| Good morning Voornaam, Good morning and welcome to a new week. I've got plenty for you to sink your teeth into this morning, as Friday was a bumper day of company news.
Let's start with Richemont, which released results for the year ended March 2025. The overall story isn't positive, yet the share price rallied. I can only think that the boost to the dividend per share was taken as a positive sign, along with growth outside of China. If there's going to be a better year ahead, it's going to be all about demand in China - and especially for timepieces that cost as much as a family car (or even a home).
Other earnings news included Collins Property Group, Finbond, Nampak, NEPI Rockcastle, Newpark, Nutun (the charred remains of Transaction Capital are still struggling) and Pepkor. That gives you a great selection of sectors to enjoy.
In terms of major corporate actions, the big news on the day was that Blue Label is considering a separate listing of Cell C. Anything that simplifies the structure can only be a good thing, so hopefully the related restructuring activities will finally turn the financials into something that can be understood without phoning your Fin Acc IV lecturer for help.
That's not all, folks. There are two property deals on the market that are heating up, with Assura now being the target of a proper bidding war (Primary Health Properties improved its offer) and MAS coming up as an acquisition target for the group's joint venture partner. The MAS structure is rather odd and I'm struggling to see the appeal of the deal right now, but perhaps I'm missing something.
And finally, Tiger Brands has found a responsible way to exit the Langeberg & Ashton Foods business. Either the group has developed a proper conscience, or they are extra-sensitive to public opinion during the ongoing listeriosis class action. Either way, the community benefits and I like that.
These details and the Nibbles are available in Ghost Bites at this link>>>
Investec is celebrating 100 episodes of their excellent No Ordinary Wednesday podcast, hosted by Jeremy Maggs. This episode looks back on four years that have been anything but dull, while considering the regional trends that will shape the years to come. I always enjoy these episodes and I highly recommend making time for them. Find it here>>>
As a break from listed company and macroeconomic news, you can enjoy Dominique Olivier's latest piece on the IP web related to Spider-Man. Sony and Marvel (part of Disney) have been at the negotiating table several times, showing just how much value is attached to iconic characters and the related opportunity to make money off them. Enjoy it here>>>
Have a great day! |
|---|
|
|---|
| SATRIX: A Day in the Life of a Portfolio Manager at Satrix |
|---|
|
|---|
| | | Ever wondered how the nuts and bolts of ETFs work? What goes into index tracking and making sure that it is achieved at the lowest possible cost? And are all indices created equal from a complexity perspective?
Lauren Jacobs (Senior Portfolio Manager at Satrix) shows you what a day in the life of a portfolio manager looks like.
Get ready to learn and be inspired at this link>>> |
|---|
|
|---|
| GHOST WRAP: April's droppers and whoppers |
|---|
|
|---|
| There may have been many public holidays in April, but that didn't stop the market from reacting to the broader geopolitical turmoil. With recession concerns as a key theme, which stocks did well and which ones delivered a nasty drop? This podcast is an overview of recent big share price moves among larger local companies on the JSE, revealing some interesting trends. Ghost Wrap is brought to you by Forvis Mazars. You can find the recording and the transcript at this link>>> |
|---|
| |
|---|
| GHOST BITES - Making sense of SENS on the local market |
|---|
|
|---|
| | | Richemont, Collins Property Group, Finbond, Nampak, NEPI Rockcastle, Newpark, Nutun and Pepkor released financial updates. Blue Label could list Cell C separately. There's deal news at MAS, Assura (with Primary Health Properties) and Tiger Brands. Get the details in Ghost Bites>>> |
|---|
|
|---|
| Unlock the Stock - ASP Isotopes |
|---|
|
|---|
| In the 52nd edition of Unlock the Stock, ASP Isotopes joined the platform for the first time to give investors insight into the company before it lists on the JSE later this year. The recording of the management presentation and interactive Q&A is available at this link>>> |
|---|
| |
|---|
| DOMINIQUE OLIVIER - Sony's stuck in a Spider-Man spiral |
|---|
|
|---|
| | | Sony, once a post-war electronics wunderkind best known for pioneering devices like the Walkman and the Trinitron TV, now finds itself tangled in a web of its own making – one spun not from copper wire or silicon wafers, but from red spandex and Hollywood contracts. Dominique Olivier explains why the IP around Spider-Man is so complex in this entertaining piece>>> |
|---|
|
|---|
| INVESTEC PODCAST: Episode 100 - a world in flux |
|---|
|
|---|
| | | From a global pandemic to fractured supply chains, energy shocks, inflation spirals, rate hikes, AI disruption, war, and geopolitical realignment - the last four years have been anything but dull. The 100th episode of No Ordinary Wednesday is a discussion on regional trends that will shape the years to come. Get the insights in this podcast>>> |
|---|
|
|---|
| International Business Snippet: |
|---|
|
|---|
| It was a rough week for Ubisoft shareholders, with the video game group down 17% since Wednesday. Although this French company probably isn't in your portfolio, there's a powerful lesson here about taking a punt on companies that are reliant on just a couple of products. Assassin's Creed is the famous title at Ubisoft, but a recent release failed to meaningfully boost quarterly result. More importantly, the launch was so soft that they are even giving disappointing full year guidance that reflects flat growth and break-even operating income.
Ubisoft is planning to create a new gaming subsidiary that is part-owned by Tencent, so perhaps a significant injection of capital will breathe some life into this story. And although Ubisoft may not be on your rader, I'll bet that you either hold or have thought about holding Naspers / Prosus. Given how important Tencent is to that story, it helps to read widely to learn more about what Tencent is doing.
This week in Magic Markets Premium, we've covered Novo Nordisk. Straight after we released our report, the news broke of a chance in CEO at the company, so that gives you a great indication of how this has lost its shine. Does that mean that it is finally a buy? As our subscribers will find out in the research, the US pharma sector is treacherous, but is certainly filled with opportunity. |
|---|
|
|---|
| Magic Markets: Mesh.Trade - Unlocking Private Markets |
|---|
|
|---|
| | | Magic Markets: As the recent trend in IPOs and delistings on public markets tells us, an increasing number of companies are looking to private markets for their capital raising needs. This means that retail investors are being shut out of these opportunities, which is particularly problematic as these early-stage opportunities usually offer the highest potential returns.
Mesh.Trade is committed to increasing access for investors, which is why the platform is designed to enable issuers to raise debt and/or equity funding.
Connie Bloem joined us to talk about why access to good quality private assets is so important in the South African market. To learn more, listen to this podcast>>> |
|---|
|
|---|
| Macroeconomic indicators and IG Markets macro update |
|---|
|
|---|
| The US dollar retreated from a four-week rally in early Asian trading as markets processed a surprise US government credit rating downgrade and ongoing trade tensions. Asian equity markets held flat, with US and European index futures indicating a flat to slightly lower opening ahead of a busy economic calendar. In South Africa, the rand is trading sideways with expectations for a flat JSE All-Share Index opening this morning.
This week's packed schedule includes twelve Federal Reserve speakers alongside critical US data releases: Thursday brings jobless claims, PMIs, and existing home sales, while Friday features new home sales figures. European markets await Wednesday's ECB Financial Stability Review amid numerous eurozone economic indicators including inflation readings, PMIs, and German data, while the UK will publish CPI, PPI, PMIs, and retail sales with five Bank of England officials speaking. In Asia, Japan releases trade data, PMIs, and CPI with commentary from BOJ board member Noguchi, while China publishes April economic indicators today that may reveal tariff impacts, with expected 10bps loan rate cuts Tuesday following recent central bank easing.
South Africa contributes with the National Budget Presentation, Core Inflation Rate data and Retail Sales figures this week.
Commodities are showing a mixed performance today with oil prices edging lower after data revealed increasing Chinese crude surplus storage for a second consecutive month. Gold prices have declined marginally as investors evaluate the metal's safe-haven appeal amid fluctuating trade war developments.
Key Indicators: USD/ZAR R18.06/$ | US 10yr 4.53% | Gold $3,222/oz | Platinum $992/oz | Brent Crude $64.85
As often as practically possible, insights from the IG Markets morning macro update by Shaun Murison will be featured here. Where this isn't possible, only indicators will be provided. If you want to learn more about trading, refer back to The Trader's Handbook, a podcast series that takes you through many of the important principles in trading. |
|---|
|
|---|
|
|
