WEBVTT

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You're listening to Strictly Business
Podcast with Lindsay Williams.

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The JSC has closed its doors for another
day, so it's time for the five o'clock

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shadow.

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As always on a Wednesday, I speak to Skulk
Lowe, Portfolio Manager at PSG Wealth Old

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Oak in

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Cape Town.

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I've got to do something before we get
into the market, Skulk, and that is that

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I went against my closing advice at the
end of last week's show.

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At the end of last week's show, I said
that if you make a good call or you, I use

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the analogy of a cocktail party.

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You go to a cocktail party, you're telling
a joke.

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If the joke was successful, you
immediately walk away and go and get

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another drink or pretend to or go to the
bathroom, whatever it is.

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I made a good call on gold, which you
kindly congratulated me for also last

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week.

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And I said, don't do it again.

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I'm not going to do it again.

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But I did it again on Monday with David
Shapiro.

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I said that Friday's...

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bounce which we saw in many asset classes
was a dead cat bounce

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oh i did not hear that i said it was a
dead cat bounce because it was for no good

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reason and it came from the

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tech stocks and the gold going down quite
sharply etc and

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i thought well this is just the b leg of
an abc correction the b being the up dead

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cat bounce

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i still stand by it though you Okay,
Monday we had a bit of a bounce, Tuesday a

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bit steady, today we'll talk about,

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but anyway, dead cat bouncer, Skulk.

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What's happened today?

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We had jobs reports from the United
States.

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Yeah, I mean, the latest sort of job
reports that came out, it's not good.

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It seemed to be missing the mark
constantly.

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So let's first look at the data.

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I mean, unemployment rate, they were...

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Expecting 4.4 came out at 4.3.

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So again, lower.

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Well, not again lower, but lower.

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This is good.

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So people were expecting.

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And then the non-farm payrolls also came
out hotter or better than expected.

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So today's job data did look a little bit
better.

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But it's sort of good news, bad news, and
bad news is good news.

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Because what we've seen over the past few
days was As the job data came out, and I'm

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watching the CME Fed tool.

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Now, for the listeners that don't know
what I'm talking about, it's something

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that we've been discussing extensively,

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but it's the probabilities.

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It's a probability market where they look
at the probabilities of rate cuts for the

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different

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Fed meetings.

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And I looked at it, I would say a week or
two ago.

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Yes, this is interesting.

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Lindsay, I've just refreshed my screen
because I did an interview two hours ago.

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And two hours ago, it was suddenly that it
came.

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It took two weeks ago, a week and a half
ago.

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I looked at this, and it was close to 90,
80-odd percent unchanged.

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And then with the previous weaker job
data, as we've seen,

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It suddenly kicked up.

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It kicked up, the probability kicked up
for a rate cut to about,

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I would say two hours ago it was about
seven, close to 30%

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probability of a rate cut now for March.
And then April,

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they had it now over 40% probability,
close to 50%

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probability for a rate cut in April.

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As the job data came out now, much better
than expected.

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Unemployment lower, non-farm payrolls,
they actually way better.

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It's now 94% probability for being
unchanged in March.

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So that's a that's a crazy.

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Let me put this into perspective.

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The job rate went from 4.4 percent.

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The unemployment rate went from 4.4
percent to 4.3 percent, still at a four

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year high.

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OK, number one.

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Number two, the US, which is a 300 million
person population country,

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created 130,000 jobs in the month of
January versus the

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expectation of 60,000 jobs.

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It's still pathetic.

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and it Don't forget that these numbers
were late.

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So they've been, I don't know, there's
something weird going on there.

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And there's also been the government
shutdown, which is still filtering through

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the system.

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I don't believe any of these numbers.

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I think we've got to smooth it out over
the next few months.

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And I still don't believe that it
justifies a predictor tool going from 45%

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to 90% just because of one piece of data,
which quite honestly wasn't.

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particularly impressive, even though Mr.

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Trump will be doubtless now with his
stubby little fingers on his phone,

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sending out something on Truth Social
saying,

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look at the jobs that I've created.

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Another rant.

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No, well, it clearly did.

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And I'm just reading a look at the
sensation.

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I mean, I totally agree with you.

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We had the shutdown.

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And when they bring out economic data with
the words...

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revised December data, then you know that
why did they revise something?

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Because we had a shutdown and there was no
data.

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So they had to revise.

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But what we see, I just want to tell you
the sensation.

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They've actually, you know,

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US stock gain at the open after blowout
job data.

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Oh, please.

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Yeah, yeah.

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That's exactly, that is exactly.

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I mean...

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New stocks open high on Wednesday after a
January non-farm payroll report.

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I mean, this is how sensation works.

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And suddenly this probability shot up from
close to,

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it's called a 71% probability staying
unchanged, now 94% unchanged.

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That's a massive, massive kick in.

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And most probably not going to show us a
rate cut or seeing a rate cut close to 80%

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probability.

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for for for saying unchanged which still
needs to this is going to be interesting

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one because we know president trump

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he is listen he's fix yeah he's fixated on
on getting rates

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you know interest rates lower so

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of course it is and if anyone that doubts
my feelings towards the 47th and the

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45th president of the united states of
america I'm not a big fan.

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And the reason he wants rates lower is not
because he wants the US economy and the US

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people to do well,

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because he's thinking of other people.

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He's thinking of himself because he is in
charge of a crumbling empire, so-called,

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which needs lower interest rates because
it is geared to the hilt in debt.

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And he needs lower interest rates to
service that debt more cheaply.

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It's very simple.

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It's about him.

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So that's why Mr.

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Walsh must be very careful.

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He's the new Fed chair nominee, must be
very careful not to yield to political

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influence.

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Hopefully not.

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I think he's maybe one of the better
choices that were being mooted, Scalp.

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Anyway, what's the dollar index done on
the back of this?

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I would imagine what it's done is exactly
the same as the Fed indicator that you've

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been talking about.

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I would imagine that the dollar has
strengthened somewhat because of this.

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Yeah, because we know it's been under
pressure.

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She's 100% right.

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It was a slight improvement.

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I mean, we're not talking 1% or 2%.

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This is about a 15 basis point
improvement.

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And just as we speak, which was
interesting because I started off, good

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news is bad news, bad news is good news.

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I read this sensational heading for this
specific media outlet.

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But as I'm reading this, I'm looking at…
the S&P 500, Nasdaq, and Dow Jones.

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You should see that graph.

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It just went like, wait a minute.

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This is not good because we're not going
to see interest rates.

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And now it's dropping.

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Dead cat bounce, you see.

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This is it.

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And you want to know something that's
dropping that does it before the indices

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do?

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Have a look at Bitcoin now.

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66,000.

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And it was below.

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No, 65,900.

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It bounced up to 72,000 on Twitter.

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Monday and over the weekend during thin
trading.

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Now back down to 65,900.

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Things are coming down again, I'm afraid.

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And there will be some sort of correction,
in my opinion, including in tech stocks.

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And then everything will be fine again.

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But a correction is needed and a
correction we will have.

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Anything else happening apart from the
jobs data, which we've covered very

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nicely?

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What about South Africa?

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Any stock exchange news service
announcements there?

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And any reaction?

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on the major indices that you cover?

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Yeah, there was a few reports that came
out.

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What I think, let's first use my
favorites.

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We had, I don't know if it was today or
yesterday, I think it was today, it was

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Pan African.

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Yeah, yeah, it was Pan African Resources,
They came out today.

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Okay.

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And I found the Pan-African Resources one,
and okay, let's state my claim again, I

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love gold.

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I do, do love gold.

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You've hidden it well.

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Moving on.

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So Pan-African Resources, a fairly
smallish mining setup.

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And I found this exactly what we thought
we were going to see for this year for

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these gold mines.

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So firstly, the operating trading update,
the group trading update, and that's for

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the period, six-month period ended

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31st of December.

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They actually came out and said headline
earnings per share is going to be anything

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between 187%

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and 197% higher.

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Headline earnings per share is going to be
anything between 507% and 517%

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higher.

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So revenue increased by 157%.

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so

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It's expected because when you look at the
average gold price they received for

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their gold over this six-month period was
$3,812.

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And remember, you're going to tell the
listeners now in a second or two about

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your call on Monday

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and how gold is still trading over $5,000.

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And they've also now said that they've
pretty much unhedged all their gold.

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When you say unhedged, in other words,
they're just letting the gold price do

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what it does and get whatever the amount

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is when they sell it?

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Exactly.

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Now, to put this in perspective, they
didn't mention the all-in sustainable

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cost.

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But I just looked at the previous
announcement, which came out early

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January,

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where they actually already mentioned that
the all-in sustainable cost of the

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production for the first half of

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2026, which is now.

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It's expected to be in a range between
$1,825 per ounce and

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$1,875 per ounce.

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This is crazy.

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This is crazy to think that they take this
out.

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At a runabout, it's called $1,850.

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Let's split the dips.

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$1,850.

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And they got for this period more than
$3,800 per ounce.

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But looking at the current market,

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Every day that the gold price is trading
at $5,000, and in years marked,

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I would say the biggest thing that stood
out for me on the trading app is the fact

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that they've

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managed over this period to increase their
gold production by over

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51%.

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Wow.

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This is really, really, really good.

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This is what you typically want.

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Well, this is a very good South African
story, if that's the case.

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And I wonder if the others are able to do
that.

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And they're saying to themselves, OK,
well, we haven't been very efficient

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because the gold price hasn't allowed us
to be efficient, but now we can be more

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expensive.

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And there is an ore body there that is now
profitable.

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So we can go into different places with
newer equipment.

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I mean, I'm being very simple.

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I'm no miner.

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I'm no Bernard Swanepoel here.

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But it sounds to me as though the South
African gold mining industry, which it

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hasn't done in the past, is taking
advantage, Skalk,

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if this company is a representation.

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Exactly.

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This is exactly and this is good.

243
00:13:05.657 --> 00:13:08.678
Ultimately, this is going to be very, very
good for Shell.

244
00:13:08.718 --> 00:13:15.339
This is not just the Pan-African resources
because you would expect most of the other

245
00:13:15.339 --> 00:13:17.339
gold miners and ultimately also the

246
00:13:17.339 --> 00:13:20.841
PGM miners, the northerners, the Impalas,
those people to do similar.

247
00:13:21.082 --> 00:13:26.226
And if you see that, that's going to
falter back through to this African

248
00:13:26.226 --> 00:13:28.226
economy, our currency.

249
00:13:28.226 --> 00:13:30.226
So this is good news.

250
00:13:30.226 --> 00:13:32.226
I think it's good news all around.

251
00:13:32.226 --> 00:13:35.673
And I thought this stood out for me as
maybe a nice story

252
00:13:37.596 --> 00:13:38.577
when we look at today.

253
00:13:38.897 --> 00:13:43.240
Two more SA-centric stocks, very much
linked to the domestic economy.

254
00:13:43.920 --> 00:13:49.165
I suppose City Lodge Hotels is a bit of a
tourist stock as well.

255
00:13:49.542 --> 00:13:52.024
They came out with a trading statement, as
did Capitec.

256
00:13:52.063 --> 00:13:55.027
Did you have a chance to look at either of
those today, Scott?

257
00:13:55.827 --> 00:13:57.269
I've actually looked at both.

258
00:13:58.971 --> 00:14:01.793
Well, it's Capitec, strength to strength.

259
00:14:01.813 --> 00:14:05.236
I mean, it's just unbelievable what this
bank is doing.

260
00:14:05.237 --> 00:14:06.058
What have they done now?

261
00:14:06.058 --> 00:14:07.119
Have they got a new product?

262
00:14:07.139 --> 00:14:10.282
Have they just got new people, new
customers?

263
00:14:10.381 --> 00:14:11.163
What have they done?

264
00:14:11.222 --> 00:14:14.245
Where are they finding all these ways to
make money?

265
00:14:14.990 --> 00:14:16.712
Strength to strength, and that's the
thing.

266
00:14:16.771 --> 00:14:23.438
I mean, when you look at companies like
this, and there's a few other, I mean,

267
00:14:23.438 --> 00:14:25.438
I've listened, and I'm not a shield of
Pepcor,

268
00:14:25.438 --> 00:14:29.925
but you get the same feeling when you read
updates from Pepcor, similar stories when

269
00:14:29.925 --> 00:14:31.925
you read from

270
00:14:31.925 --> 00:14:34.851
ShopRite. But back to Capitec, this was
just a trading statement.

271
00:14:35.111 --> 00:14:37.373
So a trading statement told us already
that the...

272
00:14:38.342 --> 00:14:41.524
We can expect good things for the net set
of results.

273
00:14:41.824 --> 00:14:45.185
Headline NSP share is going to be up
between anything between 20% and 25%.

274
00:14:45.665 --> 00:14:48.086
Similar story on the basic headline NSP
share.

275
00:14:48.146 --> 00:14:52.548
And then they just went through where did
their growth come from.

276
00:14:52.728 --> 00:14:58.371
And you can just see this as a well-oiled
machine.

277
00:14:58.511 --> 00:15:05.294
It's just they are, I mean, they're just
growth-focused and they're just doing the

278
00:15:05.294 --> 00:15:07.294
basics right.

279
00:15:07.294 --> 00:15:12.761
the whole time so but also keeping up with
technology i mean they're keeping getting

280
00:15:12.761 --> 00:15:14.761
the basics right but they're also
introducing new

281
00:15:14.761 --> 00:15:19.644
innovative products all the time that
people understand as well and i'm not

282
00:15:19.644 --> 00:15:21.644
being dismissive of the the

283
00:15:21.644 --> 00:15:25.727
majority of the client base that they have
but everybody likes to keep things a

284
00:15:25.727 --> 00:15:27.727
little bit simple we don't

285
00:15:27.727 --> 00:15:28.828
need things too complicated there's a
there's a

286
00:15:28.848 --> 00:15:34.431
company in europe now called revolute uh
it's a it's a A fintech stock,

287
00:15:34.431 --> 00:15:36.431
essentially,

288
00:15:36.431 --> 00:15:36.912
but it's a bank and it's doing exactly the
same.

289
00:15:36.972 --> 00:15:43.716
It's challenging the old high street
banks, just like Capitec did in South

290
00:15:43.716 --> 00:15:43.816
Africa.

291
00:15:44.577 --> 00:15:45.277
And it's working.

292
00:15:45.577 --> 00:15:46.718
So well done, Capitec.

293
00:15:46.719 --> 00:15:48.139
So South Africa looking good, Skulk?

294
00:15:48.159 --> 00:15:51.420
We've got the budget coming up on the
25th, I think.

295
00:15:53.001 --> 00:15:54.982
I think it's going to be a more upbeat
budget.

296
00:15:56.463 --> 00:16:01.146
I think the Minister of Finance is going
to look at all of these things that's

297
00:16:01.146 --> 00:16:03.146
currently happening, look at our current
account.

298
00:16:03.146 --> 00:16:04.027
And just look at our general, because
remember,

299
00:16:05.647 --> 00:16:09.588
we don't want to sit with a very high debt
to GDP levels.

300
00:16:10.068 --> 00:16:16.690
And I think these type of moves will not
only help these companies, because we know

301
00:16:16.690 --> 00:16:18.690
if we turn the clock back six, seven years
ago,

302
00:16:18.690 --> 00:16:19.191
but when you look at a typical South
African mine,

303
00:16:20.431 --> 00:16:25.112
there was a company that sat with fairly
high debt levels.

304
00:16:25.893 --> 00:16:30.614
Cash flow was always under pressure
because they really always struggled to.

305
00:16:31.034 --> 00:16:33.335
sort of surpassed at all in sustainable
cost.

306
00:16:33.976 --> 00:16:36.077
This six months, they've managed to do it.

307
00:16:36.157 --> 00:16:37.958
Next six months, then you struggle to do
it.

308
00:16:38.378 --> 00:16:41.980
And it always sort of went into that
overdrive.

309
00:16:42.200 --> 00:16:45.022
And now it's massive positive cash flows.

310
00:16:45.023 --> 00:16:50.965
And I think this similar story could
happen and filter through into the South

311
00:16:50.965 --> 00:16:52.965
African finances.

312
00:16:52.965 --> 00:16:54.965
So that's good.

313
00:16:54.965 --> 00:16:55.507
Just quickly on City Lodge, just a
voluntary update.

314
00:16:55.527 --> 00:17:00.170
And it's always good when a company bring
out a voluntary update.

315
00:17:01.094 --> 00:17:07.478
And they use words like expect strong
first-half results, and then you know

316
00:17:07.478 --> 00:17:09.478
things are good.

317
00:17:09.478 --> 00:17:13.061
But it did just show that they've also
been, over the past few years, they came

318
00:17:13.061 --> 00:17:13.281
out of

319
00:17:13.902 --> 00:17:18.945
COVID, very similar to the likes of the
Sun International, and were struggling.

320
00:17:19.105 --> 00:17:22.006
I mean, they had to go into high debt
levels.

321
00:17:22.266 --> 00:17:24.588
I mean, Sun International even had to do
rights issues.

322
00:17:25.068 --> 00:17:31.693
And they've focused on, again, things
that's going well, sold off a few hotels

323
00:17:31.693 --> 00:17:33.693
that,

324
00:17:33.693 --> 00:17:38.899
I'm not talking about this past six
months, but over the past five years, sold

325
00:17:38.899 --> 00:17:40.899
hotels that's just not doing well at all.

326
00:17:40.899 --> 00:17:45.364
And now they're starting to bear the fruit
of these moves.

327
00:17:45.564 --> 00:17:47.766
Plus, we've seen a positive,

328
00:17:48.187 --> 00:17:53.691
let's call it tourist industry.

329
00:17:53.711 --> 00:17:56.994
Oh my goodness, the blowout numbers for
Cape Town over the Thank you.

330
00:17:57.254 --> 00:17:58.435
The Christmas holiday period.

331
00:17:58.575 --> 00:17:59.295
Unbelievable.

332
00:17:59.315 --> 00:18:04.918
I think it was more than half a million
visitors to Cape Town, foreign visitors to

333
00:18:04.918 --> 00:18:06.918
Cape Town over that period.

334
00:18:06.918 --> 00:18:11.342
And hopefully City Lodge was there to mop
up some of the excess from some of the

335
00:18:11.342 --> 00:18:13.342
more traditional tourist hotels.

336
00:18:13.342 --> 00:18:13.643
Correct.

337
00:18:13.643 --> 00:18:14.343
Correct.

338
00:18:14.403 --> 00:18:15.103
So very good.

339
00:18:15.103 --> 00:18:20.987
We're looking at just at the hips of
anything between, let's call it 29 to 36

340
00:18:20.987 --> 00:18:22.987
percent increase.

341
00:18:22.987 --> 00:18:24.987
So that's that's really good.

342
00:18:24.987 --> 00:18:26.987
Very nice.

343
00:18:26.987 --> 00:18:28.987
OK, let's have a look at some numbers
because I know you've got to get off a

344
00:18:28.987 --> 00:18:30.987
little bit quicker this evening.

345
00:18:30.987 --> 00:18:32.987
Dollar round is 1594, barely changed on
the day.

346
00:18:32.987 --> 00:18:35.510
The British pound against the round 2176,
the euro round 1890.

347
00:18:35.511 --> 00:18:38.451
Euro dollar is just about 1905 at the
moment.

348
00:18:38.751 --> 00:18:41.973
British pound against the US dollar
136.30.

349
00:18:41.974 --> 00:18:44.934
The gold price is 5065.

350
00:18:44.935 --> 00:18:49.816
Despite the slightly stronger dollar, the
gold has rallied by $42.

351
00:18:49.876 --> 00:18:51.257
Someone explain that to me.

352
00:18:51.897 --> 00:18:54.318
Maybe there's some Iranian news that we
You haven't.

353
00:18:54.898 --> 00:18:56.019
yet heard on the news was.

354
00:18:56.079 --> 00:18:56.780
Who knows?

355
00:18:57.060 --> 00:18:59.763
But anyway, the platinum price is also up,

356
00:18:59.963 --> 00:19:06.528
up $35 an ounce to $21.35 and palladium
$17.56, up $51.

357
00:19:06.588 --> 00:19:08.750
That's the best performer, 3% gain.

358
00:19:09.731 --> 00:19:12.353
Other commodities, where's my CRB index?

359
00:19:12.473 --> 00:19:13.173
There it is.

360
00:19:13.194 --> 00:19:16.256
I know the oil price has had a pretty good
day.

361
00:19:16.597 --> 00:19:22.542
If you like your oil high, then you've got
Brent crude oil up one and three quarters

362
00:19:22.542 --> 00:19:24.542
percent to $70.02 per barrel.

363
00:19:24.542 --> 00:19:27.460
And West Texas crude $65.14 up 1.8%.

364
00:19:27.520 --> 00:19:34.223
The silver price I'll give you that's up
3.75% $83.79 per ounce.

365
00:19:34.283 --> 00:19:41.146
Copper price just below $5.96 per pound
which is up 3.25%

366
00:19:41.766 --> 00:19:44.888
I want to give you this one now because
this is my star performer of the day.

367
00:19:44.908 --> 00:19:51.050
7.955% is the yield of the South African
10-year bond.

368
00:19:51.651 --> 00:19:56.554
It's nibbled below there a couple of times
recently, but today it looks as though

369
00:19:56.554 --> 00:19:58.554
it's consolidating below there.

370
00:19:58.554 --> 00:20:01.858
It's only two and a half basis points
down, the yield there is, but very good

371
00:20:01.858 --> 00:20:03.858
for the bond market,

372
00:20:03.858 --> 00:20:03.899
showing confidence in the South African
economy.

373
00:20:04.299 --> 00:20:06.141
And hopefully the budget will bear that
out.

374
00:20:06.142 --> 00:20:12.185
The US 10-year got down to about 4.13%,
now 4.17%

375
00:20:12.225 --> 00:20:13.226
after the jobs numbers.

376
00:20:13.227 --> 00:20:16.748
S&P 500, 69.48.

377
00:20:16.749 --> 00:20:19.330
When we started this conversation, it was
half a percent higher.

378
00:20:19.590 --> 00:20:21.191
The S&P has turned lower.

379
00:20:21.571 --> 00:20:23.692
Did I mention dead cat bounce at the
beginning of the show?

380
00:20:24.072 --> 00:20:24.853
I can't remember.

381
00:20:25.113 --> 00:20:25.813
Maybe I did.

382
00:20:25.833 --> 00:20:26.634
Maybe I didn't.

383
00:20:27.354 --> 00:20:29.015
Maybe once or twice.

384
00:20:30.116 --> 00:20:30.816
Shut up.

385
00:20:31.056 --> 00:20:32.757
The Bitcoin phrase.

386
00:20:32.857 --> 00:20:33.557
Oh, dear.

387
00:20:33.758 --> 00:20:35.839
That cat is not just bouncing.

388
00:20:36.039 --> 00:20:36.779
It's dead.

389
00:20:36.819 --> 00:20:39.981
66,218 down

390
00:20:40.921 --> 00:20:44.063
4.4% on its way to what it's worth.

391
00:20:44.163 --> 00:20:45.464
And I won't tell you what that is.

392
00:20:46.024 --> 00:20:46.724
Skunk.

393
00:20:47.005 --> 00:20:49.286
What about ups and downs on the JSC today,
please?

394
00:20:50.324 --> 00:20:55.247
Okay, so when we look at the ups and
downs, just quickly just open this screen

395
00:20:55.247 --> 00:20:57.247
of mine, just open this second.

396
00:20:57.247 --> 00:21:02.392
We know that the golds were, but in
general, it was again a commodity there

397
00:21:02.392 --> 00:21:04.392
because when you look at the

398
00:21:04.392 --> 00:21:06.855
JSE RSI that actually improved by 2.5%,

399
00:21:07.136 --> 00:21:13.620
then you know it's going to be
predominantly your diggers or let's call

400
00:21:13.620 --> 00:21:15.620
it your resource company.

401
00:21:15.620 --> 00:21:19.584
So from a top down, Tungela, 7.9%.

402
00:21:20.224 --> 00:21:25.166
Cecil, 5.5%, South32, 3.61%,

403
00:21:27.246 --> 00:21:31.647
Bright, that's 3.5%, and Impala Platinum,
3.4%.

404
00:21:31.707 --> 00:21:36.049
I'm just going to add a 6.1% just because
we need a gold miner in there.

405
00:21:36.269 --> 00:21:38.329
Anglo Gold, that was up 3.4%.

406
00:21:38.549 --> 00:21:40.050
So really, really good.

407
00:21:40.090 --> 00:21:47.072
I'm throwing my eyes just on the top 10,
top 15, and you can see most of them are

408
00:21:47.072 --> 00:21:49.072
either gold or...

409
00:21:49.072 --> 00:21:51.072
PGM miners.

410
00:21:51.072 --> 00:21:53.072
On the downside...

411
00:21:53.072 --> 00:21:55.254
I didn't have any gold or PGMs in my David
Shapiro Sasser and Securities competition.

412
00:21:55.274 --> 00:21:57.575
You know, the yearly competition, you pick
five stocks.

413
00:21:57.955 --> 00:22:00.556
You pick five stocks and you can't change
them.

414
00:22:01.316 --> 00:22:06.737
And at the end of the year, whoever has
done the best wins the nice prizes that

415
00:22:07.077 --> 00:22:08.378
David Shapiro has put together.

416
00:22:08.678 --> 00:22:11.799
I didn't have one PGM or gold stock in
their skunk.

417
00:22:12.619 --> 00:22:14.239
I mean, yeah, I've got no chance now.

418
00:22:14.279 --> 00:22:16.800
I mean, I've got off to a very slow start,
let's put it that way.

419
00:22:17.564 --> 00:22:20.025
Yeah, do you want to tell us which five
stocks you choose?

420
00:22:20.205 --> 00:22:26.827
No, tell us the downside on the JSC today,
starting with Quilter, if you will, down

421
00:22:26.827 --> 00:22:28.827
6.75%.

422
00:22:28.827 --> 00:22:30.827
There we go.

423
00:22:30.827 --> 00:22:32.568
Then we've got Sappy down 3.6%.

424
00:22:32.569 --> 00:22:33.989
NASPAS, interesting one.

425
00:22:34.109 --> 00:22:37.910
This is a company which you will find in
my top five.

426
00:22:39.130 --> 00:22:43.691
And yeah, it's down again further, another
2.3% for today.

427
00:22:44.031 --> 00:22:47.336
This is a company that's now down
year-to-date 18%

428
00:22:47.536 --> 00:22:52.298
so this is a this is an entry story then
but also one that's been been under

429
00:22:52.298 --> 00:22:54.298
pressure lately

430
00:22:54.298 --> 00:22:57.580
2.2% HCI 1.92% down for today.

431
00:22:58.081 --> 00:23:03.483
Okay, very good scale So the indices just
just just give us those indices the best

432
00:23:03.483 --> 00:23:03.724
and

433
00:23:03.724 --> 00:23:07.384
the worst given what you've just said I
would say it's the resi that's done the

434
00:23:07.384 --> 00:23:07.525
best today

435
00:23:08.305 --> 00:23:12.286
Undoubtedly undoubtedly we've we've had a
jay-z all share.

436
00:23:12.326 --> 00:23:16.208
That was a close that 121,753

437
00:23:16.268 --> 00:23:23.234
points that is up 0.72 percent resis where
the star performer two and a half percent

438
00:23:23.234 --> 00:23:25.234
up uh industrials down

439
00:23:25.234 --> 00:23:30.039
0.67 naturally with a little help from
naspa's process and then financials that

440
00:23:30.039 --> 00:23:32.039
was also just kept itself in the

441
00:23:32.039 --> 00:23:36.725
green at 0.17 positive for today it's a
property index up 1.34 and

442
00:23:36.785 --> 00:23:43.710
we saw the total value trade again uh
surpassing the 25 billion ending the day

443
00:23:43.710 --> 00:23:45.710
at the 25.6

444
00:23:45.710 --> 00:23:47.710
billion that traded through the oil share.

445
00:23:47.710 --> 00:23:51.664
I'm going to let you go, but very, very
quickly before you go, you said at the

446
00:23:51.664 --> 00:23:53.664
beginning off-air, Lindsay,

447
00:23:53.664 --> 00:23:55.664
I've got to make this a relatively quick
one.

448
00:23:55.664 --> 00:23:57.664
I said, fine, let's try to do that.

449
00:23:57.664 --> 00:23:59.664
I think we have.

450
00:23:59.664 --> 00:24:01.664
Actually, we haven't, but anyway, it
doesn't matter.

451
00:24:01.664 --> 00:24:06.754
You've spoken about the gold, and I want
the update on the other four-letter word,

452
00:24:06.754 --> 00:24:08.754
the other G word,

453
00:24:08.754 --> 00:24:10.754
golf.

454
00:24:10.754 --> 00:24:12.754
How's it going, Skulk?

455
00:24:12.754 --> 00:24:14.754
You can't put me on the spot.

456
00:24:14.754 --> 00:24:16.754
I can, and I have.

457
00:24:16.754 --> 00:24:18.754
Yeah, so haven't.

458
00:24:18.754 --> 00:24:22.862
played yet but um yeah what a surprise
this this weekend this weekend will

459
00:24:22.942 --> 00:24:29.844
be my first um you know golf golf i don't
say tournament for me but any any any golf

460
00:24:29.864 --> 00:24:34.225
will be a tournament just finishing it up
but anyway so yeah this weekend this

461
00:24:34.245 --> 00:24:41.067
weekend will be my first one so next time
we speak we can we can have a sort of a

462
00:24:41.067 --> 00:24:43.067
bit of a check-in skunkler is a portfolio
manager at

463
00:24:43.067 --> 00:24:44.148
psg wealth old oak in cape town and that
was the five o'clock shadow Thank you.

464
00:24:44.632 --> 00:24:51.578
The views and opinions expressed in these
podcasts are those of Lindsay Williams and

465
00:24:51.578 --> 00:24:53.578
various contributors and do not reflect
the policy,

466
00:24:53.578 --> 00:24:55.341
position or opinion of any other agency,
organisation,

467
00:24:55.661 --> 00:25:00.305
employer or company associated with
StrictlyBusinessPodcast.com.

468
00:25:00.765 --> 00:25:07.731
Assumptions made on the analyses are not
reflective of the position of any other

469
00:25:07.731 --> 00:25:09.731
entity other than the speaker or the
author.

470
00:25:09.731 --> 00:25:13.916
And since we are critically thinking human
beings, these views are always subject to

471
00:25:13.916 --> 00:25:15.916
change, revision, and revision.

472
00:25:15.916 --> 00:25:16.041
and rethinking at any time.

473
00:25:16.342 --> 00:25:18.768
Please do not hold us to them in
perpetuity.
