Simon’s weekly wrap: Market bounces and bright spots

This week MoneywebNOW looked at China, SA banks, Maputo Port and Transnet, SA’s first hedge fund to return 100x, trends in logistics and retail real estate, Naspers/Prosus and more.

The big story this week was the collapse in the share prices of Naspers and Prosus, followed by a massive 20% move higher on Friday. The bounce was on reports that the Chinese government would stop hitting out at listed tech stocks. But independent analyst Jimmy Moyaha is sceptical, pointing out China’s track record and the fact that words are easy, but actions are what matters.

Absa released annual results on Monday making it the last of the big four. Overall, we’ve seen good numbers from the banks, and I spoke with PwC’s Francois Prinsloo on the state of the sector. The base they reported on was lower due to the pandemic. Even so they remain in robust health, with excellent capital adequacy and impairments back to the long-term trend. (Read transcript)

Grindrod is seeing booming activity in the Maputo Port. CEO Andrew Waller points out that with commodity prices surging, Maputo has become even more important as a route to market for Southern African commodity miners. He’s also quietly confident that Transnet is starting to get back on track for internal movement of freight. (Read transcript)

I spoke with Peregrine Capital CEO Jacques Conradie on its hedge fund, which is the first in SA to return 100x since inception 23 years ago. I asked about its investment process, keeping clients happy when times get tough and what they’re liking right now as inflation rears its head.

Also this week:

Fortress Reit CEO Steven Brown on trends and shifts in logistics and retail real estate (Read transcript)

PSG Old Oak Schalk Louw on holdcos and why Naspers should not still be holding Prosus (Read transcript)

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