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Good morning Voornaam,

We are in a digital age of investor engagement, as evidenced by you choosing Ghost Mail each day to keep you informed about the markets - thank you for that! STADIO Holdings has recognised that trend. The company values the Ghost Mail audience and decided to take the plunge with a Ghost Stories podcast. Both the CEO (Chris Vorster) and CFO (Ishak Kula) joined me to talk about the company strategy, the recent performance, the goals (financial and otherwise) and the risks. As part of your research process, I highly recommend giving this a listen. After all, STADIO is a rare example of a growth story on the JSE!

The most important story yesterday was without a doubt the African Rainbow Capital offer circular. This is under Mauritian law, so it looks quite different to what you're used to. The bit that really matters is the report of the independent expert, in which the offer was determined to be "fair" to shareholders. Surprised? Me too! I was expecting "unfair but reasonable" based on pricing. I've done the digging into the report to uncover how they got there. With full details in Ghost Bites, you can decide for yourself whether it is actually fair or not.

In other company news, Sirius Real Estate had a solid financial year, with hard work ahead on all their recent acquisitions. Trematon can't say the same unfortunately, with their INAV (essentially, value of the underlying assets) heading the wrong way.

These details and the Nibbles are available in Ghost Bites at this link>>>

For a deep dive into CA&S (you might recall seeing their recent results here), you can register for the next Unlock the Stock taking place this Thursday. As always, attendance is free! Register at this link>>>

There are a couple of other podcasts that you could consider for your playlist today. For example, to understand more about strategic asset allocation and the importance of diversification, the Ghost Stories podcast with Kingsley Williams of Satrix is a fantastic choice. Find it here>>>

Also, the most recent Magic Markets episode takes a look at the consumer conundrum and whether we are willing to jump into the messy markets to take any positions. Although a lot has happened in the past few days since we released the podcast, the principles haven't changed. Find it here>>>

Good luck out there today!

GHOST STORIES: Diversification - the way to survive market chaos

With the markets in disarray in the aftermath of tariffs, it looks like the theme this year is more around risk management in a bear market rather than which growth stocks to buy. This is where strategic asset allocation becomes key, as discussed with Kingsley Williams of Satrix in this podcast. Enjoy it here>>>

GHOST STORIES: STADIO - a growth story on the JSE

STADIO Holdings has a growth story to tell. That’s a rare thing on the South African market. The tertiary education space is booming and STADIO is addressing that demand through a combination of contact learning and distance learning offerings.

On this podcast, CEO Chris Vorster and CFO Ishak Kula joined me to talk through the strategy, the growth prospects, the capital allocation strategy and the risks that keep them up at night. If you want to really dig into the STADIO business model, you’re in the right place! Find it here>>>

GHOST WRAP: Q1 winners on the JSE

In considering how the first few months of the year have played out, some surprising winners have emerged. The performance in gold is simply a case of the sector carrying on where it left off in 2024, but what about platinum? And where did that telecoms rally come from? Also, have retail stocks continued their slide since the previous episode of Ghost Wrap that focused on that issue?

You can find the recording and the transcript (with charts) at this link>>>

GHOST BITES - Making sense of SENS on the local market

Surprise! The African Rainbow Capital offer is "fair" to shareholders. Sirius Real Estate had a strong financial year. Trematon's intrinsic NAV is heading the wrong way. Get the details in Ghost Bites>>>

Unlock the Stock - Fortress Real Estate Investments

In the 50th edition of Unlock the Stock, Fortress Real Estate Investments made its debut on the platform to talk about the recent performance and strategic focus areas for the group. The recording of the management presentation and interactive Q&A is available at this link>>>

DOMINIQUE OLIVIER - Adolescence: why do some things go viral?

There’s a temptation to treat virality like a shot in the dark. But virality isn’t an accident - it’s chemistry. And when it works, it works for a reason: a potent mix of psychology, social contagion, and cultural timing. Dominique Olivier uses Adolescence as a perfect example in this piece>>>

INVESTEC PODCAST: Global economy - recession or recovery?

Recession risks, inflation pressures, and trade tensions - how is the global economy shaping up in 2025? Investec’s Chief Economists, Phil Shaw (UK) and Annabel Bishop (SA), take stock of the latest trends in No Ordinary Wednesday. From global growth forecasts to the economic outlook for Europe and South Africa, they break down what lies ahead in this podcast>>>

International Business Snippet:

Levi's had the unenviable task of reporting earnings against a backdrop of wild market movements driven by tariffs. Thankfully, the numbers for the quarter were actually pretty good! Revenue and profits came in ahead of the company's expectations, with the combination of reasonable revenue growth and higher EBIT margins leading to substantial growth in adjusted EPS.

Although the company is maintaining guidance for 2025, they point out that this excludes the recent tariff announcement. This just shows that large companies aren't taking the current situation seriously. I don't think anyone's base case is that the tariffs will be implemented in current form.

Our latest research in Magic Markets Premium is on Chinese giant Alibaba. With Jack Ma back in the spotlight and the share price having rallied strongly before tariffs, is there reason to believe in this story again? For our subscribers, we dig into how Alibaba is making money and whether we would jump in.

Magic Markets: Consumer Conundrum

Magic Markets: The first quarter of the year was an unhappy one for most consumer stocks. Tariffs are top of mind, as is the pressure that many brands have been facing in China. Inflation is a risk and consumer sentiment is weak. Against this backdrop, is there opportunity in this sector, or is it better to sit this one out and let the volatility do its thing?

And does it make a difference to look at discretionary vs. defensive stocks? To learn more, listen to this podcast>>>

Macroeconomic indicators and IG Markets macro update

US stock futures are showing signs of recovery following recent volatility triggered by President Trump's tariff announcements. The market appears to be staging a short-term rebound from oversold conditions, even as Trump threatens additional tariffs on China if they don't withdraw their recent levies.

Despite European regional indices falling nearly 12% over the past three days, futures indicate a rebound as well. Japan's Nikkei has recovered significantly this morning, while the Shanghai Composite trades in positive territory after China's central bank promised market stabilization support.

This recovery may be fuelled by hopes that current market turmoil could lead to negotiations rather than further escalation. Treasury Secretary Scott Bessent's upcoming trade discussions with Tokyo potentially signal a preliminary step toward resolving tensions.

The dollar index remains flat overnight after mixed trading yesterday, while the rand shows slight recovery as risk appetite improves. Higher key export commodity prices this morning have likely contributed to short-term gains in the ZAR as well.

Oil prices have risen more than 1% today, rebounding after recent selloffs driven by concerns that US tariffs might depress demand and trigger a global recession. Meanwhile, recovering gold prices suggest the short-term correction from all-time highs may be nearing its end.

We expect a firmer start for the JSE All-Share Index this morning.

Key Indicators: USD/ZAR R19.46/$ | US 10yr 4.15% | Gold $3,010/oz | Platinum $919/oz | Brent Crude $64.68

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.