| Talk about irrational markets! DRDGOLD and Pan African Resources closed lower yesterday, despite bumper earnings and a big dividend from the former and the promise of strong earnings from the latter. Although the rand strengthened, which is bad for local producers, it was balanced with a firmer gold price. Old Mutual, on the other hand, deferred a decision on its interim dividend after reporting a sharp decline in first-half earnings. Its shares rallied 7.6%. DRDGOLD's shareholders have no reason to complain though. As the company points out, its market capitalisation has mushroomed from R3 billion to more than R23 billion - assisted by safe haven demand for gold and gold stocks. This year alone, its shares are up more than 220%. Cashbuild is another share that rose yesterday despite reporting a decline in earnings - although it did declare a dividend. Packaging group Transpaco is also rewarding shareholders after it fared better than expected last year. If you're looking for rational insights in these volatile markets, we've partnered with a leading boutique broker to provide just that. SA's Top Stockbroker and Top Advice Broker in the Top Stockbrokers Awards in 2019, Rand Swiss, was also the recipient of the People's Choice Award. Here's what Rand Swiss says sets it apart: TRANSPARENT PRICING: At Rand Swiss we offer straightforward pricing so you don't have any surprises. We're committed to low-cost execution, whilst still offering a full suite of enhanced value-added services.GLOBAL MARKET ACCESS: Trade and invest the way you want with access to a variety of instrument choices. From forex, futures, and options, to local and international CFDs, equities, bonds and ETFs.EXPERT INSIGHTS: Cut through the noise with our in-depth research and expert market commentary.CUTTING-EDGE TECHNOLOGY: With our web, mobile, and downloadable platforms you'll have everything you need to research shares, place trades, and manage your portfolio with access to live data and real-time quotes.STRENGTH & SECURITY: Our strong capital position, conservative balance sheet and automated risk controls protect you from market and counterparty risks. We take rigorous measures to ensure the security of our product offering.If you would like to find out more click here. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
The latest from Ingham Analytics With gold (and silver) in the ascendancy Ingham Analytics latest note entitled "Gold bug?" will be of interest. When even Warren Buffet takes a shine to the yellow metal times they are changing. Ingham Analytics also featured gold in their letter on Sunday, dated 23 August. There are some interesting options available outside of the JSE, more particularly on both the Sydney and Toronto stock exchanges. Their conclusion is that on balance they are in favour of the fundamentals underpinning gold prices and therefore the investment case. Other recent notes of interest include "Skin on the bones" dealing with the banking sector, whilst with Apple having had its four-for-one stock split effective Monday "An Apple a day...?" is timely reading | 