{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"JSE in the Cross Hairs (and Proposing Changes) | Don't Fight the Trend","description":"Worldwide Markets \u2013 Episode 656 (12 November) Powered by Standard Bank Global Markets and Shyft \u2013 the global money app that puts travel, shopping, payments and investments in the palm of your hand \ud83c\udf0d\ud83d\udcb8 1) JSE Under Pressure \ud83c\udfdb\ufe0f\u2696\ufe0f Two issues in the spotlight: a) Competition Commission Complaint A2X alleges JSE is being anti-competitive around BDA & settlement. This could have a long regulatory process. No quick outcomes expected. b) Matengu Allegations Matengu alleges share price manipulation and claims to have emails implicating JSE directors. JSE has fired back and asked: Produce the emails. There is also a clear seller overhang (ex-director wanting out), which explains the price pressure more plausibly. Takeaway: Overhang selling often looks like manipulation. But without proof, it's just selling pressure. 2) Should We Scrap SENS Announcements & HEPS? \ud83e\udd14\ud83d\udcf0 The JSE is consulting on two potential changes: Reduce some SENS announcements (e.g., administrative ETF notices, floating rate resets, etc.) Possibly remove HEPS (Headline Earnings Per Share) Simon\u2019s view: \ud83d\udeab Do not remove HEPS. HEPS is invaluable as an adjusted earnings measure, especially in SA where one-off corporate events are common. The process cost argument doesn\u2019t justify removing a critical metric. 4) Don\u2019t Fight the Trend \ud83d\udfe2\ud83d\udcc8 Two strong trends right now: a) Gold \ud83e\udd47 Back above $4,100\/oz after two brief red weeks. Long-term trend still strongly up. No point trying to call tops \u2013 enjoy the trend while it runs. b) Rand \ud83c\uddff\ud83c\udde6\ud83d\udcaa Strengthening since the \u201cliberation blowout\u201d in April (~19.90). Now around R17.14 \u2013 and trend still down (strengthening). This is not just USD weakness. Big inflows into SA bonds + stronger commodity prices supporting. Next key level: R17 \u2192 If broken, expect move to low R15s. 5) Results Round-Up \ud83d\udcca\ud83d\udcbc Company Sector Key Takeaways Outlook Stor-Age* REIT \/ Self-storage SA strong, UK okay. Trading near NAV (R17.77). Yield ~7%. Fairly valued, solid operator. Premier Group Bread, food manufacturing Revenue +6%, HEPS +27%. Efficiency gains + declining input costs. Not cheap, but high quality compounder. GE Aerospace (formerly General Electric) Aviation Engines & Service 75% of commercial planes use GE turbines. Service business = high margin recurring revenue. Trend beneficiary as global travel grows. Expensive, but maybe deserved. 6) KAP (PG Bison, UniTrans, beds, auto aftermarket) \ud83d\udecf\ufe0f\ud83d\ude9a\ud83d\udee0\ufe0f Earnings slump \u2192 PE looked blown out, but forward expectations show return to single-digit PE once capex is absorbed. Small-caps remain deeply unloved. Worth watching, but needs a catalyst. 7) Gold Miners \u2013 Pick Your Favourite \u26cf\ufe0f\u2728 If gold keeps running, most producers will make serious money. Simon\u2019s preferences: AngloGold Ashanti* (ANG) \u2013 strong price action, holding trends well. Pan African (PAN) \u2013 up 7x since Oct 2022. Others: Harmony \u2013 now has meaningful copper exposure. Sibanye* \u2013 gold + PGMs. ETF option: Satrix RESI* \u2013 doubled this year (helped heavily by gold). \u23f3 How long to hold? While gold trend remains intact. Events & Dates \ud83d\uddd3\ufe0f Monday 17 November @ 10:00 \u2013 91 Income ETFs webcast Book: justonelap.com\/events Friday 8 December \u2013 Final Power Hour: \u201cPosition Your Portfolio for 2026\u201d Bookings open next week. Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order ","author_name":"WorldWide Markets with Simon Brown","author_url":"http:\/\/www.justonelap.com","html":"