What Did You See PWC?

18-MAR-19

Market Scorecard It is finally here, the PWC report on the fraud at Steinhoff was released on Friday evening. The full 3 000 page report is not publicly available, but the 10 page executive report can be downloaded from the company webpage here - PWC Forensic Investigation into Steinhoff. The report goes as far back as 2009, a much longer period than people had originally thought, and there is a good chance that the fraud goes back even further than that.


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Tesla Model Y

15-MAR-19

Last night Elon Musk launched Tesla's latest car, the Model Y, a cheaper crossover SUV. This completes the Tesla set of cars, which spells S3XY when you put the names together. Musk even ended his presentation by saying 'We are bringing Sexy back'.


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S3XY Back

15-MAR-19

Market Scorecard Yesterday was a very lacklustre day for global markets. South African and US markets both moved sideways, bobbing between red and green. Even news that Xi and Trump won't be meeting in March, as originally planned but in April instead, didn't move markets. As expected, the UK parliament voted to extend the Brexit deadline.


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Jumia Listing Statement

14-MAR-19

Yesterday it was officially announced that MTN backed Jumia has filed for an IPO in New York. The IPO could value the company at a solid $1.6bn. That puts it in line with Dischem, Resilient and Tsogo Sun. In case you forgot, Jumia is an online retailer with over 4 million users, predominantly in Nigeria.


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Remgro Added to Buy List

14-MAR-19

Vestact's local portfolios have had a tough few years. A number of our preferred stocks have really struggled. One has even gone down the drain (Steinhoff). There have been so many landmines to tread on, and investor sentiment on the JSE is very gloomy. However, we must go on searching for opportunities. Our newset idea is to lean towards diversity. We have decided to add Remgro to the list of Vestact recommended stocks.


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Please Sir, I Want Some More Time

14-MAR-19

Market Scorecard Brexit happening by the end of this month looks highly unlikely after a vote in the UK parliament last night. The House of Commons voted not to leave the EU until there is a deal in place. Although a palatable deal doesn't even look remotely possible at this stage. From here it looks like Theresa May will ask the EU for a long-term delay, until the UK can come up with a deal that works for everyone.


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501 Original Fit

13-MAR-19

Market Scorecard Yesterday Group 5 entered business rescue, and their shares were suspended from trading on the JSE. The whole construction sector has been struggling for a few years now, where even the few companies left standing are on the brink of going under. Aveng, for example, is currently trading at 3c a share, it was trading at R43 in 2010. They raised R500 million last year in a rights issue and their current market cap is R580 million. Aveng desperately needs the economy to turn.


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FirstRand's FY - Still Showing Growth

13-MAR-19

Yesterday we had results from FirstRand which was a breath of fresh air compared to some of the other numbers we have been seeing. As a reminder, the FirstRand group comprises of FNB, RMB, Wesbank, Aldermore and Ashburton. An array of quality financial services businesses that cover most bases.


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Apen FY Numbers - Debt is a Worry

12-MAR-19

Africa's pharmaceutical giant Aspen, reported very soft interim numbers on Thursday night, sending the share price down as much as 50% intra-day on Friday. The stock eventually closed down 29%, at the lowest levels in seven years. The main concerns were mounting debt on the balance sheet and the delayed sale of the infant nutrition business.


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Aspen Needs More Anaesthetics

12-MAR-19

Market Scorecard Markets are buoyant at the moment, with Asian markets having their best day since January. Positive retail sales out of the US, further assurances from Jerome Powell around keeping interest rates low and analyst upgrades to Apple, all playing their part. Not even Boeing's 5% drop yesterday could keep the market down.


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MTN Back in Signal

11-MAR-19

Market Scorecard Over the weekend, there was tragic news of the Ethiopian Airlines plane crash. Similar to the Lion Air crash late last year, it was a Boeing 737-8 Max, which was only a couple of months old and the plane crashed shortly after takeoff. In the Lion Air crash, there was a faulty sensor which triggered anti-stall software, pushing the nose of the plane down. Given that the Ethiopian crash looks very similar to the Lion Air crash, there are concerns that there is a fundamental problem with this new model of Boeing.


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Nvidia Buys Mellanox

11-MAR-19

Nvidia and Intel have been bidding for an Israeli chipmaker named Mellanox. Insiders suggest that Nvidia have won the bid and a deal could be announced today. Mellanox's technology specialises in transferring information from one component to another, within and between computers. This will help Nvidia maintain its lead in data centre technology, an area that I feel has the most potential for the company.


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MTN FY - Turning a Corner

11-MAR-19

Last week MTN released their full-year numbers, shooting the stock up 15%. Going into these results, the market wasn't expecting much from the group, especially given that the stock fell significantly a few days earlier when they released their trading update. Here is the first slide from the results presentation, showing the numbers that the group is most proud of.


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The Bull is 10 Years Old

08-MAR-19

Market Scorecard It is not often that you see a Top40 stock jump over 3% in one day. After their results yesterday MTN was up a whopping 18% in one trading session! Shifting to politics on a local front, this headline came across my screen whilst packing up to go home - SA determined to nationalise central bank, Ramaphosa says. Who owns the Reserve Bank is mostly just a symbolic issue. Currently, it is the government who sets the policy of the SARB and appoints the Governor, who then reports to the finance minister. The shareholders have no say in policy, least of all having a say on interest rates.


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AWS Growth

07-MAR-19

The other day I came across this interview with Jim Cramer and the CEO of Amazon Web Services, Andy Jassy. Some of the stats Andy quoted puts the potential of the AWS business into perspective.


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