In this podcast, Portfolio Manager Jason Swartz shares his perspective on how the evolving conflict is influencing markets. He unpacks how we think about risk in volatile environments and explains how our portfolios are positioned to remain resilient, disciplined, and focused on long‑term outcomes.

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Highlights:

 • Credit spreads are tightening—even as risk rises

 • What’s driving demand in a weak-growth environment

 • How auction dynamics and bank guidance skew pricing

 • Fair value vs. mark-to-market: Why it matters to investors

 • Intengo’s approach to building better fair value models 

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🎙️ Amid the current market turmoil sparked by further trade tariff announcements from the Trump administration, that were far more severe than the market anticipated, our Head of Equities Research Meryl Pick spoke to Kaya FM this week on her team's perspective on the tariffs, the market chaos and the threat of SA’s exclusion from the AGOA trade treaty, an outcome that may not weigh as heavily on our local economy than many think.

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In this episode of The Money Show, Peter Brooke discussed the latest market trends. Peter talked about the remarkable rise of gold, the implications of Trump's tariffs on the global economy, and the challenges facing South Africa's industrial sector. This episode marks Peter's final appearance as a regular guest on our show. Tune in for his valuable insights. 🎙️ 

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📌 Premier Group

Expected full-year earnings growth of 20-30%Maintained margins despite soft commodity cost increasesStrong capital expenditure discipline and pricing strategy

📌 Raubex

Earnings set to rise to 25%Diversified away from Sanral into infrastructure and miningThe Bauba acquisition is promising but poses cash flow challenges

📌 Gold Fields

Share price down 5% after Gruyere Gold Mine offer rejectedConcerns over overpaying at elevated gold pricesInvestors cautious about large-scale M&A activity at the top of the cycle 

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Absa appoints Kenny Fihla as CEO – A move expected to bring much-needed stability and leadership clarity.Thungela Resources’ results – Despite a 27% drop in earnings due to weaker coal prices, the company remains resilient with strong dividends and improved export prospects.Transnet’s rail performance – Notable improvements have strengthened South Africa’s mining outlook.

🎧 Head of Responsible Investment Research Tana Mongwe unpacks these key developments.

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The latest budget proposal has left investors with more questions than answers. Will the VAT increase go through? What’s the impact on fiscal stability? And how have markets reacted?

Join Portfolio Manager Jason Swartz as he unpacks the key takeaways and what they mean for South Africa’s economic outlook:

-      The revised VAT proposal and its implications

-      South Africa’s fiscal outlook and debt stabilisation efforts

-      Market reactions and investor sentiment

 Tune in now.

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Key takeaways from The Money Show:

✅ Santam: Strong recovery post-COVID; net income up 51%.

✅ Aspen: New contracts and higher margins drive a 12% share price jump.

✅ Bidvest: Diversified results – international growth offsets local economic challenges.

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Join Portfolio Manager Meryl Pick as she unpacks the latest market developments:

Prosus and Naspers stock drop – down nearly 8%, while Tencent fell only 4%. The Just Eat acquisition may have unsettled investors expecting a focus on profitability.What’s the right valuation for food delivery? The market still debates whether Just Eat is a logistics company or a true tech platform.Sasol earnings down 30% – but free cash flow is improving. Could this indicate a recovery path?The big picture: What these moves signal for South Africa’s market outlook.

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📉 US equities: Reached an all-time high on Feb 19 before declining due to inflation worries and weak economic data.

🇪🇺 Europe’s strength: European equities outperformed, gaining 13% YTD, supported by strong economic data and improving energy dynamics.

🏅 Gold’s surge: Up 10% this year, reflecting investor demand for safe-haven assets amid geopolitical uncertainty.

🇿🇦 SA market trends: Positive performance, mainly driven by Naspers and Prosus, thanks to Tencent’s strength and renewed interest in Chinese tech.

⚖️ Political developments: SA’s budget speech delay and load shedding underscored ongoing risks, though the rand remained stable.

🎯 Investment takeaway: Market uncertainty and regional divergence highlight the importance of risk management.

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