WEBVTT

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You're listening to Strictly Business
Podcast

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with Lindsay Williams.

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The JSC has closed its doors for another
day,

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so it's time for the 5 o'clock shadow.

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And as always on a Wednesday, I speak to
Skulk Lowe,

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Portfolio Manager at PSG Wealth Old Oak in

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Cape Town.

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A very cold Cape Town, I understand,
Skulk.

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That's an understatement.

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No, I mean, it's freezing cold.

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And the most disappointing

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part is you speak to your counterpart.

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part, your friends and families in other
parts of South

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Africa, more specifically the

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Gauteng region, Limpopo,

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and they're walking around with t-shirts.

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They're saying it's like

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30 odd degrees.

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Feels like spring already in the latter
part of

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August.

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We've got snow on Table Mountain.

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That maybe just describes it all.

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That's amazing.

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But just before we get off the
meteorological theme,

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Isn't it nice?

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Don't you find it nice to have a freezing
cold evening and you

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can have a glass of red wine?

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Not that you need an excuse to have a
glass of red wine,

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but some people do, not me.

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And snuggle up around a fire or a heater
or something,

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whatever it is, I find it quite cosy.

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It's not nice to have a temperate

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climate.

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I like a good freeze.

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Yeah, South Africans love

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to moan about stuff.

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Me too.

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I would just like to moan about being hot
again

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just for a day or two.

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No, I totally agree with you.

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I love all facets of Cape

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Town weather.

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I know I'm a typical Cape Townian

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boy.

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I grew up here and I'm still staying here.

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So it is literally

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a I think when the Dutch arrived there,

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they first called it

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Little Holland or something like that,

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if I'm not mistaken.

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A clay Netherlands, a small,

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small Netherlands.

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And

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I think it's for that reason,

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because you've got these,

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literally these four seasons in one day.

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Winter is just constantly raining

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and, you know, summers are nice and hot,

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which I don't think you've had this year.

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Did you?

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Well, it's 28, 29 degrees at the moment,

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but this is the last day of summer now.

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It's all over.

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Temperature starts falling according to my
Norwegian

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weather app.

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which is incredibly accurate and yeah so

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i'm going to make the most of this but
that this is the end of

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of of summer and talking about the
netherlands i

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occasionally drive around skunk or get
driven around

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and i see bid corp vans whizzing around
everywhere

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and they came out with a set of results
we're waiting for them and

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videos but uh let's focus on big bid corp

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nice set of numbers and despite a backdrop
as they

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say of let's have a look turbulent and

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challenging world beset with anemic,

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stagnant, and sometimes negative economic
growth.

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And yet they increased their revenue

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to $226 billion,

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up over 15%.

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What a performance.

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Yeah, that's amazing.

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I mean,

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I've often had this conversation, you
know,

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either we'll talk about Nuclex or

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Capitec,

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and then I always refer to these
companies,

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the ones that got away.

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Now, I'm sitting here feeling sour.

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I mean, I feel really,

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really disappointed because one of these
companies that

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I just always want to include in my
portfolio.

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It's just most of the time it's

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just a little bit on the expensive side.

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So you mentioned it today.

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I mean, the revenue looking really, really
good,

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15% higher.

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When we look at the headline earnings per
share,

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24 Rand,

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also up 15.5%.

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I think the most important thing is that.

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it's a beat when you compare it to the
refinitive

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consensus estimate so that was good to
also do

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dividend um we're looking at a 10 rand

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90 uh dividend which is up 16

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percent refinitive had them at 10.75 so

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beat

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beat uh maybe on the on the revenue a
little bit

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softish but it's just

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as i read through this is this the
statement i just

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felt good i mean this is a company

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and um ceo bennett

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He actually mentioned in the report that
the

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results were almost 100%

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organic growth.

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Now, that's fantastic.

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It just means that there is very little
acquisitional growth.

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This is a company that just managed their
expenses,

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and they actually just

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opened new doors where they could do so.

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They mentioned in the report the

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challenging environment, as you just
referred to.

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There's a soft…

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food inflation and the higher core
inflation that's

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usually for food companies like PitCorp
it's a

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very very challenging environment and they
managed

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to steer

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this company well well clear of this this
challenging

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environment ah i would say great great
results and now

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as we stand in the company's current value
just just

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shy of a 16 times p e ratio

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so not that expensive anymore

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there's

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a few companies that might be a little bit
more you know could be seen

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as cheaper but uh definitely companies on
my radar

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and ah sort of the cherry on the cake uh

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shelters were extremely well rewarded

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today you know four point 5%, 4%,

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up for today, close today at 440 rand.

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Very good.

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Just for people that are still getting
their head around the fact

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that there's a Bidvest and a Bidcorp,

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and they were one at one time,

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just where does Bidcorp make its money?

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Where's its real driver?

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Again,

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it's the food business.

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We sort of looked at them.

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Food delivery.

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I mean, you have in South Africa.

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I often see them with these little food
trucks delivering food

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to restaurants,

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takeaway companies, and those type of
companies.

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So they remember,

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you actually mentioned where they come
from.

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They come from BitFest.

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Back in the days, BitFest, their
logistics,

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delivering stuff,

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they did so well with the

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food side, food delivering side,

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that this became a very,

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very solid company on its own.

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Yeah, so food delivery is, which is big
business.

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Skulk,

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we've come more or less to the end of the
June year-end

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company's results as you go into summer.

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And it's been okay.

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Standard Bank was quite good, I think.

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Yeah,

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I think banks in general came out very,

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very solid.

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But I think

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August will be known for the

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massive.

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And when I say massive, I want to put this
in capital,

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capital letters.

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massive month for local

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property stocks.

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We had, I don't know if it's in front of
me, I don't know,

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the next day or two,

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and this morning we

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asked our head of the dealing desk,

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where did they see the flows?

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And he said, well,

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flows were predominantly asset property
stocks.

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Well, which ones?

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He says, well, all of them.

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Literally all of them.

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Is that an interest rate play, is it?

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Is that an anticipatory play?

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with price of money coming down which is
always good for property

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that that is the case i mean he mentioned
it is it's pretty

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much the locals buying local property
stocks but i

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went and look at um i also do

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these it's called the themes or asset

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asset

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class movements and i up to

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end of july when you looked at that then
look

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i don't elaborate too too too deeply when

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you look we had to i used um

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develop market equities, emerging market
equities.

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I'll use U.S. growth,

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small caps, global bonds.

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But the sector that's been under

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massive amount of pressure, not only last
year,

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but also up to July

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this year, was global property,

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property stock, retail or REITs.

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This month,

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that thing has popped up from year to date
being

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either lost.

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or second last and now now finding itself
in something like

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fifth position so there's definitely a

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migration from from uh

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equities bonds to to actually to

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to to property stocks um globally but

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said african property stocks it's sort of
special because

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you know you and i have had this
conversation where

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when you look at the prices relative to
its

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net asset values this is the deepest that
i've seen

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that there's those variations you know
since since

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2003.

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And that was sort of also a very special

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time because that's where we've seen a
massive turn

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in local properties as well.

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Also, one thing that I love looking and
monitoring is

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Stats SA.

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They bring out on a monthly basis,

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they bring out the

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buildings completed

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for that month.

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And I look at specifically

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non-residential properties.

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And I...

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I usually just combine it over a year
period.

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Now, when you look at that data,

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this is the lowest amount

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of properties that's been completed over
the past 12 months,

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since that 2002,

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2003 period.

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Now, you would ask people, oh, that's
actually bad,

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that's negative.

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Yes,

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it's negative because everybody sort of
had a negative

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outlook on asset property.

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First, we had COVID because everybody...

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It's going to work from home.

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They're never going to go back to the
shopping centers never going to go back to

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the

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offices Never go back to the banks again
and now

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They had it wrong.

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Everybody's going back to the offices.

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They're going back to shopping.

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So demand has re-emerged after

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COVID and lockdowns and supply,

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it has virtually stagnated according to
StatsSA and

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according to you.

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So you've got a perfect storm for a bull
run.

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Oh, yeah.

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Oh, yeah.

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And then just adding to that mix, which
you just mentioned,

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we're at the end of a hiking cycle and

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about to enter the declining

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cycle.

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I mean, then if you add those two
together,

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you get a beautiful,

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beautiful environment for undervalued
property

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stocks, which clearly, you know,

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some investors are currently taking
advantage of.

269
00:10:34.004 --> 00:10:36.645
The hottest property overseas, of course,
is NVIDIA,

270
00:10:36.665 --> 00:10:38.946
and they come out with results after the
US close.

271
00:10:38.946 --> 00:10:40.946
I don't know if you're involved in it.

272
00:10:39.967 --> 00:10:41.967
I don't know if you own it.

273
00:10:41.467 --> 00:10:43.467
But even if you don't own it,

274
00:10:43.148 --> 00:10:46.089
you will be watching those results because
according to the options

275
00:10:46.149 --> 00:10:48.791
market in a little piece that I read from
Bloomberg

276
00:10:49.051 --> 00:10:51.051
the other hour.

277
00:10:50.031 --> 00:10:52.933
It was saying that options are saying it
might be

278
00:10:53.053 --> 00:10:55.053
10% up or 10% down,

279
00:10:54.714 --> 00:10:56.796
given the positioning of the options,

280
00:10:57.136 --> 00:10:59.136
investors or traders.

281
00:10:58.857 --> 00:11:01.599
So it should be fun in the aftermarket,
Scott.

282
00:11:02.880 --> 00:11:04.880
Yeah, yeah, yeah.

283
00:11:03.921 --> 00:11:06.483
I mean, that's putting it mildly,

284
00:11:06.883 --> 00:11:08.883
Lindsay.

285
00:11:07.443 --> 00:11:09.443
I mean, what Lindsay is basically telling
us,

286
00:11:09.585 --> 00:11:12.487
I think that I also read somewhere,

287
00:11:12.487 --> 00:11:14.487
I think this is the biggest spread.

288
00:11:14.969 --> 00:11:17.591
This is the largest long positions.

289
00:11:17.771 --> 00:11:19.771
And.

290
00:11:18.371 --> 00:11:20.412
short positions at exactly the same time

291
00:11:21.592 --> 00:11:23.592
in any company.

292
00:11:22.933 --> 00:11:25.094
I mean, so effectively,

293
00:11:25.894 --> 00:11:27.935
you've got massive bulls and massive
bears.

294
00:11:28.035 --> 00:11:30.035
And

295
00:11:28.915 --> 00:11:31.516
I think the perfect scenario would most
probably be

296
00:11:31.977 --> 00:11:34.538
that NVIDIA come out bang on target.

297
00:11:34.558 --> 00:11:36.558
They don't miss target.

298
00:11:35.598 --> 00:11:37.598
They don't miss consensus.

299
00:11:37.099 --> 00:11:39.099
They come out exactly.

300
00:11:38.619 --> 00:11:41.460
And I think that might be the sort of the
best case

301
00:11:41.480 --> 00:11:43.480
scenario for this.

302
00:11:42.541 --> 00:11:45.262
Because like you said, if they miss, I
agree with you.

303
00:11:45.322 --> 00:11:47.523
I think we're going to see this company.

304
00:11:49.015 --> 00:11:51.015
have a hefty fall, and if they beat,

305
00:11:51.017 --> 00:11:53.858
I wouldn't be surprised if it runs, like
you said,

306
00:11:54.238 --> 00:11:56.279
anything between 4% and 10%.

307
00:11:56.560 --> 00:11:58.560
Also, the consensus.

308
00:11:58.301 --> 00:12:01.142
One of my analysts, I want to take his
thunder.

309
00:12:02.043 --> 00:12:04.043
Keenan came to me.

310
00:12:02.863 --> 00:12:04.863
Oh, no, it was Jared.

311
00:12:03.824 --> 00:12:06.405
He came to me today, and he said, Scott,

312
00:12:06.445 --> 00:12:08.445
this is also, I mean,

313
00:12:07.846 --> 00:12:10.687
he always looks at not only the consensus,

314
00:12:11.087 --> 00:12:13.829
but he'll look at the difference in

315
00:12:13.849 --> 00:12:15.849
consensus,

316
00:12:15.450 --> 00:12:17.471
the lower band and the upper band.

317
00:12:18.107 --> 00:12:20.929
And it is crazy when you

318
00:12:20.989 --> 00:12:22.989
look at this company.

319
00:12:25.251 --> 00:12:27.692
As we sit here, well, it's called a
pre-market market close.

320
00:12:28.353 --> 00:12:30.353
More or less, let's just say,

321
00:12:29.373 --> 00:12:31.735
NVIDIA is trading at $126.

322
00:12:32.555 --> 00:12:34.555
That's where it's currently trading.

323
00:12:35.137 --> 00:12:37.137
When you look at the upper band,

324
00:12:38.619 --> 00:12:41.300
the analysts are forecasting that this

325
00:12:41.320 --> 00:12:43.320
company could be trading at,

326
00:12:42.621 --> 00:12:45.222
let's call it $205

327
00:12:45.683 --> 00:12:47.683
per share.

328
00:12:46.683 --> 00:12:48.683
And on the lower side,

329
00:12:47.704 --> 00:12:50.425
there's some that actually feel it could
be trading, you know,

330
00:12:50.425 --> 00:12:52.425
about $60 to $70.

331
00:12:52.106 --> 00:12:54.106
Oh, no.

332
00:12:52.766 --> 00:12:54.766
Come on now.

333
00:12:53.386 --> 00:12:55.386
What's it going to halve, in other words?

334
00:12:55.607 --> 00:12:57.607
Well, you know,

335
00:12:57.648 --> 00:13:00.269
I'm not going to diss that person's, you
know,

336
00:13:00.369 --> 00:13:02.369
recommendation because, I mean,

337
00:13:02.630 --> 00:13:04.771
any person that said that

338
00:13:05.512 --> 00:13:08.153
Cisco will be

339
00:13:08.373 --> 00:13:10.934
halving in 2000, you know,

340
00:13:11.134 --> 00:13:13.134
you would have had most probably the same.

341
00:13:13.936 --> 00:13:15.936
Same replies.

342
00:13:15.997 --> 00:13:17.997
And it did.

343
00:13:16.517 --> 00:13:18.517
It didn't only fall 50%.

344
00:13:18.058 --> 00:13:20.859
It fell 76% in the

345
00:13:20.899 --> 00:13:22.899
next two years.

346
00:13:21.620 --> 00:13:24.541
So anyway, what goes up can go down.

347
00:13:24.781 --> 00:13:26.781
So let's see.

348
00:13:26.402 --> 00:13:28.402
I think it's going to be an interesting
day.

349
00:13:27.563 --> 00:13:29.563
It certainly will be.

350
00:13:28.163 --> 00:13:30.905
And you've got the high pressure, which is
the bullish stance,

351
00:13:30.925 --> 00:13:32.925
and the low pressure, which is the bearish
stance,

352
00:13:33.186 --> 00:13:36.088
in the form of options and futures and
every other derivative you

353
00:13:36.088 --> 00:13:38.088
can conjure up.

354
00:13:37.048 --> 00:13:39.048
And the two come together.

355
00:13:38.949 --> 00:13:40.949
Big storm.

356
00:13:39.930 --> 00:13:41.930
Big storm.

357
00:13:40.790 --> 00:13:42.790
Now then, Scott.

358
00:13:41.351 --> 00:13:43.351
We've got to wait for that.

359
00:13:42.291 --> 00:13:44.291
We're going to have to wait for that.

360
00:13:44.112 --> 00:13:46.112
That's going to be good.

361
00:13:45.112 --> 00:13:47.112
Are you involved in it, though?

362
00:13:46.952 --> 00:13:48.952
No, no, no.

363
00:13:48.813 --> 00:13:50.813
I don't have it in a video,

364
00:13:49.953 --> 00:13:52.854
so it's easy to sit on the sideline and
watch it

365
00:13:52.874 --> 00:13:54.874
like it is.

366
00:13:53.254 --> 00:13:55.254
And have some fun, yeah, exactly.

367
00:13:54.994 --> 00:13:56.995
Okay, let's have a look at some market
prices now.

368
00:13:57.055 --> 00:13:59.796
The dollar round, that's more or less
unchanged,

369
00:14:00.776 --> 00:14:02.776
slightly stronger for the dollar.

370
00:14:02.156 --> 00:14:04.677
1780, that exchange rate.

371
00:14:05.197 --> 00:14:07.798
The British pound against the round is
2351,

372
00:14:07.798 --> 00:14:09.958
and the euro round is 1981.

373
00:14:10.179 --> 00:14:12.179
Euro dollar, 111.28.

374
00:14:12.443 --> 00:14:14.443
What else have we got here?

375
00:14:13.571 --> 00:14:15.571
Gold price.

376
00:14:14.571 --> 00:14:16.571
That's down $8.50 to

377
00:14:16.452 --> 00:14:18.452
$25.07.

378
00:14:18.413 --> 00:14:20.413
And platinum, down $17.

379
00:14:20.393 --> 00:14:22.393
These white metals worry me.

380
00:14:21.334 --> 00:14:23.334
$9.42,

381
00:14:23.115 --> 00:14:25.115
down 1.75%.

382
00:14:24.915 --> 00:14:27.656
And palladium, down 1.3% to

383
00:14:27.656 --> 00:14:29.997
$9.46.

384
00:14:29.997 --> 00:14:31.997
Okay,

385
00:14:30.398 --> 00:14:33.359
other commodities of importance for South
Africa and

386
00:14:33.519 --> 00:14:35.519
for the world.

387
00:14:34.879 --> 00:14:37.641
Oil price, thank goodness, coming down
after the Libya scare.

388
00:14:38.121 --> 00:14:40.121
That was brief.

389
00:14:38.701 --> 00:14:40.701
$78.88,

390
00:14:40.542 --> 00:14:42.542
which is down 0.8%.

391
00:14:42.343 --> 00:14:44.343
And the West Texas.

392
00:14:43.847 --> 00:14:45.847
$74.83,

393
00:14:45.768 --> 00:14:47.768
down 0.9%.

394
00:14:47.769 --> 00:14:50.371
Elsewhere, copper down 3.3%.

395
00:14:51.251 --> 00:14:53.251
That's the one that really stands out.

396
00:14:53.973 --> 00:14:55.973
S&P 500 futures ahead of NVIDIA,

397
00:14:55.793 --> 00:14:58.255
56.49,

398
00:14:58.255 --> 00:15:00.255
which is just very slightly higher.

399
00:15:00.776 --> 00:15:03.558
The US 10-year Treasury bond yield is

400
00:15:03.558 --> 00:15:05.558
3.83%.

401
00:15:05.879 --> 00:15:07.879
And what else have we got?

402
00:15:06.879 --> 00:15:08.879
The South African 10-year,

403
00:15:07.380 --> 00:15:10.561
9.33%.

404
00:15:11.002 --> 00:15:13.223
Bitcoin price has been under huge pressure
today.

405
00:15:13.683 --> 00:15:16.625
It's down 5.4% to $58,000,

406
00:15:16.625 --> 00:15:20.448
$575,000,

407
00:15:20.448 --> 00:15:22.448
something like that.

408
00:15:21.509 --> 00:15:23.509
Okay, good.

409
00:15:22.510 --> 00:15:24.510
What else have we got, Skulk?

410
00:15:25.232 --> 00:15:27.894
You're going to give us, rather, the JSC
closing indices,

411
00:15:27.894 --> 00:15:30.436
but the one that really stands out, and
for all the wrong reasons,

412
00:15:30.856 --> 00:15:32.856
resources.

413
00:15:31.576 --> 00:15:34.058
I know in London they were smashed as well
today,

414
00:15:34.859 --> 00:15:36.859
but that doesn't bode well.

415
00:15:37.201 --> 00:15:39.201
No, not at all.

416
00:15:39.562 --> 00:15:41.562
Yeah, click, click.

417
00:15:40.723 --> 00:15:43.305
The clear economic growth worry is still

418
00:15:43.806 --> 00:15:45.806
very much persistent.

419
00:15:44.967 --> 00:15:46.967
I mean, I think what was it?

420
00:15:46.688 --> 00:15:48.690
A bulletin came out,

421
00:15:48.790 --> 00:15:50.790
was it earlier this week?

422
00:15:50.892 --> 00:15:52.892
Yes.

423
00:15:51.012 --> 00:15:53.954
And the CEO mentioned… I think it was a 2%
rise in

424
00:15:53.994 --> 00:15:55.994
profit or revenue.

425
00:15:54.755 --> 00:15:56.755
I can't remember what the metric was.

426
00:15:56.276 --> 00:15:58.276
But anyway, it was pretty slack.

427
00:15:59.239 --> 00:16:01.239
He gave me the idea that

428
00:16:04.103 --> 00:16:06.745
the supply will still outstrip the

429
00:16:06.785 --> 00:16:08.785
demand specifically for something like
copper.

430
00:16:09.147 --> 00:16:11.489
this year, but they're building towards in

431
00:16:11.489 --> 00:16:13.489
2025,

432
00:16:13.310 --> 00:16:15.310
2026,

433
00:16:14.731 --> 00:16:16.733
where they do see things picking up again.

434
00:16:17.113 --> 00:16:19.113
But as you mentioned, I mean,

435
00:16:18.854 --> 00:16:21.616
if it was white metal, if it was yellow
metal,

436
00:16:21.816 --> 00:16:23.816
if it doesn't matter which metal,

437
00:16:23.518 --> 00:16:25.518
even if, you know,

438
00:16:25.899 --> 00:16:27.899
altogether Brent or

439
00:16:28.281 --> 00:16:30.281
Sassl, it was under pressure.

440
00:16:30.543 --> 00:16:32.543
As you mentioned, you know,

441
00:16:31.523 --> 00:16:34.325
the resource index today dropped 2.5%.

442
00:16:34.626 --> 00:16:36.626
What a bad performance.

443
00:16:36.867 --> 00:16:38.867
And we can find out why right now.

444
00:16:38.628 --> 00:16:40.888
Let's go for the gainers first on the JSC
scale.

445
00:16:41.108 --> 00:16:43.629
A Bidcore, great performance, 4.5% up.

446
00:16:44.229 --> 00:16:46.229
Remgrove up 1.8%.

447
00:16:46.730 --> 00:16:49.471
Outsurance 1.7% to the good.

448
00:16:50.311 --> 00:16:52.311
Aspen 1.2% up.

449
00:16:52.211 --> 00:16:54.252
Motus up 1.2%.

450
00:16:54.252 --> 00:16:56.393
Impala Platinum on the downside, leading
the way,

451
00:16:56.573 --> 00:16:58.573
5.5% weaker.

452
00:16:58.533 --> 00:17:01.154
Sebanye, the same, 5.5% in the red.

453
00:17:01.274 --> 00:17:03.274
Northerns, 5.4%.

454
00:17:03.194 --> 00:17:05.215
Anglo-American Platinum, 4.5%.

455
00:17:05.567 --> 00:17:08.268
and anglo gold ashanti down 3.6 a

456
00:17:08.708 --> 00:17:11.669
shocker of a day any stocks outside of
those skulk

457
00:17:12.809 --> 00:17:15.530
yeah i think um well anglo

458
00:17:15.590 --> 00:17:18.311
gold i just remember that the ex of story
oh

459
00:17:18.511 --> 00:17:21.472
okay so so that's that's sort of looking
on a

460
00:17:21.492 --> 00:17:23.733
better side impala platinum um

461
00:17:24.093 --> 00:17:26.153
the biggest biggest loser for today

462
00:17:26.854 --> 00:17:28.974
that seems currently it seems

463
00:17:29.294 --> 00:17:31.435
highly highly likely that um

464
00:17:31.855 --> 00:17:34.737
impala will be falling out of the the
south african index

465
00:17:34.777 --> 00:17:37.758
so that that that's uh that's that's most

466
00:17:37.778 --> 00:17:40.600
probably one of the big reasons why we see
impala platinum it's not

467
00:17:41.120 --> 00:17:43.722
done and dusted yet but as it currently
stand if things remain

468
00:17:43.822 --> 00:17:46.483
unchanged they will fall out of the south
african index

469
00:17:46.643 --> 00:17:49.385
and i think that will be most probably the
main reason why it got

470
00:17:49.845 --> 00:17:52.666
hurt a lot more than some of these other
other and

471
00:17:52.666 --> 00:17:55.388
then naturally you know king calls the
other one that's also extra

472
00:17:55.528 --> 00:17:57.528
but be

473
00:17:56.629 --> 00:17:59.570
as it may it's been a horrible horrible

474
00:17:59.610 --> 00:18:01.610
day if you had anything

475
00:18:01.131 --> 00:18:03.393
anything remotely connected to
commodities.

476
00:18:03.753 --> 00:18:06.275
Let's have those indices, if you will, and
also the value traded.

477
00:18:07.356 --> 00:18:09.617
So the JSE all share closed today at

478
00:18:09.718 --> 00:18:12.239
84,019 points.

479
00:18:12.620 --> 00:18:14.620
That is down 63 basis points.

480
00:18:14.441 --> 00:18:16.441
I mentioned there,

481
00:18:15.382 --> 00:18:17.463
there were resources down 2.5%,

482
00:18:17.623 --> 00:18:20.426
while the industrials also down 37 basis

483
00:18:20.486 --> 00:18:22.486
points.

484
00:18:20.926 --> 00:18:23.908
The RAND that remained at these solid
levels,

485
00:18:23.928 --> 00:18:26.910
and we also said that it's sort of a
return

486
00:18:26.991 --> 00:18:28.991
to these...

487
00:18:27.871 --> 00:18:29.871
SA Inc.

488
00:18:28.431 --> 00:18:30.431
type of company, which is always good for
financials.

489
00:18:30.473 --> 00:18:33.334
Financials closed today positive,

490
00:18:33.914 --> 00:18:36.736
positive 0.16% up for today.

491
00:18:36.776 --> 00:18:39.017
And as earlier, you mentioned earlier,

492
00:18:39.337 --> 00:18:41.337
SA Property,

493
00:18:40.558 --> 00:18:43.520
they didn't care one bit for the

494
00:18:43.540 --> 00:18:45.540
market retracing again up

495
00:18:45.961 --> 00:18:47.961
30 basis points.

496
00:18:46.882 --> 00:18:48.882
When you look at the value traded for the
market,

497
00:18:49.123 --> 00:18:51.704
market traded over 21 billion today.

498
00:18:51.724 --> 00:18:53.724
So not a slow day.

499
00:18:53.045 --> 00:18:55.045
Actually, not a bad day at all.

500
00:18:55.306 --> 00:18:57.306
But yeah, as we mentioned tonight.

501
00:18:57.087 --> 00:18:59.087
We're sitting, we're waiting for Navidia.

502
00:18:58.788 --> 00:19:00.788
Unfortunately, I think it's going to be
after hours.

503
00:19:00.450 --> 00:19:02.450
So, yeah, let's see.

504
00:19:02.071 --> 00:19:04.071
Let's see how they play.

505
00:19:03.352 --> 00:19:05.494
Skull, good luck on Saturday with the
rugby.

506
00:19:06.014 --> 00:19:08.014
And also wrap up warm tonight.

507
00:19:07.636 --> 00:19:10.618
Skullclaw is a portfolio manager at PSG
Wealth

508
00:19:10.738 --> 00:19:12.738
Old Oak in Cape Town.

509
00:19:11.799 --> 00:19:13.799
And that was the 5 o'clock shadow.

510
00:19:13.864 --> 00:19:16.606
The views and opinions expressed in these
podcasts are those of

511
00:19:16.666 --> 00:19:19.588
Lindsay Williams and various contributors
and

512
00:19:19.608 --> 00:19:21.608
do not reflect the policy,

513
00:19:20.929 --> 00:19:23.551
position or opinion of any other agency,

514
00:19:23.791 --> 00:19:25.791
organisation,

515
00:19:24.872 --> 00:19:27.753
employer or company associated with

516
00:19:27.793 --> 00:19:29.793
StrictlyBusinessPodcast.com.

517
00:19:29.975 --> 00:19:32.417
Assumptions made on the analyses are not

518
00:19:32.537 --> 00:19:35.479
reflective of the position of any other
entity other

519
00:19:35.519 --> 00:19:37.519
than the speaker or the author.

520
00:19:37.240 --> 00:19:39.742
And since we are critically thinking human
beings,

521
00:19:40.102 --> 00:19:42.443
these views are always subject to change,

522
00:19:42.724 --> 00:19:44.724
revision and revision.

523
00:19:43.464 --> 00:19:45.464
and rethinking at any time.

524
00:19:45.568 --> 00:19:47.972
Please do not hold us to them in
perpetuity.