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 five o'clock shadow.

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And as always on a Wednesday, I speak to
Skullclaw,

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Portfolio Manager, PSG Wealth,

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Old Oak in Cape

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Town. We're waiting for things, Skullclaw.

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We're waiting for central bankers.

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Very,

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very busy central bank activity this week

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and next week.

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So next week,

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we'll know the extent of how cheap
money...

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has become and therefore the reaction of
the stock market.

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Are they expecting it, stock markets that
is?

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Are they surprised because the Fed goes 50
instead of

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25 basis points down?

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What is your take on this matter?

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Good evening, Lindsay.

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Man, what a day to have this podcast
because

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tonight's podcast is pretty

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much going to be speculating.

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You and I,

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we're going to be speculating what Powell
is going to

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say in, well, exactly three hours'time.

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So...

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as we we'll be recording this podcast it's
five o'clock

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south african time eight o'clock you need
to set

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those alarms because then we're going to
have the

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announcement what's the fed going to do we
know by now

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it's uh you know when we look at the the
fed

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cme2

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you know probability you know they're
looking at

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100 probability for rate cut so let's not

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discuss that it's it's going to be either
25

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percent oh well but 0.25 percent or

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0.5 percent and it's

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interesting when you look at the same
tool,

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which I found really interesting,

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it's leaning towards the 50 basis

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points.

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You mean the FRAs and

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other derivative instruments are
indicating that there's a

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slightly better than 50% chance it'll be
50 basis

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points?

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Is that what you're saying?

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Yeah, we're talking about 59% probability

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that we're going to see a 50 basis points
cut and

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41% probability for 0.25.

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Yeah.

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Now, I'll put it out there.

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I think the Fed's going to do 0.25.

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Let's just spoil the end there.

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You and I both, Scout.

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And the reason is, you'll give me your
reason now, but before I forget it,

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because I often forget things,

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it's not in Jerome Powell's nature to
shock the

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markets.

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He's raised rates 11 times over the last,
what,

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four years or so?

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Is it four years since they started
raising?

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Anyway, and now he's going to start the
cutting cycle,

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and he'll do it in manageable.

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bite-sized increments.

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Because if he does 50, there'll be people
like you,

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the sick optimists that say, that's
fantastic.

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Let's pile into stocks.

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And there'll be other people, the
pessimists like me that say,

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what does he know that we don't?

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Why is he cutting 50 basis points?

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So I know where you stand, but I agree
with you.

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25 is an almost

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precise certainty.

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Yeah.

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Yeah.

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Everything true to what you just
mentioned.

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Up to the last point.

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If he cuts 50 basis points tonight, I will
run for the woods.

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I would definitely be calling tops on

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this

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S&P 500 and most probably global market.

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Yeah.

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Because that will tell me that what

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does

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Jerome Powell know that we don't know yet.

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Exactly what I said.

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Yes, you're quite right.

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Don't surprise people.

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They hate surprises.

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Yeah, they hate it.

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Are you one of those people that when you
have a birthday…

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and someone delivers something, you know,

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you walk in and the lights are off and
they

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turn the lights on and it's a prize.

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Are you one of those people that enjoys
that or are you like me?

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I would turn around and go straight back
to work.

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No, don't jump out of the cake.

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I'm not that person.

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You won't give me a great time.

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No.

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And, you know,

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Jerome Powell is not going to be jumping
out of the cake tonight.

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I don't think he's going to be.

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I think he's going to be cutting 25 points
despite what.

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but currently the probabilities are
looking at.

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And I think that's going to be a

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great outcome for markets

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because markets are going to look at this
and say, well,

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we know now this is going to be the first
step

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towards, like you just mentioned, after a
very,

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very long hiking cycle,

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we're now going to start seeing the
declining cycle

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for the first time.

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And when you do it in these increments,
Lindsay,

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I mean...

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When you look at the

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US economic data that's recently

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been coming out, no, it's not good.

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But nothing are pointing towards a

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hard landing yet.

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So why should

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Jerome Powell be dropping

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rates?

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Exactly.

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You've got to be calm about these things.

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You've got to keep

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people in their

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comfort zone.

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And it's interesting you say about you
would run for the hills if it were

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50 basis points, because if you look at
the graphs, I mean,

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it's only a small double top.

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I mean,

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there's certain technical formations that
I like,

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you know, head and shoulders, double tops,
double bottoms,

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triple tops, triple bottoms, that sort of
thing.

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The S&P got to

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5,725,

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or the futures, that is, came down quite
sharply.

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Now back very close to there again.

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And that would coincide if they did
surprise the

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market.

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with a double top on the S&P, and I don't
like that.

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i don't want that definitely no i

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i don't like that um and remember

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i think we need to look at the psychology
as well so so

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firstly this this will be the the final
time

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where they're going to be be be be having

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this this fit meeting until we see the uh

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the elections so what we'll

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see and after the elections we'll still
have

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another two fit meetings what that mean

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is that Jerome Powell can actually say,
well,

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we'll drop it a quarter now.

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We'll drop it again a quarter of a
percentage on the

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7th of November.

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And we'll give it another

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0.25% on the

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18th of December.

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But if things really turned out

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to go pear-shaped,

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if things really turned out,

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economic data comes through and it's
really not looking good,

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at least they can go on the 18th of
December.

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before they go to 2025 and say, well,

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let's drop it to 0.5 now.

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And now you're actually going to the year
with a bit of optimism.

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So, well, look,

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they've dropped interest rates anything
between 0.75 and a

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percentage in

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2024.

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Let's go into 2025 and see some

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economic recovery.

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I think it's going to be 0.25%.

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And I think, personally,

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I think this is going to have a positive
effect.

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on markets.

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Do we see a 0.5?

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I think as currently the probabilities are

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pointing towards,

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I think we will see a negative figure in

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markets and I do think we will see

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a jump in something like gold.

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Gold will definitely have a massive pop
tonight if

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we do see a 0.5%.

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We'll see the dollar,

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we'll see the dollar drop quite a

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bit and we'll see something like gold.

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you know pop quite a bit and gold's
positioning itself for the

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the pop that you you're hoping for and
that you've described because

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did it touch 2600 per ounce in the

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in the last week's scalp or since we've
spoken i

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think it got something like 25 90 or
something but

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here we are at 25 72 what

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a performance this is yeah i did just
shove juice

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out every time just half two thousand uh
you know six hundred dollars

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but i mean yeah make no mistake

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i think i think it will be interesting
tonight

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I think you're 100% right.

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I think the move in the dollar

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this week, I'm going to say this week,

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is basically the movements since the,

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let's call it around about the 12th of
September.

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The move that we've seen is already
anticipating the

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rate cut.

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Do we see a 0.5% drop?

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Then I think we're going to surpass

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$2,600

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on gold.

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Very quickly as well, yeah.

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That'll be a safe haven buy as well as a
weak dollar buy.

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So it'll get the double whammy

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to the upside, that is.

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So that'll be good.

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JSC has halved its losses in the last hour
or so.

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But I'm going to give you a couple of
other prices now.

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And start with that dollar round, which is
17.56.

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British pound against the round is 23.19.

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Euro round is 19.52.

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Euro dollar, 1.11.20.

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And British pound against the US dollar,

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1.32.05.

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The aforementioned gold price.

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25.71 up six and a half bucks

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platinum yeah it's not doing so well down
eight dollars to

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9.75 and palladium holding above a

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thousand but still on the day down 38 an

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ounce or 3.4 percent that's quite chunky

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10.67 for that one and

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if we look at the other ones brent crude
oil has

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fascinated me in the last two weeks or so

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it was mired below 70 dollars a

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barrel for brent crude you

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Now close to $74 a barrel,

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$73.80.

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So I think the oil traders,

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having thought that it was going to be
falling off a cliff,

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have suddenly said, well,

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if the dollar's coming down and economic
activity is

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stimulated by the interest rate falls,

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cuts.

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uh they're buying it again uh why is

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that important lindsay why is that
important i think to

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our conversation on on on the interest
rate i think

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you know uh paul jerome paul and his team

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will look at this and so come on guys i
mean

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we

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we know that we look you know historically
we look one year

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back we look at um in inflation we did

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see it softening but you know suddenly

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recently you know the the the brent world
price the

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west exit intermediary went down you know,
the,

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let's call it $70 per barrel mark,

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now suddenly just popped a quick,

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just a very, very quick

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10% levels higher.

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Maybe just hold off on that, as I
mentioned,

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hold off on that 0.5%,

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00:10:01.239 --> 00:10:03.240
do a 0.25%.

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Let's just get ahead of this

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inflation pressure that we've seen over
the last two,

262
00:10:08.581 --> 00:10:10.581
three years.

263
00:10:09.421 --> 00:10:11.421
Copper price as well has done well.

264
00:10:10.622 --> 00:10:13.543
It was threatening to have a look at $4
per pound.

265
00:10:13.543 --> 00:10:15.543
That's the New York COMEX price.

266
00:10:15.443 --> 00:10:17.644
It's currently 4.23 and a half.

267
00:10:18.144 --> 00:10:20.245
It's up half a percent on the day, but
that's done well.

268
00:10:20.285 --> 00:10:22.946
So all commodities seeing a little bit of
resurgence.

269
00:10:23.167 --> 00:10:25.688
What's the resources index been doing
since we last spoke?

270
00:10:25.848 --> 00:10:27.869
Skalk, I've been remiss in not looking at
it.

271
00:10:28.089 --> 00:10:30.089
I would imagine,

272
00:10:29.850 --> 00:10:31.850
despite the stability of the round,

273
00:10:31.270 --> 00:10:34.132
that it's doing rather well compared to
earlier

274
00:10:34.172 --> 00:10:36.172
this year.

275
00:10:34.892 --> 00:10:36.892
Yeah, no, no, definitely.

276
00:10:35.792 --> 00:10:38.514
I mean, especially the white metals,

277
00:10:38.914 --> 00:10:40.914
white precious metals.

278
00:10:40.495 --> 00:10:42.495
You know that I'm...

279
00:10:41.655 --> 00:10:44.597
I'm a big gold lover and silver has sort

280
00:10:44.597 --> 00:10:47.238
of been struggling around with gold.

281
00:10:47.278 --> 00:10:49.819
But the PGM has been

282
00:10:50.040 --> 00:10:52.040
struggling a lot.

283
00:10:52.141 --> 00:10:54.141
I mean, we know that.

284
00:10:53.882 --> 00:10:55.882
But the past week,

285
00:10:55.763 --> 00:10:57.763
and when I say past week,

286
00:10:57.183 --> 00:10:59.183
I would say the latter part of,

287
00:10:59.645 --> 00:11:01.645
let's go since we last spoke,

288
00:11:03.087 --> 00:11:05.188
Thursday, Friday, Monday,

289
00:11:05.608 --> 00:11:07.608
we've seen a bit of a,

290
00:11:07.589 --> 00:11:10.511
let's call it a recovery on all resource

291
00:11:10.551 --> 00:11:12.551
prices.

292
00:11:11.251 --> 00:11:13.251
and specifically, you know,

293
00:11:12.973 --> 00:11:14.973
some of these resource counters.

294
00:11:14.394 --> 00:11:16.394
You and I had a massive talk about

295
00:11:17.376 --> 00:11:19.478
last week, this time around, we were
talking about Amplas,

296
00:11:19.558 --> 00:11:21.560
where the whole Anglo-American

297
00:11:22.401 --> 00:11:25.143
announcement came, and I think the share
price was down 11%.

298
00:11:25.143 --> 00:11:28.025
Didn't we say this is a capitulation and
that's probably the

299
00:11:28.025 --> 00:11:30.025
bottom of Amplas?

300
00:11:28.986 --> 00:11:30.986
Didn't we say that?

301
00:11:29.827 --> 00:11:32.309
Well, that's exactly what we said.

302
00:11:32.809 --> 00:11:35.031
We actually said, you know, back then we
said, well,

303
00:11:35.912 --> 00:11:37.912
would this be a buying opportunity?

304
00:11:37.493 --> 00:11:39.493
And you and I, both of us.

305
00:11:39.335 --> 00:11:41.997
we were looking and and just you know on
that point you know

306
00:11:42.697 --> 00:11:45.560
exactly the last time this time last time

307
00:11:45.580 --> 00:11:47.580
around last week was

308
00:11:47.421 --> 00:11:49.823
500 and just shy of 507 rand

309
00:11:50.263 --> 00:11:53.025
with it with the share price close today
and

310
00:11:53.285 --> 00:11:56.147
after a bit of a softer day i'm going to
say it's

311
00:11:56.187 --> 00:11:58.529
off today it dropped 1.7

312
00:11:58.989 --> 00:12:01.831
even after the drop of 1.7 today

313
00:12:02.232 --> 00:12:04.793
it closed at just shy of the you know

314
00:12:04.793 --> 00:12:06.793
568

315
00:12:07.159 --> 00:12:10.100
you know ran so from 515 to 570

316
00:12:10.100 --> 00:12:13.062
we'll call it more than 10 which is a
really big movie scalp gets

317
00:12:13.102 --> 00:12:15.643
your postal address or i've got your email
address

318
00:12:16.063 --> 00:12:18.224
and i'll send you my job application form

319
00:12:19.204 --> 00:12:22.165
in the next 24 hours i'll just be a
consultant you

320
00:12:22.185 --> 00:12:24.185
don't want me hanging around every

321
00:12:24.186 --> 00:12:26.587
day of the week let's look at some other
markets now s p

322
00:12:26.747 --> 00:12:29.649
5000 call it 5 700 shall

323
00:12:29.649 --> 00:12:32.570
we and that's not going to do anything
until 8 15 south

324
00:12:32.610 --> 00:12:35.011
african time what else we got us 10 year

325
00:12:36.099 --> 00:12:38.982
is trying to verify that I'm a human
being,

326
00:12:38.982 --> 00:12:40.982
which is tough, but I am.

327
00:12:40.944 --> 00:12:42.944
And it's 3.69%.

328
00:12:43.486 --> 00:12:46.228
The South African 10-year bond awaiting
the South

329
00:12:46.248 --> 00:12:49.111
African Reserve Bank's decision tomorrow

330
00:12:49.271 --> 00:12:52.054
at 3 o'clock, 9.02%.

331
00:12:52.534 --> 00:12:54.534
And Bitcoin.

332
00:12:53.575 --> 00:12:56.117
I saw that Ray Dalio came out with some
very

333
00:12:56.197 --> 00:12:58.197
outlandish statements the other day.

334
00:12:57.559 --> 00:12:59.559
The chap from

335
00:12:59.721 --> 00:13:02.083
Blackwater, the world's biggest hedge
fund.

336
00:13:02.503 --> 00:13:04.503
He said, they asked him questions at the
end,

337
00:13:04.404 --> 00:13:06.404
do you want gold or Bitcoin?

338
00:13:05.724 --> 00:13:07.724
He said, gold.

339
00:13:06.184 --> 00:13:08.505
Do you want renminbi or the dollar?

340
00:13:08.765 --> 00:13:10.765
He says the dollar.

341
00:13:09.805 --> 00:13:12.186
And he just went through all these
different things.

342
00:13:12.286 --> 00:13:14.907
He's a bit loopy, but I quite like him.

343
00:13:14.907 --> 00:13:17.848
Anyway, Bitcoin, 59,500,

344
00:13:17.848 --> 00:13:19.848
let's call it.

345
00:13:18.408 --> 00:13:20.408
What stocks have caught your eye today,
Skulk?

346
00:13:21.309 --> 00:13:23.309
Let's first just step one step back.

347
00:13:23.229 --> 00:13:25.229
I mean,

348
00:13:23.849 --> 00:13:26.750
I think most of the people that listen to
this podcast,

349
00:13:27.030 --> 00:13:29.571
we can assume will be South African.

350
00:13:29.955 --> 00:13:32.678
And I think most of them will have the big
question.

351
00:13:33.518 --> 00:13:35.518
So you want to take a stab?

352
00:13:35.260 --> 00:13:37.260
What do you think?

353
00:13:35.881 --> 00:13:38.303
What do you think Kanyar will do tomorrow?

354
00:13:38.343 --> 00:13:41.025
Do you think he'll drop it, you know,

355
00:13:41.146 --> 00:13:43.146
also a quarter of a percentage,

356
00:13:42.187 --> 00:13:44.909
just follow whatever the Fed does

357
00:13:44.949 --> 00:13:46.949
tonight?

358
00:13:45.289 --> 00:13:47.431
Or do you think he'll be, you know,
ballsy?

359
00:13:47.892 --> 00:13:49.892
No, he won't be bold.

360
00:13:49.954 --> 00:13:51.954
He's very conservative.

361
00:13:51.255 --> 00:13:54.058
And that's why the South African Reserve
Bank is in such good

362
00:13:54.118 --> 00:13:56.118
hands.

363
00:13:54.398 --> 00:13:56.398
He's not all over the place.

364
00:13:55.679 --> 00:13:57.679
He's not like the Turkish finance
minister,

365
00:13:57.641 --> 00:13:59.641
and they change that every three months or
something,

366
00:13:59.862 --> 00:14:01.924
or reserve bank governor, whatever they
are over there.

367
00:14:01.924 --> 00:14:04.326
But anyway, I think he'll do 25 basis
points.

368
00:14:04.706 --> 00:14:07.349
And don't forget, we have the South
African inflation rate out today,

369
00:14:07.449 --> 00:14:09.771
CPI inflation, 4.4%,

370
00:14:09.771 --> 00:14:12.653
just below the halfway mark of the reserve
bank

371
00:14:12.733 --> 00:14:14.733
target.

372
00:14:13.554 --> 00:14:16.216
So I'm going to say 25 the Fed,

373
00:14:16.396 --> 00:14:18.396
25 the reserve bank.

374
00:14:17.857 --> 00:14:19.857
What do you think?

375
00:14:19.639 --> 00:14:22.261
I think 25 on the Fed,

376
00:14:22.341 --> 00:14:24.341
so we've got that covered.

377
00:14:25.179 --> 00:14:27.179
I want to be bucking the trend.

378
00:14:26.901 --> 00:14:28.943
I want to be bucking the trend on this one
because

379
00:14:29.864 --> 00:14:32.267
unlike the US

380
00:14:32.868 --> 00:14:34.868
economy,

381
00:14:33.869 --> 00:14:36.672
the African economy is not looking out

382
00:14:36.732 --> 00:14:38.732
there.

383
00:14:37.072 --> 00:14:39.072
You know,

384
00:14:37.293 --> 00:14:40.156
we're at the 0.4% GDP growth on the

385
00:14:40.196 --> 00:14:42.559
second quarter, which, you know, with
no...

386
00:14:43.323 --> 00:14:45.944
Load shedding over that quarter is still

387
00:14:46.704 --> 00:14:48.704
only bringing us,

388
00:14:48.104 --> 00:14:51.045
call it 1.1% growth for the year,

389
00:14:51.545 --> 00:14:54.006
which is not even close

390
00:14:54.506 --> 00:14:57.267
to getting to the 3, 3.5% where we should
be.

391
00:14:57.827 --> 00:15:00.448
Add into the mix that we're sitting with
an

392
00:15:00.548 --> 00:15:03.009
unemployment rate which is the highest
ever.

393
00:15:03.009 --> 00:15:05.009
I mean,

394
00:15:03.249 --> 00:15:06.010
more than a third of the country is
sitting

395
00:15:06.550 --> 00:15:08.550
without jobs.

396
00:15:07.630 --> 00:15:09.630
And when you look at the youth,

397
00:15:08.910 --> 00:15:11.031
youth unemployment is currently 61%.

398
00:15:11.391 --> 00:15:13.391
Yeah, 60, 61%.

399
00:15:13.172 --> 00:15:15.172
I mean,

400
00:15:15.274 --> 00:15:17.274
then just what you do is,

401
00:15:17.175 --> 00:15:19.557
and for the listeners out there, have a
little fun time.

402
00:15:19.857 --> 00:15:22.278
Just go and pull the

403
00:15:22.699 --> 00:15:24.699
inflation graph.

404
00:15:24.220 --> 00:15:26.421
I think it's tradingeconomics.co.za.

405
00:15:26.821 --> 00:15:29.323
Just go pull the inflation graph

406
00:15:30.104 --> 00:15:32.966
and go add the repo rate on

407
00:15:32.966 --> 00:15:34.966
exactly the same graph,

408
00:15:34.006 --> 00:15:36.708
and then you'll see how that gap has

409
00:15:36.868 --> 00:15:38.868
opened up recently.

410
00:15:38.609 --> 00:15:40.691
So I would say...

411
00:15:41.571 --> 00:15:43.571
I do agree with you.

412
00:15:42.532 --> 00:15:44.532
I think

413
00:15:44.214 --> 00:15:46.996
Governor Cajonelo is maybe on the

414
00:15:47.056 --> 00:15:49.056
more conservative side.

415
00:15:48.977 --> 00:15:50.977
But somewhere along the line,

416
00:15:50.359 --> 00:15:53.081
you need to look at your economy and say,
remember,

417
00:15:53.341 --> 00:15:55.341
we've got another two months to go.

418
00:15:55.723 --> 00:15:57.723
You know,

419
00:15:57.304 --> 00:15:59.366
if we see this economy

420
00:15:59.906 --> 00:16:02.769
weakening even further over the next two
months,

421
00:16:03.389 --> 00:16:05.389
what are you going to do then?

422
00:16:04.330 --> 00:16:07.272
Are you going to try and raise

423
00:16:07.332 --> 00:16:09.332
rates?

424
00:16:07.813 --> 00:16:10.455
Because then, you know, a quarter of a
half percent might not.

425
00:16:10.659 --> 00:16:13.601
you know be sufficient um are you going to

426
00:16:13.581 --> 00:16:16.383
do a one percenter then no they won't be
able to do

427
00:16:16.503 --> 00:16:19.005
one percenter without really hurting the
ram

428
00:16:19.465 --> 00:16:22.407
so yeah it's coming up a higher base of
course i'm

429
00:16:22.427 --> 00:16:24.809
forgetting that the south african repo
rate

430
00:16:25.489 --> 00:16:27.489
is

431
00:16:25.669 --> 00:16:28.551
higher than the the fed funds rate that
we're talking

432
00:16:28.551 --> 00:16:31.533
about so 25 basis points is it's really
neither here

433
00:16:31.573 --> 00:16:34.515
nor there so maybe you're right on the 50
basis points because if you

434
00:16:34.535 --> 00:16:37.497
take 50 and divide it into the current
rate in south

435
00:16:37.537 --> 00:16:39.819
africa it's not as big as percentage as it
would be

436
00:16:39.839 --> 00:16:42.441
be in the states which is what 525 to five

437
00:16:42.801 --> 00:16:45.422
and a half percent you see what i'm saying
here the base

438
00:16:45.482 --> 00:16:48.064
effect the high base effect uh exactly

439
00:16:48.384 --> 00:16:51.166
exactly so so so i i do think

440
00:16:51.206 --> 00:16:53.447
that i think that the the the the

441
00:16:53.527 --> 00:16:56.369
surprise for the week is most probably not
going to be that the

442
00:16:56.449 --> 00:16:58.590
fed because i do think i

443
00:16:58.610 --> 00:17:01.572
think they're going to do 20 25 basis
points i think

444
00:17:01.572 --> 00:17:03.572
the surprise for the week is

445
00:17:03.393 --> 00:17:06.335
going to be you know coming out and

446
00:17:06.355 --> 00:17:09.041
saying well I think we're going to do
0.5%.

447
00:17:09.301 --> 00:17:11.301
Let's drop interest rates by 0.5%.

448
00:17:11.503 --> 00:17:13.604
We know we're going to go into a declining
cycle.

449
00:17:13.604 --> 00:17:15.604
We are a little bit higher.

450
00:17:15.126 --> 00:17:17.126
We also know that our interest rates, you
know,

451
00:17:17.127 --> 00:17:19.169
compared to some of these other emerging
markets,

452
00:17:19.429 --> 00:17:21.429
are also on the higher side.

453
00:17:20.610 --> 00:17:23.573
So let's drop it by 0.5% because we

454
00:17:23.893 --> 00:17:26.755
need to start kickstarting our economy.

455
00:17:26.835 --> 00:17:29.658
We've got a new government of national
unity.

456
00:17:31.659 --> 00:17:34.301
Let's try and really see if we can't

457
00:17:34.321 --> 00:17:36.321
kickstart things.

458
00:17:37.243 --> 00:17:39.784
I think it's going to be an interesting
one, maybe an outlier,

459
00:17:41.665 --> 00:17:44.146
but I think that's going to be a fun one
to look at tomorrow,

460
00:17:44.426 --> 00:17:46.426
3 o'clock tomorrow afternoon.

461
00:17:46.447 --> 00:17:49.408
And we shall dissect that decision next

462
00:17:49.769 --> 00:17:51.769
Wednesday, Scott.

463
00:17:50.729 --> 00:17:52.910
Meanwhile, this Wednesday, on the upside,

464
00:17:52.910 --> 00:17:54.910
I've got Alphamin up

465
00:17:54.330 --> 00:17:56.330
3.2%, Outsurance up 2.6%,

466
00:17:56.711 --> 00:17:59.172
Pick and Pay up 2.4%, AVI up 2%,

467
00:17:59.593 --> 00:18:02.534
and SPAR just over 1.5% higher on the

468
00:18:02.554 --> 00:18:04.554
downside.

469
00:18:03.534 --> 00:18:05.534
And you can tell me which of these are...

470
00:18:05.275 --> 00:18:07.337
ex-divs nippy rock castle down four
percent

471
00:18:07.877 --> 00:18:10.680
tungela down four percent harmony down

472
00:18:10.720 --> 00:18:13.422
3.7 south 32 or 3.2 percent

473
00:18:13.462 --> 00:18:15.524
loser anglo gold ashanti down

474
00:18:15.624 --> 00:18:18.326
3.1 percent what else have you got

475
00:18:19.187 --> 00:18:22.050
uh for today now it was a quiet day i

476
00:18:22.070 --> 00:18:24.452
think this is one of the days where where
i

477
00:18:25.292 --> 00:18:27.292
would

478
00:18:25.573 --> 00:18:28.495
would say that there was no sense it

479
00:18:28.575 --> 00:18:31.318
was just a very very very quiet

480
00:18:31.398 --> 00:18:34.148
day so no nothing Nothing really stood
out.

481
00:18:34.208 --> 00:18:36.208
I think it's going to be a macro day.

482
00:18:37.050 --> 00:18:39.913
As mentioned, it's just going to be pretty
much all

483
00:18:39.993 --> 00:18:41.993
inflation driven.

484
00:18:41.554 --> 00:18:44.097
I want to see the XTIF.

485
00:18:44.137 --> 00:18:46.137
There was quite a few XTIFs.

486
00:18:46.439 --> 00:18:48.600
None of them that you really mentioned.

487
00:18:48.640 --> 00:18:50.640
No, no.

488
00:18:51.123 --> 00:18:53.123
But yeah, a few big ones.

489
00:18:52.564 --> 00:18:54.866
We had Richemont today that was XTIF.

490
00:18:56.087 --> 00:18:58.129
We had Woolworths, Bitcorp,

491
00:18:58.629 --> 00:19:00.629
ShopRite.

492
00:19:00.995 --> 00:19:03.817
some of these companies but none of the
companies losers that you really

493
00:19:04.177 --> 00:19:06.859
really mentioned today okay jolly good to
set your alarm

494
00:19:06.979 --> 00:19:09.780
skulk for the fed and yeah i hope

495
00:19:10.101 --> 00:19:13.042
that uh i hope you're right on on both of

496
00:19:13.042 --> 00:19:16.024
those things i think that would be
entirely appropriate now i think about

497
00:19:16.024 --> 00:19:18.806
it that the south african reserve bank
cuts tomorrow

498
00:19:18.866 --> 00:19:21.748
afternoon by 50 basis points skulk low

499
00:19:22.208 --> 00:19:25.110
is a portfolio manager at psg wealth old
oak

500
00:19:25.210 --> 00:19:27.210
in cape town and that was the five o'clock
shadow

501
00:19:27.371 --> 00:19:30.132
The views and opinions expressed in these
podcasts are those of

502
00:19:30.172 --> 00:19:33.113
Lindsay Williams and various contributors
and

503
00:19:33.113 --> 00:19:35.113
do not reflect the policy,

504
00:19:34.454 --> 00:19:37.075
position or opinion of any other agency,

505
00:19:37.315 --> 00:19:39.315
organisation,

506
00:19:38.395 --> 00:19:41.257
employer or company associated with

507
00:19:41.297 --> 00:19:43.297
StrictlyBusinessPodcast.com.

508
00:19:43.498 --> 00:19:45.919
Assumptions made on the analyses are not

509
00:19:46.059 --> 00:19:48.980
reflective of the position of any other
entity other

510
00:19:49.020 --> 00:19:51.020
than the speaker or the author.

511
00:19:50.760 --> 00:19:53.242
And since we are critically thinking human
beings,

512
00:19:53.622 --> 00:19:55.943
these views are always subject to change,

513
00:19:56.223 --> 00:19:58.223
revision and revision.

514
00:19:56.983 --> 00:19:58.983
and rethinking at any time.

515
00:19:59.089 --> 00:20:01.495
Please do not hold us to them in
perpetuity.