Trading update : 13 February 2025
The latest risk to equity returns is systemic selling pressures from trend-following algorithmic funds. This latest development adds to further AI concerns, as the insurance and tax sectors are the latest to take a hit from displacement through automation. However, savvy DIY investors are still finding pockets of opportunity – the world’s need for significantly more grid capacity is a case in point. While broader indices may be jittery, stock-picking remains “music to the ears” of the informed investor, from Spotify’s standout results to Coca-Cola HBC’s emerging market boost.
Trading update : 6 February 2026
In a classic tale of two halves, the global tech market is currently defined by AI-driven consolidation in the West and regulatory volatility in the East. While Elon Musk’s $1.25 trillion SpaceX/xAI merger and Palantir’s explosive US commercial growth signal a new era of industrial AI, Chinese tech giants like Tencent face bear market territory amid new tax fears. On home soil, DIY investors have a wealth of opportunities to get their share of markets, with the rand and Pepkor just two examples of strong local resilience thanks to economic reforms and a booming fintech sector.
Trading update : 1 February 2026
The global investment landscape is currently witnessing a striking geopolitical shift, as European investors begin voting with their feet by diversifying away from US equities due to lingering trade tensions. While the S&P 500 recently breached the historic 7,000 mark, fuelled by an insatiable AI appetite, the market dynamics are shifting; Gold has surged past $5,200, and emerging market currencies are proving popular among carry trade investors.
Trading update : 22 January 2025
With all eyes on Davos as global leaders meet at the World Economic Forum, US President Donald Trump continues to reshape the established world order. While markets work to understand the implications and consider an investment universe with less US exposure, CEOs like Prosus’s Fabricio Bloisi are forging ahead with confidence and bold plans, with particular focus on AI-led expansion into emerging markets, like India and LatAm.
Trading update : 9 January 2026
As we kick off 2026, a potent mix of state-led growth, technological advances, a commodities super cycle, and structural reforms are reshaping the global investment landscape. China remains a major cog in the global growth engine, with recent GDP upgrades and forecasts signalling the Chinese equity market still has room to run. This resurgence is part of a broader “risk-on” sentiment in emerging markets, where billions are flowing into ETFs as investors hunt for discounted valuations and a cushion against a stabilising dollar. Meanwhile, the AI arms race is entering a new phase of hardware accessibility following AMD’s launch of the MI440X targeting smaller corporate data centres. Closer to home, South Africa is flashing “greenlights” for investors as fiscal consolidation and electricity reforms begin to bear fruit.
Trading update : 16 January 2026
Where 2025 marked an acceleration in spending, 2026 is proving to be the year of AI integration, and its consequences. While Big Tech is making moves with new alliances and strategic shifts to corner market segments, like AI wearables, the physical world is struggling to keep up. With power grids facing a supply crisis and the Trump administration tightening grip on Nvidia’s chip exports, the infrastructure behind AI is under immense pressure. Other sectors are also experiencing the ebbs and flows of the dynamic global market, with the US financial sector grappling with proposed regulations and cost cutting, while the precious metals market and mineral-rich countries like South Africa benefiting from continued tailwinds.
Trading update : 18 December 2025
Market sentiment for 2026 is coalescing around a “pivot to value” as global inflation pressures finally peak and central banks signal a steady, albeit cautious, path toward interest rate cuts. While retail giants like Costco thrive on price-sensitive consumers and the EU offers a lifeline to traditional automakers by softening EV mandates, the landscape remains fraught with idiosyncratic risks. For South African investors, the narrative is a split-screen: structural reforms and port privatization offer long-term hope for EM outperformance, yet individual holdings pose risks and opportunities. Navigating the year ahead will require balancing the optimism of a “neutral” rate environment against the reality of strained corporate balance sheets.
Trading update : 1 December 2025
As fears of an AI bubble eased, US stocks staged a rally to kick off Thanksgiving week, led by tech stocks, and optimism over a December interest rate cut. However, not everything is looking rosy – Big Tech is raising the risk stakes, with the five major AI spenders accumulating a record $108 billion in debt in 2025 to fund their ambitions – more than triple the historical average. Consumer trends are also worrying ahead of the biggest US shopping season, with a slump in US consumer sentiment, and a “California sober” trend that could hurt alcohol beverage stocks. Closer to home, local equities saw a sharp slump, and BHP finally ended its (Anglo) American dream.
Trading update : 21 November 2025
With fears about an AI bubble spurring a sell-off, strong figures from the sector juggernaut were needed to quell nerves, and Nvidia delivered again! As local wealth managers sent a clear warning to retail investors that cash is not the place to hide, emerging markets are gaining favour with another wave of ETF inflows. On the corporate front, dealmaking is heating up with AB InBev’s potential move into boozy punch, while a notable property play on the JSE is catching the attention of value hunters.
Trading update : 13 November 2025
Risk appetite roared back this week and the market gained momentum as Washington made a breakthrough in ending the record shutdown. Wall Street shook off its worries, which saw stocks and Bitcoin climbing in tandem. The rally was broad-based, lifting everything from beaten-down tech stocks to emerging market assets, with the rand catching a strong […]