🇿🇦 Mzansi Market Memo — Tuesday, 5 August 2025

Molweni gents and gentleladies.

The All Share is clawing its way back toward 100,000 after a bruising week, closing Monday 1.6% in the green. But don't let the green screens fool you — geopolitical tremors are still shaking the ground beneath. AGOA risks loom large, SARS is cracking the compliance whip, and Trump’s trade war drumbeat is back in full swing.

Local boardrooms weren’t quiet either: CEO shakeups, trading statements, and institutional shifts peppered the SENS feed.

Let’s get to the money.

⚡ Before the Bell

• 🌍 Global & Local Market Recap

  • JSE All Share Index: Up 1.60% to 99,312

  • USD/ZAR Exchange Rate: R17.94

• Stats SA today: quiet

• Earnings today: 

  • AGMs: Pick n Pay

  • Results: Nedbank (Interim)

📣 SENS Roundup + StatsSA

• PKI: Voluntary Buyout Offer Launched
  PKI Investments issued a circular for its voluntary offer to acquire all remaining shares of The Smart Group not already held. Shareholders can elect to receive either a cash payment of R2.10/share or a combination of shares and cash, with the offer closing on 25 August.

• Bytes Technology Group: Board Changes Announced
  Bytes Technology announced that Peter Ventress will retire as chairman, with Hélène Ploix taking over as independent non-executive chair effective 1 September 2025.

• Libstar: Resignation of CEO Announced
  Libstar announced that its Group CEO, Andries van Rensburg, will step down effective 30 September 2025. A search for his successor is underway, with CFO Robin Smith assuming the role in an interim capacity.

• Zeda Limited: Trading Statement Flags HEPS Growth
  Zeda anticipates an increase in headline earnings per share (HEPS) of between 30% and 35% for the nine months ending 30 June 2025. Improved fleet utilisation and higher vehicle rental demand were key drivers.

• Coronation Fund Managers: Mondi Stake Crosses 8.5%
  Coronation increased its shareholding in Mondi plc to 8.51%, crossing a key disclosure threshold. This signals growing institutional support for Mondi’s positioning in the global packaging market TR1 - Coronation.

• B2Gold: Green Light for Underground Mining in Mali
  B2Gold received approval from the Malian government to commence underground mining operations at the Fekola Mine. The project is expected to deliver 25,000–35,000 ounces of gold in 2025 and scale up significantly in 2026. The broader Fekola complex aims to produce over 500,000 ounces this year

🧠 Exec Picks

SA braces for tariff trouble as deadline passes
With the 1 August US trade deadline now behind us, President Ramaphosa confirmed South Africa will engage directly with Washington to avoid punitive tariffs on key exports like citrus and automotive components. While SA's R260 billion in AGOA-linked trade remains untouched for now, the risk of fallout is growing—especially as the US ramps up its “buy American” push under Trump 2.0.
Read more: Business Report

SARS tightens the screws on non-compliant taxpayers
The South African Revenue Service is going hard on enforcement—fines, interest, even jail time for persistent defaulters. With government under fiscal strain and fewer corporate taxes rolling in, SARS is ramping up collections with a renewed focus on penalties, lifestyle audits, and legal action.
Read more: Daily Investor

Trump’s tariff drive may reshape global trade—for worse
The BBC’s deep dive highlights that while Trump’s tariff blitz has generated billions in new US revenue, it’s creating friction across the global trading system. South Africa’s position is especially fragile, with few bilateral levers to pull and rising dependence on contested markets like the US and China.
Read more: BBC

Rand steady—for now—but risks are rising
The rand has held around R18/$1 despite all the tariff talk, largely thanks to global investors pricing in risk premiums. But economists warn this is a false calm: if South Africa loses AGOA access or faces new trade restrictions, it could trigger a mini EM flight. The SARB’s room to cut further would vanish in a flash.
Read more: Business Report

🧾 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.

• Voluntary Buyout Offer – A company-led proposal to purchase shares from existing shareholders, often at a premium. In PKI’s case, shareholders are offered either cash or a cash-and-stock mix.

• HEPS (Headline Earnings Per Share) – A key metric in South African earnings reports that strips out one-off items to give a clearer view of underlying profitability. Zeda flagged a 30–35% increase.

• Lifestyle Audit – A SARS investigative tool used to identify mismatches between a taxpayer’s declared income and visible lifestyle, often triggering penalties or prosecution.

• AGOA (African Growth and Opportunity Act) – A US trade programme offering duty-free access to African exports. South Africa's participation is under threat.

• “Buy American” Policy – A US strategy to favour domestic over foreign goods in government procurement and trade deals. It’s at the heart of Trump’s tariff revival and could sideline SA exporters.

😂 Meme of the Day

🧾 Final Word

Mzansi’s macro mood is mixed — equities are finding their feet, but the rand and our global trade ties remain on shaky ground. Between SARS crackdowns and Washington tariffs, there’s pressure building from both ends of the spectrum: state revenue and international diplomacy.

The smart money knows one thing: now’s not the time to relax. It’s the time to hedge.

Stay sharp, stay early, and as always — trade smart.

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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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