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Ghost Bites

• Clicks rallies 5% based on annual results that were impressive by any measure - just watch out for the valuation
• Coronation's AUM has dropped further and so have earnings
• A worst nightmare situation at Gemfields is possible
• Santova is still growing and is worth over R1 billion
• Sasol suffers a bloody nose from force majeure and a fire at Lake Charles

In addition to these headline stories, there's an offer on the table for OneLogix, a potential offer for Brikor and a soccer sponsorship by Salungano that raised eyebrows in the market. Get all the details here>>>

Ruby, ruby, ruby, ruby!

With the famous Kaiser Chiefs song now stuck in your head, I'll remind you that it came out in 2007. I bet you feel old n ow.

Feeling old is better than feeling terrified, which must be the situation on the ground in parts of Mozambique. Gemfields has been warning for a while now about the terrorist activity in northern Mozambique, where the Montepuez ruby mine is found. The latest news is that the attacks have reached the neighbouring mine, leading to an evacuation of personnel at the Gemfields-controlled mine.

After we learnt about the difficulties in the Republic of Congo that Kore Potash is facing, this is yet another reminder of the very real risks of doing business in Africa.

There are many possible outcomes here and most of them are horrible.

Lettuce keep the UK in our thoughts

In Liz Truss vs. the lettuce, it was the vegetable that lasted longer. At least the UK media did a decent job of entertaining us while we watched from afar. I suspect there's a lot of schadenfreude going around at the moment as South Africans watch the UK deal with a governance crisis. At least they have electricity (for now).

TreasuryONE tells us that after the shortest-ever term for a Prime Minister in the UK ended, the pound gained some traction in late afternoon trade. With the US dollar losing some ground, even the rand managed to fight its way closer to R18.20.

Based on the notion of a more relaxed stance towards Covid by China, we've seen Brent Crude demand returning. If restrictions are lifted by China, we could see it returning to $100 per barrel. Most major commodities enjoyed the risk-on sentiment in the market, trading higher.

Visit the TreasuryONE website to learn more about the company's market risk and other solutions.

Build a more valuable company with bizval

After a successful start to the bizval webinar series, we are excited to bring you the third instalment next week. On Thursday 27 October at noon, the founders of bizval (including your favourite ghost) will be presenting on how to build a more valuable company. As a follow-on from the last webinar (watch it here), we will be focusing on margins, the importance of cash flow and the impact of concepts like greylisting or tax haven status on a valuation.

Attendance is free. You just need to sign up at this link>>>

Portfolio strategy, position sizing and what we would tell our 20-year-old selves

The latest episode of Magic Markets is another winner. We put out a request on Twitter for our listeners to send us questions and they certainly delivered.

In this insightful and fun episode, we talked about a few serious topics and some personal ones as well. Don't miss it>>>

End off your week with DealMakers

Today is Friday, which means the DealMakers team is here with the latest summaries of M&A activity and other corporate finance deals in the market. Give them a read and make sure you didn't miss anything this week!

Have a lovely weekend.