| Good morning Voornaam, I'm always excited to release a new episode of Ghost Stories with the team from Satrix, this time featuring Kingsley Williams. This is a wonderful opportunity for you to learn from a highly experienced voice in the markets. On the latest show, we looked at the opportunity beyond the United States, with particular focus on China and India as the largest emerging markets. And yes, there's an ETF for that! A few of them, actually. Enjoy this new show and transcript here>>>
In local company news, the property sector was a busy place on Friday. The most interesting story was MAS, where the results of the very important shareholder meeting came in regarding the resolutions proposed by Prime Kapital. They've also appointed a corporate advisor to help them navigate the complex situation that the board finds itself in.
Other updates came in from Schroder European Property Fund with its European portfolio values, Accelerate Property Fund regarding the related party settlement agreement and Delta Property Fund with the release of the circular for the disposal of 88 Field Street in Durban.
Get all the details you need on these updates (and a couple of Nibbles) in Ghost Bites at this link>>>
For further great insights, you can enjoy the latest episode of Investec's No Ordinary Wednesday, in which Jeremy Maggs speaks to Cumesh Moodlier and Osagyefo Mazwai about how South Africa can get its growth story back on track after more than a decade in economic drift. Find it here>>>
Another very good use of your time would be to learn about the world of "hybrid capital" and how this works in the context of private equity deals in markets like the UK. Dino Zuccollo of Westbrooke joined us on Magic Markets to talk through the hunt for debt-like risk and equity-like returns, while filling us in on their exciting fundraising news in that market. This really is life at the sharp end of finance, with the podcast and transcript available 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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| | | MAS shareholders have spoken - and Prime Kapital have a fight on their hands. Accelerate Property Fund is trying to tie up loose ends with related parties. Schroder's European portfolio is a mixed bag. Delta's disposal of 88 Field shows how CBDs have deteriorated. 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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| The AI talent wars continue. Meta has been literally throwing money at the problem lately and Alphabet (owner of Google and YouTube, amongst others) is taking the same approach. What tends to happen is that the large company acquires a startup with a view to getting its hands on the team, not just the product that they've built thus far. We are talking vast amounts here, which shows you that there's a supply and demand imbalance in this space at the moment.
Market bubbles are nothing new. But is this one of them? The use case for AI remains somewhat questionable, with truly breathtaking amounts of money flowing into supporting this technology with data centres and model development. But when you see money changing hands for people rather than products, you have to wonder.
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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| US and European futures indicate a weaker start for equity markets today as trade war tensions continue to dominate headlines. President Donald Trump has intensified tariffs against Canada, increasing uncertainty around US trade policy.
Meanwhile, Chinese and Hong Kong shares are rising this morning, supported by positive trade data. China’s exports grew 5.8% year-on-year in June, beating expectations, while imports rebounded 1.1% after a decline in May. This improvement reflects exporters taking advantage of a fragile tariff truce between Beijing and Washington ahead of an August deadline.
On Saturday, President Trump threatened to impose a 30% tariff on imports from Mexico and the European Union starting August 1. Market response has been muted, with the dollar index up slightly by 0.1% today.
Gold prices are a bit lower this morning, and oil prices remain flat. The rand is trading modestly weaker, and the JSE All Share index is expected to open flat.
This update is provided by Shaun Murison. Connect with him on LinkedIn here.
Key Indicators: USD/ZAR R17.92/$ | US 10yr 4.43% | Gold $3,370/oz | Platinum $1,444/oz | Brent Crude $67.83 |
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