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Good morning Voornaam,

The latest Ghost Stories podcast with Yusuf Wadee of Satrix has been getting loads of great reviews and I'm thrilled about that. Shari'ah-compliant investing is obviously most relevant to those of Islamic faith, but it's also just a really interesting element of the finance world that I think makes for a great comparison to the more subjective rules that govern ESG. Against the backdrop of Satrix listing the Satrix MSCI World Islamic ETF, addressing the issue of a small universe of Shari'ah-compliant stocks in the JSE Top 40, there's plenty to learn here about investing.

Jumping into company news, Lewis was the unlikely hero on an interesting day of updates. Selling furniture isn't the most exciting thing in the world, yet earnings have moved significantly higher at a group that has a strong reputation for always getting the basics right. The market approved, with the share price closing 7.3% higher on the day.

Another great story is Astral Foods, where improvements in the poultry sector have led to huge jumps in profits. The same can't be said at Tiger Brands, a group that is purring rather than snarling. Profits are up, but not by much. That's still better than Santova, where earnings have come off sharply. After a few great years in a row there, at some point the cycle had to bite them.

Nobody knows about cyclical pain more than PGM players, with Impala Platinum reporting a drop in production for the quarter. They've maintained full-year guidance, though.

For details on these stories, along with director dealings on the day and the other Nibbles, read Ghost Bites here>>>

Keen for more on local companies? I have a couple of other options for you. For a gold mining fix, check out the Unlock the Stock presentation featuring Pan African Resources. This gold miner is on a great trajectory at the moment, as explored in this presentation and management Q&A. On the retail side, the latest Ghost Wrap podcast is a helpful six-minute summary of recent retail news. I covered Clicks, Dis-Chem, The Foschini Group and Cashbuild. Brought to you by Forvis Mazars, you'll find it here.

On the Magic Markets side of things, you might have missed Ep 198 in which we discussed US market sector rotations and what they tell us about how institutions are positioning their portfolios. We've also just released Ep 199 with Future Forex, in which we discussed how they are making forex much cheaper for businesses and individuals alike.

Have a great day!

THE TRADER'S HANDBOOK: Insights and strategies for currency markets

In this episode of The Trader's Handbook, Shaun Murison from IG Markets South Africa joined me once more to explore the fascinating and often misunderstood world of forex trading. We broke down the complexities of currency pairs, leverage, and volatility while dispelling common misconceptions about the risks involved. The podcast and detailed transcript are available here>>>

INVESTEC: India a gateway to outsized emerging market opportunities

As the global economy shifts from a high inflation and high interest rate environment into the next interest rate cutting cycle, global investors are casting their net wider in their search for returns. India is an attractive opportunity. Investec explains why in this article>>>

SATRIX: Shari'ah-compliant Investing

Shari'ah-compliant investing in South Africa just got a major boost with the listing of the Satrix MSCI World Islamic ETF on the JSE in October.

Yusuf Wadee of Satrix joins me to unpack this fund and the fascinating Shari'ah principles in general. There's much to learn here, regardless of whether your faith requires you to invest based on these principles.

Along with a detailed transcript, you'll find it here>>>

SATRIX: Don't wait until 2025 for your financial goals

Satrix: As October (which also happens to be Financial Planning Month) draws to a close, it’s easy to just write off the rest of this year and promise yourself that you’ll start in January. Instead, this is the time to plan and build momentum. Satrix gives some great practical tips here>>>

DOMINIQUE OLIVIER: How Marvel cracked the Universe

Getting warm bodies in cinema seats is no easy feat in the age of streaming (just ask the likes of Ster-Kinekor or NuMetro). Yet despite the rising challenge, Marvel managed to create something in 2008 that drew audiences back to cinemas in droves – and they managed to keep that drive going for just over a decade. How did they do it and why hasn't DC done the same? Find out here>>>

Ghost Bites - local company news:

Ghost Bites: The latest on Astral Foods, Impala Platinum, Lewis, Santova, Tiger Brands and numerous Nibbles in Ghost Bites here>>>

Unlock the Stock - Pan African Resources

Unlock the Stock: Pan African Resources returned to the platform to talk about the performance and prospects in an environment of favourable gold prices. Enjoy the presentation and Q&A here>>>

International Business Snippet:

Microsoft fell 3.7% in after-hours trade after releasing results that the market didn't love. But how can that be, with revenue and earnings ahead of expectations? It's all about the outlook, with growth expectations that are below what people were hoping for. One of the drivers of that disappointment is that Microsoft can't meet data centre demand due to delays from suppliers of data centre infrastructure.

I'll take it. My Microsoft shares are still up 16.6% year-to-date and a near-term supply issue isn't enough to scare me. This remains my ride-or-die company.

Our latest research in Magic Markets Premium is on UPS. This logistics giant is focused on optimising revenue per piece heading into the all-important Black Friday and festive season. You'll find out how that works in our research for subscribers this week.

Magic Markets: What can we learn from market sector rotations?

Magic Markets: Although there’s a risk of churning your portfolio too often if you become obsessed with short-term market movements, there’s a lot of value to be gained from the way Mohammed Nalla does his quarterly rotation work for institutional clients. In this episode, we cover recent sector performance in the US market and where some of the future gains may be found. Find it here>>>

IG Markets Morning Call: daily macroeconomic update

US equity markets closer lower overnight after mixed economic data. US GDP data came in slightly lower than consensus, while private payroll data was significantly ahead of expectation. Even though tech heavyweights Meta and Microsoft beat on earnings last night, share prices in after-hours trade have led US benchmarks lower still. The outlook for expenditure from big tech companies with regards to AI is providing the short-term negative headwind.

Risk-off trade has extended to Europe where index futures are trading in negative territory. In turn we are expecting a softer start to the day for our local bourse the JSE All-Share Index.

The dollar and US Treasury Yields are flat overnight and the rand continues to trade around the R17.70/$ mark.

An unexpected decline in US oil inventories has helped oil prices to rally from oversold territory.

Gold remains around all-time highs on the back of geopolitical and US election uncertainty.

Traders will want to watch out for local PPI inflation data this morning and local trade balance data out early afternoon.

Key Indicators: USD/ZAR R17.70/$ | US 10yr 4.28% | Gold $2,783/oz | Platinum $1,008/oz | Brent Crude $72.60

The macroeconomic update is based on the morning call update by IG Markets