🗞️ Mzansi Market Memo – Wednesday, 9 July 2025

Molweni Kings and Queens, 
The attention quickly switched to SAPS and the Minister of Police this week with explosive accusations of corruption.
Meanwhile markets were steady yesterday and the USD/ZAR situation seems to be holding after a rather tempered response from the President claiming that the calculations are inaccurate. I don’t think we’re going to succeed with a fact checking argument… but maybe Ramaphosa will bring more ‘representatives’ next time.

⚡ Before the Bell

• 🏢 Earnings: It’s quiet — Yesterday, Sirius Real Estate AGM passed all resolutions amidst some shareholder concerns and continues to trade at a lower multiple than peers

• 💱 USD/ZAR: Hovering at ~R17.79 as global risk-off sentiment continues

📢 JSE SENS Roundup

• Prosus & Naspers – issue new EUR note, 4x subscribed
  The tech giants confirmed further activity under their ongoing buybacks and declared a significant increase in adjusted EBIT for their ecommerce division.

• Vodacom – Update on 30% acquisition of Maziv
  Progress made in regulatory and operational aspects of the Maziv deal and expected to move forward from the competition commission.

• Invicta – Acceptance of executive share awards
  Performance-based awards granted under incentive scheme.

• Prescient – New ETF class listed (TBI Global Yield)
  Fund class A now trading on the JSE.

• Satrix – ETF reshuffling: new listings & delistings across SATRIX500, NDQ, FINI, etc.

• Castleview – Confirmation of dividend reinvestment pricing

• British American Tobacco, Glencore, Mondi – Share buyback activity disclosed

• Orion Minerals – Share placement, loan conversion, and capital raise

🤝 Deal Flow

• No new M&A or private capital activity disclosed — though the Vodacom-Maziv update remains the key strategic move to watch.

😂 Meme of the Day

🧠 Exec take

• Behind the Buybacks – Naspers and Prosus are betting hard on future growth and taking this opportunity to buyback shares at what they consider to be a lower value. This growth projection seems mostly tied to Tencent - the internet giant, which is seeing major benefit from the AI revolution. Is the market missing something that the execs see?
  📖 Read: Prosus annual report

• Fibre Is the Future – Vodacom’s Maziv acquisition is about more than cables. Previously, they looked to face major hurdles at the Competition Commission but things seemed to have taken a u-turn.
  📖 Read: Tech Central – Vodacom deal now looks likely

🧾 Final Word

The market is steady and there doesn’t seem to be an overreaction to Trump’s latest announcements. That doesn’t mean much for future outlook as things change quickly under this USA administration. The SENS served a buffet but a lot of it is wait-and-see. Keep a close eye on the latest with SAPS.

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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.