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>>> |
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| Macroeconomic indicators and macro update |
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| S&P 500 and Nasdaq futures are climbing to new all-time highs as the risk-on sentiment continues, driven by optimism over potential interest-rate cuts, progress in trade negotiations, and the ceasefire in the Middle East.
Trade talks between the US and Canada have resumed after Prime Minister Carney agreed to repeal a digital tax demanded by President Trump, with a new deadline set for July 21, extending the original July 9 target.
Investors are closely watching the US Senate's deliberations on a major tax-cutting and spending bill, which may miss President Trump's preferred July 4 deadline. The Congressional Budget Office projects that this legislation could add $3.3 trillion to the national debt over ten years.
The dollar index is near multi-year lows, pressured by concerns over the bill and recent Federal Reserve comments suggesting rate cuts are likely if inflation remains subdued this summer despite tariff risks.
European futures are firmer, and most Asian markets are trading higher, supported by falling oil prices amid the Middle East ceasefire holding steady.
Gold prices are rebounding from oversold levels, buoyed by the softer dollar, while oil remains weak due to easing geopolitical tensions and expected increased OPEC+ supply in August.
This update is provided by Shaun Murison. Connect with him on LinkedIn here.
Key Indicators: USD/ZAR R17.75/$ | US 10yr 4.28% | Gold $3,290/oz | Platinum $1,377/oz | Brent Crude $66.78 |
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