| Good morning Voornaam, As a reminder of just how global the JSE is, the lead stories today both relate to lands far, far away. Shrek style.
Speaking of large green things, Richemont's sales moved 3% higher as reported. They were actually up 6% in constant currency, but the strength of the euro is impacting the translation of those numbers into reported currency. Notably, although sales in China were still down, the rest of Asia Pacific made up for it. The negative story in this period was actually Japan vs. a very high base.
From green to gold (minus an oval ball), we now deal with AngloGold's acquisition of Augusta Gold in a R2 billion deal. That name just makes me think of the world's most important golf tournament, the Masters. AngloGold is looking to consolidate its interests in Nevada, with the underlying assets at Augusta Gold being adjacent to AngloGold's existing assets.
With a more local flavour, Coronation finally reported a substantial upswing in assets under management, no doubt assisted by asset prices (as they aren't doing much about distribution). Mpact sadly has a negative story to tell, with earnings dropping sharply based on pressure in both major segments.
Get all the details you need on these updates (and the Nibbles) in Ghost Bites at this link>>>
There's a flurry of new podcasts coming next week, so make sure you're up to date with the recent ones. For example, Kingsley Williams of Satrix joined me to talk about the markets in India and China as the leading global emerging markets. There's a big world beyond the S&P 500!
And in news from private capital markets, the latest Magic Markets episode with Dino Zuccollo of Westbrooke is a great way to learn about the "capital stack" and how "hybrid capital" (a type of mezzanine finance) actually works, with particular focus on the UK market. Get it here>>>
Have a great day! |
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| SATRIX PODCAST: Beyond the S&P 500 - emerging market opportunities |
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| | | With half of 2025 in the rearview mirror, it's been a period in which investors have actively looked for opportunities beyond the United States. That's good news not just for alternatives like Europe, but emerging markets like India and China as well.
Kingsley Williams joined me to talk about the key drivers and opportunities in each of those markets.
Enjoy the podcast and transcript 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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| | | AngloGold to acquire Augusta Gold in the US. Richemont's sales are in the green, but the strong euro is hurting them. Coronation's AUM was boosted by market prices. Mpact's profits are expected to move sharply lower. Get the details in Ghost Bites>>> |
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| Unlock the Stock - Attacq |
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| In the 57th edition of Unlock the Stock, Attacq returned to the platform to talk through their recent numbers and strategy, including interesting trends in the property market across areas like retail and office space. The recording of the management presentation and interactive Q&A is available at this link>>> |
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| DOMINIQUE OLIVIER - The boxer and the million-dollar burger |
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| | | What did George Foreman, the man who once flattened Joe Frazier in two rounds, know about small kitchen appliances? Apparently, quite a lot - at least when it came to selling them. Dominique Olivier tells the story of George Foreman Grill, a wild success for Salton that made the boxer fabulously wealthy. Read it here>>> |
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| INVESTEC PODCAST: No Ordinary Wednesday - How South Africa can shift gears for growth |
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| | | South Africa has spent more than a decade in economic drift. So, how do we get back on track? In this episode of No Ordinary Wednesday, Jeremy Maggs is joined by Cumesh Moodliar, CEO of Investec South Africa, and Osagyefo Mazwai, Investment Strategist at Investec Wealth & Investment International, to unpack the hard truths, and outline a roadmap to recovery and long-term prosperity. Enjoy it here>>> |
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| International Business Snippet: |
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| In and amongst the banking earnings, something fascinating emerged from the AI and chip sector: ASML (the European manufacturer of the equipment that is used to make chips for the likes of Nvidia) suffered a nasty drop of over 11% in the share price after saying that it can't confirm that it will grow in 2026. European technology companies just can't catch a break! Now, this could just be an ultra-conservative outlook, as they don't give concrete reasons for this bearishness, beyond just taking about the "uncertainty" in the market. Hmmm.
Meanwhile, across the pond where optimism is what they eat for breakfast every day, Goldman Sachs beat estimates as traders had a wonderful time in a volatile market. I'm not even slightly surprised about that, as I flagged last week in Ghost Mail that trading revenue was probably excellent this quarter. The surprise for me was the positive performance in investment banking revenue, first noted by JPMorgan and now echoed by Goldman Sachs. I am long both JPMorgan and Goldman Sachs as my US banking positions.
In Magic Markets Premium this week, our subscribers got to enjoy our work on H&M. Although H&M has firmly played second fiddle to Zara owner Inditex, the valuation gap has opened up even more recently. Is this an opportunity to trade that gap, or are there reasons to justify it staying wide open? The entire research library in Magic Markets Premium is available for just R99/month. |
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| Magic Markets: Hybrid Capital - Best of Both Worlds (with Westbrooke) |
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| | | Westbrooke’s approach makes use of various funding mechanisms, with hybrid capital as a particular favourite. This aims for debt-like risk and equity-like returns, while providing capital for lower- to mid-market deals in markets like the UK.
Dino Zuccollo, Head of Investor Solutions at Westbrooke Alternative Asset Management, joined us on this episode to update us on the alternative asset market, recent deal trends across markets and the exciting news of the R3.8 billion WDO UK Fund II, raised by Westbrooke in partnership with RMB. Find it here>>> |
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| Macroeconomic indicators and macro update |
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| Fed Chair Powell’s future at the Federal Reserve remains uncertain. Reports suggested that President Donald Trump was considering firing Powell, though Trump denied these claims. However, he has expressed openness to the idea and continued to criticise Powell for not cutting interest rates.
Despite this, US stock markets closed higher overnight, and futures indicate a positive open today. European futures also point to a strong start, while Chinese equity markets are largely unchanged.
The US dollar is stronger this morning, gold prices are slightly down, and oil continues to recover.
The South African rand has weakened against the firming dollar, but the JSE All Share Index is expected to open higher, following global market trends.
This update is provided by Shaun Murison. Connect with him on LinkedIn here.
Key Indicators: USD/ZAR R17.91/$ | US 10yr 4.48% | Gold $3,335/oz | Platinum $1,430/oz | Brent Crude $66.51 |
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