| Good morning Voornaam, We really are in the winding-down phase of the year. The 16th of December always marks the start of the holiday period and this year it delivers a long weekend as well. This is the ideal time to get out those earphones and enjoy some great podcasts during those inbetween moments when you take a break from family and friends.
For example, the final episode of The Trader's Handbook brings it all together for perhaps the most important topic of all: putting together a trading plan. The reality is that a trader cannot hope to succeed without a strategy and a plan. To learn what goes into a trading plan, listen to episode 13 or read the transcript here>>>
There's also a brand new Ghost Stories podcast featuring René Basson of Satrix. I've been working with René for a good couple of years now, but this is the first time that she has stepped up to the microphone and joined me on a podcast. I'm glad she did, as there were some great insights into the concept of money dysmorphia, along with interesting discussion topics around how the different genders approach personal finance matters and some of the observable biases that are important to be aware of. René also shared some great statistics from SatrixNOW that help us understand more about investor behaviour. Be sure to listen to it here>>>
In company news, Pan African Resources was probably the highlight of the day for me. The production guidance for 2025 and 2026 shows the power of investment, with Pan African having taken steps to materially increase its capacity. With the gold price in such a strong place, it looks like perfect timing!
Still on the positive side, there are some signs of hope at Gemfields (based on the latest ruby auction) and KAP (with Safripol's results improving), reminding us that even the brusied companies are worth keeping an eye on. The best returns in the market come from getting ahead of the curve on recovery stories, with KAP as a particularly interesting one to watch I think.
As for Transaction Capital, I'm afraid that there are no signs of good news just yet. Results are out and Nutun is struggling, with the group trying hard to shift the narrative from one of debt collection to more of a broad BPO services focus. After so much pain in SA Taxi, nobody wanted to see Nutun taking strain as well.
Finally, in deal news, Bidvest is selling off some financial services businesses. This includes the disposal of Bidvest Bank in a significant transaction.
Get all the details on these stories and the various Nibbles (including the all-important director dealings) in Ghost Bites here>>>
In the final episode of Magic Markets for the year (other than for our paying subscribers), Mohammed Nalla and I looked back on the assets that really moved the dial this year. Gold, bitcoin, the US markets - they all feature. Of course, we also discussed regional highlights like South Africa and China, as well as the troubles in Europe. This is a perfect way to wrap the year>>>
Friday means DealMakers day here in Ghost Mail and this week is no different. You can get the usual summaries of local M&A, local corporate finance and deals in Africa. There's a technical piece on how to navigate seller risk in share-for-share transactions, as well as thoughts aroun how mining can be seen as a catalyst for sustainable economic ecosystems in Africa.
Have a great Friday - we will see you on Sunday for a long weekend edition of Ghost Mail Weekender! |
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| THE TRADER'S HANDBOOK: Building your trading blueprint - the season finale |
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| | | In this final episode of The Trader’s Handbook, Shaun Murison joined me to wrap up an insightful season by exploring the cornerstone of trading success: crafting a solid trading plan.
From setting realistic goals and managing risks to refining strategies and maintaining discipline, we covered the essentials that help traders stay on course in a chaotic market.
Whether you’re just starting or looking to fine-tune your approach, this episode provides actionable advice. Don’t miss this culmination of key lessons and practical tips to elevate your trading game. The podcast and detailed transcript are available here>>> |
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| SATRIX: Beating Money Dysmorphia |
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| | | To close out the year, René Basson of Satrix made her debut on Ghost Stories for a fascinating conversation on the topic of money dysmorphia. This is a mismatch between financial behaviour and financial means - and yes, it can work in both directions i.e. whether you have plenty of money or not enough!
We also talked about gender-based biases in personal finance, as well as insightful statistics from the SatrixNOW platform.
Along with a detailed transcript, you'll find it here>>> |
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| MIC Khulisani Ventures is looking for entrepreneurs |
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| Raising equity funding is not easy for small businesses in South Africa, but thankfully the Mineworkers Investment Company's (MIC) Khulisani Ventures initiative is an early-stage funding vehicle that provides capital for businesses that are ready to aggressively grow.
Along with a detailed transcript, you'll find it here>>> |
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| DOMINIQUE OLIVIER - Of ghost ships and giant squid |
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| | | Squid could be linked to the demise of many a vessel at sea - and not always of the giant variety. Dominique Olivier tells the story of the Mary Celeste and the many other mysteries that the oceans dish up each year in this entertaining piece>>> |
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| Ghost Bites - local company news: |
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| Ghost Bites: The latest on Bidvest, Gemfields, KAP, Pan African Resources, Transaction Capital and numerous Nibbles in Ghost Bites here>>> |
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| Ghost Wrap - five insights from November |
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| | | Ghost Wrap: In a new format, I look back on key insights from November including the property sector, the demand for IPOs, the uptick in poultry businesses and more. Brought to you by Forvis Mazars, the podcast and transacript are available here>>> |
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| Unlock the Stock - KAL Group |
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| Unlock the Stock: KAL Group joined the platform for the first time to talk about the performance and strategic focus areas in the broader agriculture industry. Enjoy the presentation and Q&A here>>> |
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| MAGAnomics: Trump and the global economy |
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| International Business Snippet: |
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| If you are a regular reader of this section, then you'll know that earnings guidance is what moves markets in the US. Adobe is the latest unfortunate example, taking an ugly knock of 13% in after-hours trade based on revenue guidance for next quarter that came in below analyst estimates. This is despite beating estimates in the latest quarter!
When it comes to tech companies with frothy valuations, the market cares more about the next quarter than the one that just happened. Adobe has been a real disappointment for investors this year, not least of all when viewed against the performance of the rest of the tech sector. This is despite Adobe doing a decent job of monetising generative AI at a time when many other companies are struggling to figure out what to do with it.
Speaking of retail, our latest research in Magic Markets Premium is on Lululemon. Having come off hard this year (and giving me a buying opportunity or two along the way), the share price seems to be turning. Can they make their American business great again? Subscribers find out this week. |
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| Magic Markets: Blockchain technology in financial markets |
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| | | Magic Markets: With crypto all the rage again, there isn't enough focus on how underlying blockchain technology can play a role in the markets. Mesh.trade and AnBro are working together to make it easier to invest in AnBro's funds. Find out more here>>> |
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| IG Markets Morning Call: daily macroeconomic update |
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| While the US tech sector continues to prop up the Nasdaq and S&P500, we have seen an underperformance in the Dow Jones Industrial index over the last few days.
European index futures are trading mixed, while Asian equity markets trade mostly lower this morning. The move lower on China’s Shanghai Composite and the Hang Seng indices comes as stimulus pledges in the region fail to excite investors.
On balance, we are expecting a flat to slightly lower start for our local bourse the JSE All-Share Index.
The dollar has strengthened along with US Treasury Yields. The rand is in turn trading on the back foot today.
Base and precious metal prices are mostly lower this morning as the dollar strengthens and sentiment around Chinese demand wanes.
Oil prices are flat overnight.
There is no high impact data scheduled for today.
Key Indicators: USD/ZAR R17.90/$ | US 10yr 4.32% | Gold $2,688/oz | Platinum $934/oz | Brent Crude $73.30 |
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