🇿🇦 Mzansi Market Memo — Thursday, 24 July 2025

Moloweni gents and gentleladies.

There we have it. JSE All Share finished trading at 100,180 and finally ended this dance we had going. Watch carefully for market open today. My prediction, we follow with a big move upwards today. Fuelling the markets was eased CPI data and increased tourism - these winter conditions seem to be attracting our friends in the desert.

Meanwhile, the Canal+ and MultiChoice deal got the green light, Adcock Ingram is being wooed by Indian pharma, and Transnet is finally opening the gates for private sector help. It’s one of those weeks where you need to read everything — but don’t worry, we’ve got you.

Let’s get to the money.

⚡ Before the Bell

• 🌍 Global & Local Market Recap

  • JSE All Share Index: up 0.86% WELL DONE!

  • USD/ZAR Exchange Rate: R17.55

• Stats SA today: Export and import unit value indices (May 2025)

• Earnings today: 

  • PHP – Interim Results

  • PSG Financial Services – Annual General Meeting

📊 StatsSA Roundup (Tues/Wed)

1. Consumer Price Index (CPI) — May 2025
Consumer inflation eased to 4.3% year-on-year in May 2025, down from 4.7% in April. Notably, food inflation slowed, bringing some relief to households. Core inflation remained stable at 4.6%, suggesting underlying price pressures are contained. TLDR: Inflation easing gives SARB breathing space on interest rates—good news for consumers and investors watching the MPC's next move. Read more

2. Food and Beverage Income — May 2025
Real income in the food and beverages sector rose by 4.5% YoY, driven by a strong recovery in takeaway and fast-food outlets (+6.6%). Restaurants and coffee shops grew modestly (+2.1%), indicating stable consumer demand despite economic pressures. TLDR: Consumers are eating out again, but tightening wallets favour takeaways over sit-down meals. Read more

3. Tourist Accommodation — May 2025
Income from accommodation surged by 12.1% YoY in May, boosted by increased occupancy (+10%) and slight price growth (+1.9%). Hotels (+19.1%) and caravan parks (+13.6%) led gains, hinting at a recovery in domestic tourism. TLDR: Tourism sector momentum is picking up; watch for sustained travel activity into peak season. Read more

4. Land Transport — May 2025
Freight payloads declined by 3.7% YoY in May, driven by a drop in agriculture and container freight. Passenger journeys rose by 8.7%, reflecting increased commuter activity, although passenger transport income declined slightly (-5.1%), pointing to competitive pricing pressures. TLDR: Mixed signals—freight weakens amid agricultural slowdown, but passenger travel picks up pace. Read more

📣 SENS Roundup

1. MultiChoice Group (MCG) takeover
   The South African Competition Tribunal has approved Canal+'s mandatory cash takeover offer for MultiChoice at R125/share. Conditions include strong commitments to local content funding and supporting HDP and SMME participation. TLDR: The Canal+ and MultiChoice merger clears its biggest regulatory hurdle—big implications for local entertainment and media sectors.
   

2. Adcock Ingram (AIP) Firm offer from Natco Pharma at R75/share
   India-based Natco Pharma has confirmed its intention to acquire Adcock Ingram, excluding Bidvest’s stake. The offer represents nearly a 44% premium to Adcock’s recent trading price. TLDR: Adcock shareholders get a chunky premium—another major SA pharma player going private.
   

3. Northam Platinum (NPH) Record annual production
   Northam delivered record annual group production, surpassing guidance at its Zondereinde and Booysendal mines. Chrome concentrate production was also up 9%. TLDR: Northam’s operations continue to perform strongly despite isolated setbacks.
   

4. Paladin Energy (PDN) Strong quarterly results at Langer Heinrich mine
   Paladin recorded a robust quarter, with uranium production up 33% quarter-on-quarter, reaching record throughput at its Namibian operations. Significant drilling results also reported at its Canadian Patterson Lake South project.
   TLDR: Strong production boost for Paladin—key developments reinforcing long-term value.

5. National Treasury Calls for innovative financing proposals
   The SA Treasury is inviting proposals for innovative foreign currency financing solutions to raise at least $500 million, diversifying beyond traditional Eurobonds. ESG-linked structures encouraged. TLDR: Treasury exploring creative funding routes amid tough market conditions.

6. Reinet Investments (RNI) NAV declines; major asset disposal planned
   Reinet’s NAV fell 4.6% for Q1. It’s disposing of its stake in Pension Insurance Corporation, generating over €200m in dividends this quarter alone. TLDR: Big divestment at Reinet—strategic repositioning continues.

7. Trencor Ltd Delisting from JSE Fledgling Index confirmed
   Trencor will be removed from the FTSE/JSE Fledgling Index, effective from 30 July, in line with its pending delisting. TLDR: Trencor’s JSE journey ends—index trackers to adjust holdings accordingly.

8. Paladin Energy (PDN) Quarterly presentation highlights robust progress
   Paladin Energy released an upbeat quarterly update, showcasing operational momentum and strategic progress at its Langer Heinrich Mine and Patterson Lake South project. TLDR: Continued strong operational updates for Paladin—positive for shareholders and uranium watchers.

🧠 Exec Picks

1. Transnet turning the tide with private partnerships
   Transnet is pivoting from operational inefficiencies to growth by embracing significant reforms to attract private sector involvement in logistics. With the establishment of the Transnet Rail Infrastructure Manager (TRIM) and concessions for rail corridors and terminals, private investment is set to flow into infrastructure improvements, reducing transport bottlenecks and boosting exports. However, lingering financial challenges mean these reforms need to stick for lasting impact. TLDR: Private money is finally entering Transnet’s rail and port networks, promising much-needed improvements—but substantial financial strain remains a major hurdle.
   Read more: Daily Investor

2. Understanding the 2025 Tax Season: Crucial dates & tips
   Tax season is underway with auto-assessments completed between 7 and 20 July, and manual filing open until 20 October for those not auto-assessed. SARS has streamlined processes, but warns taxpayers earning below R500k annually to confirm exemption eligibility carefully. Penalties for non-compliance can be severe, and scams remain prevalent, urging taxpayers to stay vigilant. TLDR: Tax season is simpler but more punitive—file carefully, double-check exemptions, and beware of scams.

   Read More: Personal Finance

🧾 Glossary: Market Moves Explained

When the jargon hits harder than a load shedding schedule, we’ve got you. Here’s your quick decode of today’s financial buzzwords.

• Core inflation – A measure of inflation that excludes volatile items like food and fuel to give a clearer picture of underlying price trends in the economy.

• Occupancy rate – The percentage of available accommodation (like hotel rooms) that is actually occupied. Rising occupancy signals travel and tourism recovery.

• Freight payload – The volume or weight of goods transported by road or rail. Declines in payload can indicate broader economic slowdowns, particularly in logistics-heavy sectors like agriculture.

• Mandatory cash offer – A takeover bid in which a buyer is legally required to offer shareholders a set cash price for their shares, often triggered by surpassing a shareholding threshold.

• ESG-linked structures – Financing tools (like bonds or loans) that are tied to environmental, social, and governance metrics. These are gaining popularity as global investors demand more sustainable practices.

• Private sector concessions – Agreements where private entities finance, operate, or maintain public infrastructure (like rail or ports) in exchange for revenue rights. Seen as a way to unlock capital without full privatisation.

😂 Meme of the Day

🧾 Final Word

Inflation is cooling, uranium is heating, and everyone from government to global investors is looking for creative ways to fund growth. Whether you’re tracking copper markets or just trying to navigate tax season, one thing is clear: this is not a time to tune out.

Keep your eyes on the signals, not just the noise — and as always, trade smart, lead sharp.

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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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