KAP on the up
I’ve received a lot of very helpful feedback on Ghost Bites, thank you. For now, I think that a hybrid approach is going to be best. By avoiding the most obscure companies on the JSE (which are FAR more stress than they could ever be worth), I’ll save a lot of time in the Nibbles. I’m also going to cover general updates in a punchier fashion, making Ghost Bites more digestible each day.
The time saving will be reinvested in more detailed work on the companies that are getting lots of investor attention, or just the ones that I find particularly interesting.
The geek economy is serious business
Comic Con Africa is so much more than another date on the calendar. It’s practically a cultural movement these days, having grown into one of Africa’s biggest pop culture events.
To make that work, Carla Massmann had to take plenty of risk. She also had to navigate COVID and the catastrophe that it caused for the events industry.
The latest episode of The Finance Ghost plugged in with Capitec is a wonderful look at her story. For a dose of solid South African business inspiration, I suggest you check it out!
Ghost Bites - making sense of SENS
KAP is on the up, not least of all because the MDF line at PG Bison is showing signs of life. Perhaps more than anything else, the huge percentage movement in the latest trading statement is a reminder of just how soft the 2025 base was.
STADIO is also well worth a look, with the share price almost perfectly tracking arch-rival Advtech. The private education space can be lucrative!
Plus:
Blu Label Unlimited is still dealing with Cell C distortions
DRDGOLD beat production guidance for FY26
Exxaro's HEPS dipped sharply
NEPI Rockcastle wants some of that sweet Spanish action
Resilient REIT boosted by more affordable funding
Deeper insights: Truworths and Rainbow Chicken
With all the debate around the South African consumer economy, we have a mix of chicken and clothing to consider.
But as you’ll see, the structural margins in these businesses couldn’t be more different.
For clothing, results tend to be driven more by sales growth than by gross margin changes (within reason). But for chicken, even small movements in gross margin have a huge impact.
International Titan Basket Ltd
I am thrilled to bring you an excellent new podcast with Japie Lubbe of Investec Structured Products.
You can check out the transcript and podcast below, or go straight to YouTube where you’ll benefit from seeing the supporting slide deck.
The award-winning Investec Structured Products team brings you the latest iteration of International Titans Basket Ltd. This product offers 100% capital protection and geared upside (with a cap), referencing a basket of underlying global equity indices.
Bringing decades of experience and passion to this discussion, Japie Lubbe walks us through exactly how the structure works.
Become a better investors
The quant behind the alpha
Reza Fakie is a portfolio manager at Old Mutual Investment Group. He spends his days in pursuit of alpha - performance ahead of the market. In this podcast, he explains the quantitative methods behind factor investing.
Performance in context
How do you measure performance? Perhaps more importantly, how should you measure performance? In this podcast, Siyabulela Nomoyi of Satrix explains the thinking behind choosing the right investment benchmark and giving context to performance.
Global markets update with Shaun Murison
Asian equities firmed this morning, with China and Hong Kong markets leading gains as semiconductor stocks rebounded on the back of strong earnings. US futures are trading firmer, offsetting Friday's profit taking losses.
The dollar index is trading at its lowest level in weeks, supporting a lift in precious metal prices as Fed rate hike expectations ease following recent inflation and jobs data.
Oil prices are flat on the day but remain elevated, underpinned by stalled peace talks in the Middle East and continued throttling of traffic through the Strait of Hormuz.
The rand has firmed against a softer dollar, and we expect a positive open for the JSE All Share index.
This update is provided by Shaun Murison, Senior Market Analyst at randswiss.com. Connect with him on LinkedIn here and follow him on X here.
Key Indicators:
USD/ZAR R16.15/$ | US 10yr 4.69% | Gold $4,396/oz | Platinum $1,767/oz | Brent Crude $84.08