🇿🇦 Mzansi Market Memo – Monday, 4 August 2025

Molweni,

Another Monday, another scramble to make sense of a jittery market. The JSE All Share has slipped back under 100,000, with large and mid caps still doing some of the heavy lifting. Gold and platinum remain the crown jewels, even as the rand weakens to R18.07 on the dollar.

As a reminder, on Mondays we take a look at what to expect in the week ahead and the past weekend’s key announcements. Tomorrow you’ll receive your daily dose as usual.

Let’s get to the money.

📈 YTD Performance Snapshot

📆 Week Ahead Brief

Stats SA Releases:

• Thursday – 7 August 2025

  • Manufacturing: Utilisation of production capacity by large enterprises, May 2025

  • Electricity generated and available for distribution, June 2025

Earnings: 

• Monday – 4 August 2025
  • AGMs: YeboYethu
  • Results: ACCPROP (Final); Mpact (Interim)

• Tuesday – 5 August 2025
  • AGMs: Pick n Pay
  • Results: Nedbank (Interim)

• Wednesday – 6 August 2025
  • AGMs: SEAM

• Thursday – 7 August 2025
  • AGMs: Investec Ltd; Investec Plc; Brait
  • Results: JSE (Interim); Efora (Final); Sappi (Quarterly); Quilter (Interim)

• Friday – 8 August 2025
  • AGMs: Collins
  • Results: Astoria (Interim); South Ocean Holdings (Interim)

Global Watch:

• Bank of England Policy Meeting (Thursday, August 7)

  • The Bank of England Monetary Policy Committee will release its policy decision, with markets widely expecting a further 25 basis point rate cut, potentially taking the Bank Rate to 4.0%. This cut is in response to sluggish growth and persistent but easing inflation, following a period of economic stagnation and job losses.

• Global Service Sector PMI Surveys

  • Key Purchasing Managers' Index (PMI) data for the service sector will be published across major economies, providing a forward-looking view of global demand and resilience after manufacturing conditions weakened in July.

• China Macroeconomic Data

  • China will release crucial trade and inflation data, offering insights into the impact of recent trade tensions and government stimulus on Asia’s largest economy. These figures are particularly significant in the context of new U.S. tariffs and ongoing bilateral trade negotiations.

• Germany and Eurozone

  • Germany will publish trade data, and the Eurozone will release retail sales figures. Both are closely watched for signs of underlying economic strength or further weakness in Europe's recovery.

• U.S. Earnings Season

  • Major corporate earnings releases (e.g., Palantir Technologies, Advanced Micro Devices, Walt Disney, Caterpillar) could offer additional consumer and investment signals, contributing to market volatility.

📣 SENS Roundup – Friday, 1 August 2025

• AngloGold Ashanti – Q2 2025 Earnings & Dividend Declaration
  Gold production surged 21% YoY, and free cash flow rose 149% to $535m. The miner declared an 80 US cents/share dividend and was added to the Russell 1000®, 3000®, and Midcap® Indexes.

• MTN Group – MTN Ghana Interim Results
  MTN Ghana released H1 2025 results showing resilience in a volatile environment. Full results available via MTN Ghana.

• Oando PLC – Q2 2025 Results
  Revenue down to ₦788 billion vs ₦1.1 trillion YoY. The company swung to a loss of ₦49.7 billion from a profit of ₦3.3 billion.

• iOCO (formerly EOH Holdings) – Share Buyback Programme
  iOCO will repurchase up to 1.8 million shares over six months, citing capital efficiency and undervaluation.

🧠 Exec Picks

💬 Finance Minister Clears the Air on Inflation Target
Speculation swirled after June’s CPI hit 3%—the bottom end of the SARB’s 3–6% band—but Finance Minister Enoch Godongwana dismissed any talk of changing the official inflation target. The market had flirted with the idea of moving the goalposts lower, but the Treasury stands firm: no revision on the table.
Read more: IOL

🏗️ Gauteng Underspends by R1 Billion—Lesufi Acts
Premier Panyaza Lesufi has reshuffled top leadership in several provincial departments following a shocking R1.3 billion underspend and missed targets. Affected departments include Education, Health, and Infrastructure, with forensic reports exposing widespread underperformance.
Read more: IOL

📉 SA’s Small Businesses Face a Grim Year
Absa’s new Small Business Growth Index shows over half of SA’s SMEs may not survive the next 12 months. With skyrocketing input costs and limited access to funding, 55% report they’re in survival mode. Less than 12% expect to make it two years without external help.
Read more: Daily Investor

🔥 Ramaphosa Under Fire as Rate Cut Fails to Calm Markets
Despite the SARB’s latest 25bps rate cut, property and economic analysts say deeper issues persist. US tariffs loom, unemployment stays high, and debt levels are unsustainable. Analysts warn the president is mismanaging South Africa’s economic trajectory.
TLDR: Lower rates won’t fix broken fundamentals—investor nerves remain frayed.
Read more: Daily Investor

😂 Monday Meme of the Day

🧠 Final Word

The week ahead promises both clarity and chaos. Some of our biggest institutions — from Nedbank to Parliament — are signalling the tone for the months ahead. Meanwhile, small businesses are struggling to stay above water, provincial budgets are being mismanaged, and the President’s messaging isn’t calming nerves.

But not all is bleak — strong earnings from AngloGold and signs of life in tech and telecoms abroad could be the beginning of a stabilisation trend. Keep your eyes on the global PMI data and the rand’s reaction to China’s macro reports.

Now’s not the time to blink. Stay sharp, and stay early.

Mzansi Market Memo is compiled daily by Rayhaan @ the Memo for investors and operators who trade before the sun rises.

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This memo is for informational purposes only. Not financial advice. Still, we’d buy low and read high.