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Markets are sending a surprisingly calm signal in the face of escalating conflict with Iran. Oil prices are rising, supply chains are under pressure, and recession risks are quietly ticking higher, yet equities remain relatively steady. In the latest episode of No Ordinary Wednesday, Jeremy Maggs is joined by Investec experts in SA and the UK - Callum Macpherson, Phil Shaw and Chris Holdsworth - to unpack what’s really at play. The conversation explores what happens if the conflict drags on for longer, what key indicators markets are watching and what risks to the global economy are already emerging.

Any business owner knows that software can make or break a business. And when software is built by entrepreneurs, for entrepreneurs, the benefits are even clearer. Like many great businesses, Olympia Engage was created to solve the challenges its founders faced in their previous businesses. With hands-on experience managing large teams and running performance and incentivisation programmes, brothers Manie and George Van Greunen set out to build digital solutions that address these challenges.

BHP, the world's biggest mining house, has a new South African CEO. Astral Foods is printing money. iOCO, PPC and Sabvest are also doing well. Master Drilling had a somewhat flat year in earnings. Vukile is acquiring a property in Spain. Ethos Capital is in the final stages of unlocking value.

Libstar is doing much better than before. In related sector news, Woolworths is acquiring in2food from Old Mutual Private Equity. Separately, Old Mutual released results for 2025. Mr Price is still trying to convince the market that NKD is a good deal. STADIO is growing beautifully. SPAR has launched a voluntary severance programme. Primary Health Properties released results.

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.

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?