🗞️ Mzansi Market Memo – Tuesday, 8 July 2025

Molweni folks,
Firstly, big thanks to you for the love and support! I’ve been overwhelmed with the positive response so far and I’m endeavouring to improve this further. It’s just the beginning.
Alright, back to it → Big news. Trump hits SA with 30% tariff. We saw a USD:ZAR spike, and yesterday’s market chatter came through loud and clear — let’s unpack it before the bell…

⚡ Before the Bell

• Tariffs - the ongoing drama: Trump’s latest announcements have everyone on edge with a hit of 30% on RSA in the middle of the range. Tunisia faired a bit better with 25% while several Asian countries were worse off.

• USD/ZAR: ~R17.85 — still holding below R18 but latest tariff letters and US statistics causing some volatility.

• Stats SA: No scheduled data releases today (per Stats SA calendar).

• Earnings / Macros: Quiet start to the day - not much besides Sirius Real Estate Ltd AGM.

🔥 Hot Takes from the Boma (SENS but make it fun)

• MTN Zakhele just made Monday feel like payday. R20/share tax-free? That's more action than the All Share gave us all week.

• JIBAR is out, ZARONIA is in — sounds like a reboot no one asked for.

• Trump's trade moves got the rand twitching again... but we're still here, bracing like it's stage 6 loadshedding.

📢 JSE SENS Roundup

1. MTN Zakhele Futhi – R20/share special distribution
   Declared a tax-free return of capital at R20 per share; key dates: finalisation 15 Jul, cum-trade 22 Jul, record 25 Jul.

2. Bytes Technology – GBP/ZAR conversion & dividend dates
   Announced GBP1 = ZAR24.15 exchange rate, tax rules, and key SA/UK dividend timelines; payment due 25 July.

3. Standard Bank (SBK) – lists near R3bn with ZARONIA notes
   Continues their move away from JIBAR towards a more financially robust overnight index average

4. Tharisa plc – Update on share buy‑back programme
   Repurchased 75,505 shares (27 Jun–4 Jul) at ZAR20.25–21, with 302.6m shares in issue.

5. Thekwini Warehousing Conduit – Monthly investor report
   First-time monthly debt instruments update available for download.

6. Other updates

   • Old Mutual Life & Savings CEO appointment, Prabashini Moodley

   • South32 secures divestment deal for Cerro Matoso

   • Finbond director dealings, Quilter PLC Form 8.3, AdvTech securities disposal

🧾 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.

• Return of Capital: A tax-free payout made to shareholders that comes from a company's capital reserves rather than profits. MTN Zakhele's R20/share is a return of capital — not a dividend so doesn’t bear the tax.

• Cum-Dividend Date: The last day to buy a share and still receive the upcoming dividend. After this, shares trade "ex-dividend."

• Record Date: The cut-off date set by the company to determine which shareholders qualify for the dividend.

• Buyback Programme: A corporate action where a company repurchases its own shares, reducing supply and often boosting share price. Seen with Tharisa plc this week.

• JIBAR or ZARONIA? Interest payments are tied to the South African Rand Overnight Index Average (ZARONIA) in a new benchmark created to replace the Johannesburg Interbank Agreed Rate (JIBAR) and is based on actual overnight deposit transactions, making it more transparent and reliable.

🧠 Exec Picks - tariffs and tariffs

1. Trump’s demands of SA – Manufacturing to be moved to the USA? I think not but Trump demands it…
   📖 Read more: Trump’s demands

2. Global tariff announcements – read the full analysis of Trump’s actions yesterday over at the Guardian
   📖 Read more: Trump’s tariffs

😂 Meme of the Day

🧾 Final Word

Monday’s SENS lineup was heavy on capital returns, bonds, and housekeeping corporate notices—not exactly a market-moving day, but then Trump decided to shake things up. Eyes now shift to mid-July distributions and central bank chatter.

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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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