In this episode of the BizNews Briefing, capitalist activist Rob Hersov unpacks the impressive one-year track record of Argentina’s president (and fellow libertarian) Javier Milei; top money manager Chris Logan reports back from Johann Rupert’s annual public appearance at the Remgro AGM; plus the Boxer listing and today’s markets.
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BizNews Reporter ___STEADY_PAYWALL___
Market Highlights:
- Boxer IPO: The listing was well-received, debuting at an 18% premium. Retail investor demand significantly outstripped supply.
- JSE Performance: A weak day overall:
- Financials gained 0.2%.
- Resources, especially gold shares, declined 1.75%.
- Top 40 index fell 0.5%.
- Notable Stock Moves:
- ArcelorMittal rose 2.5% following a strike resolution.
- Nampak rebounded 8.5% after clarifying its trading update.
- Spar Group: A 12-month high earlier in the week, but shares slipped 0.3% after reporting improved earnings for FY September.
- Tiger Brands and Karoo hit new highs, rising 2% and 5%, respectively.
Key Discussions:
- Remgro AGM: Chris Logan, a respected investor and founder of Opportune, attended the AGM and shared insights:
- The company plans to overhaul executive remuneration structures to improve performance.
- Despite being a historical investment leader, Remgro’s share price has underperformed for 15 years and trades at a 45% discount to its assets.
- Rob Hersov’s Perspective on Argentina: Hersov highlights parallels between Argentina’s turnaround under President Javier Milei and South Africa’s challenges. He applauds Milei’s radical government cuts and pro-capitalist policies, drawing lessons for South Africa.
- Boxer’s Market Debut: Evan Walker discusses the strong market enthusiasm for Boxer, spun out of Pick n Pay. Industry experts describe it as a “gem.” Alec reflects on the success of the Boxer IPO, encouraging closer attention to future listings
- Spar Group: After turbulent years, Spar posted double-digit headline earnings growth, signalling potential recovery.
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