Invest with Perspective

Highlights:  • Credit spreads are tightening—even as risk rises  • What’s driving demand in a weak-growth environment  • How auction dynamics and bank guidance skew pricing  • Fair value vs. mark-to-market: Why it matters to investors  • Intengo’s approach to building better fair value models  Thanks for listening! Follow us on Linkedin [https://www.linkedin.com/company/old-mutual-investment-group/].

🎙️ Amid the current market turmoil sparked by further trade tariff announcements from the Trump administration, that were far more severe than the market anticipated, our Head of Equities Research Meryl Pick spoke to Kaya FM this week on her team's perspective on the tariffs, the market chaos and the threat of SA’s exclusion from the AGOA trade treaty, an outcome that may not weigh as heavily on our local economy than many think. Thanks for listening! Follow us on Linkedin [https://www.linkedin.com/company/old-mutual-investment-group/].

In this episode of The Money Show, Peter Brooke discussed the latest market trends. Peter talked about the remarkable rise of gold, the implications of Trump's tariffs on the global economy, and the challenges facing South Africa's industrial sector. This episode marks Peter's final appearance as a regular guest on our show. Tune in for his valuable insights. 🎙️  Thanks for listening! Follow us on Linkedin [https://www.linkedin.com/company/old-mutual-investment-group/].

📌 Premier Group * Expected full-year earnings growth of 20-30% * Maintained margins despite soft commodity cost increases * Strong capital expenditure discipline and pricing strategy 📌 Raubex * Earnings set to rise to 25% * Diversified away from Sanral into infrastructure and mining * The Bauba acquisition is promising but poses cash flow challenges 📌 Gold Fields * Share price down 5% after Gruyere Gold Mine offer rejected * Concerns over overpaying at elevated gold prices * Investors cautious about large-scale M&A activity at the top of the cycle  Thanks for listening! Follow us on Linkedin [https://www.linkedin.com/company/old-mutual-investment-group/].

* Absa appoints Kenny Fihla as CEO – A move expected to bring much-needed stability and leadership clarity. * Thungela Resources’ results – Despite a 27% drop in earnings due to weaker coal prices, the company remains resilient with strong dividends and improved export prospects. * Transnet’s rail performance – Notable improvements have strengthened South Africa’s mining outlook. 🎧 Head of Responsible Investment Research Tana Mongwe unpacks these key developments. Thanks for listening! Follow us on Linkedin [https://www.linkedin.com/company/old-mutual-investment-group/].