Monday, March 2, 2026

RCL Foods interim 2026 results: continuous improvement initiatives support profitability

RCL Foods released results for the six months ended December 2025. Although dynamics in the sugar market weighed on overall group results, the balance of the business saw an improved underlying performance.

Ghost Stories #93: Budget Speech 2026 – a pivot to stability

South Africa’s 2026 Budget Speech announced a mix of bold, interesting and ultimately positive changes - especially for small businesses and South African investors. With pro-business policies that signal economic stability, could this be a turning point for the country? Tertius Troost (Associate Director - Tax Consulting at Forvis Mazars) joined me to unpack a "boring" budget (in a good way) that represents a pivot to stability.
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Ghost Bites (Brait | Merafe | MTN Nigeria | Northam Platinum | Vukile Property Fund)

MTN Nigeria had a great year in 2025, but nothing comes close to the positive swing at Northam Platinum. Vukile is acquiring its first property in Madrid. Brait has sold R1 billion worth of shares in Premier. Merafe's 2025 numbers were horrible, as is to be expected when smelters were gathering dust.

Ghost Bites (Discovery | Fortress Real Estate | KAP | Libstar | Nedbank | OUTsurance | Spur | Tiger Brands | Truworths)

Strong numbers came through from Discovery, Fortress Real Estate, Libstar and Spur. Tiger Brands is doing as well as they can in a deflationary environment. KAP is doing better on margins, but has much work to do on revenue. OUTsurance had a tough period in Australia, but decent numbers overall. Nedbank is struggling to find growth, while Truworths remains reliant on the UK.

 

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GHOST WRAP – Earnings season brings out the bulls and the bears

With the August / September earnings season behind us, it's helpful to look at share price moves over the past 30 days on the JSE to see how sentiment has shifted. The PGMs have driven the Top40 higher, while insurance has taken a breather.

GHOST WRAP – The JSE Winners’ Club in 2025

At the halfway mark in 2025, we've lived through some huge geopolitical shifts. The world's gaze has shifted beyond just the US market. Many investors choose to stick with what they know in times like these. This means homegrown favourites on the JSE. But which stocks have been the big winners thus far this year, and what do they have in common?
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