🇿🇦 Mzansi Market Memo – Friday, 4 July 2025

Molo, gents and gentleladies.
Markets are treading water like a minibus taxi waiting for one more passenger. Confidence is low, chrome miners are gatvol, and Investec is pushing out new paper. But hey — it’s Friday, and we've got the best read in the country right here.

Let’s get to the money.

📊 Before the Bell – What’s the Vibe?

• ZAR holds at 17.57/$ – The rand didn’t flinch as PMI data dropped flat; the market’s holding its breath.

• SA PMI hits 50.1 – That’s not a recession, but it’s definitely not vibes either.

• Bond yields – 2035s ticked up to 9.85%; not quite “Ramaphoria” levels anymore.

• US non-farm payrolls due today – Could move global markets more than a DJ at Konka on a Saturday night.

📰 Headline Roundup: Hot Takes from the Boma

🪨 Mining & Macro

• Chrome miners cry “Hayi khona!” — Industry slams government’s proposed export tax, warning of job cuts and a zama zama–style exodus.

• PMI stagnates like Eskom plans — SA's private sector stays flat for June; business confidence fades faster than ANC youth league unity.

🏦 Banks & Boards

• Investec inks new R35 m notes — Code IVC354 listed today. Market shrugged harder than a Sandton waiter at 11pm.

• Standard Bank queues up SBC166 bonds — R200m in fixed-rate notes. Available next week if you’ve got lunch money lying around.

📡 Tech & Policy

• Huawei lights up Sandton Convention Centre — Digital transformation agenda pushed harder than a trolley at Checkers on pension payout day.

• StatsSA goes digital — Stats agency wants to ditch paper. Now if only SASSA could do the same…

💰 Deal Flow – Who’s Cutting Cheques?

• Investec drops credit-linked notes (R35 m)

• Standard Bank gears up for R200 m issue (SBC166)

No M&A fireworks today, but you know how Joburg works: deals are cooked before they're served.

📎 Executive Picks – What’s Making Waves?

• Digital dreams – Minister Malatsi promises broadband rollouts, digital literacy & AI transformation at Huawei SA Connect.

• Chrome crash alert – Miners lobby hard as the tax threatens SA’s lead export commodity.

• StatsSA reboot – New tech systems to speed up national data. Think less “Excel from 2003,” more “cloud meets Ubuntu.”

🧠 Finance Meme of the Day

🔗 Links & Sources

• Chrome miners say proposed tax threatens jobs (Reuters)

• PMI signals weakness (IOL)

• Huawei SA Connect 2025 (Huawei)

• SENS – Investec & Standard Bank (Sharenet)

🎯 Final Word

SA’s macro mood is muted, but stories are bubbling in mining, fixed income, and policy. Expect fireworks globally if US jobs numbers surprise. Stay sharp, stay liquid — and don’t forget to check your SENS before your cappuccino.

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Mzansi Market Memo is compiled daily by Rayhaan @ the Memo for investors and operators who trade before the sun rises. *This memo is for informational purposes only. Not financial advice. Still, we’d buy low and read high.

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