Magic Markets #294: Q3 Market Scorecard – Cry, the Beloved Consumer

As the third quarter draws to a close, Mohammed Nalla looks beyond the headline market returns to unpack what was really driving performance across global markets. While major equity indices ended the quarter near record highs, the underlying picture was far more complex. From surging oil prices and sharply higher bond yields to increasingly narrow market leadership, Moe explains why the strength in headline indices masked growing pressure across large parts of the market. The Finance Ghost then turns to South Africa, where the weakness seen in global consumer stocks was echoed on the JSE. From retailers and food producers to banks and property companies, investors faced a difficult quarter as concerns around consumer health, credit quality and higher rates weighed on sentiment. Ghost breaks down the key winners and losers, highlighting why resources outperformed, why consumer stocks came under heavy pressure, and where long-term investors may be starting to see opportunities emerge.

Magic Markets #294: Q3 Market Scorecard – Cry, the Beloved ConsumerMagic Markets2026-10-07T20:51:42+02:00

Nu Holdings – Bringing Something Nu?

Nu Holdings is a digital banking platform that has been transitioning from a credit card-led model to a full service banking operation. Brazil remains the primary market, while Mexico and Colombia deepen exposure to the region. With plans to expand to the US and globally, will the group’s low-cost model successfully travel outside of Latam? And can they keep growing in their core markets?

Nu Holdings – Bringing Something Nu?Magic Markets2026-10-07T20:17:49+02:00

Magic Markets #293: The Cost of Living – When Data Doesn’t Match the Mood

Moe explores the growing disconnect between economic data and consumer sentiment, focusing on the possibility of a US no-landing scenario. With business activity accelerating, employment remaining resilient and retail sales still growing strongly, the macroeconomic picture appears surprisingly healthy. Yet beneath the surface, consumers are feeling increasingly squeezed by persistent inflation, rising costs and stagnant real income growth. Moe explains what this means for markets, why inflation remains a concern, and how a stronger-than-expected economy could keep interest rates higher for longer. The Finance Ghost then brings the discussion closer to home, unpacking the mounting pressures facing South African consumers. From fuel price shocks and higher interest rates to online betting, international ecommerce competition and stretched household budgets, retailers are facing an increasingly challenging environment. Drawing on insights from recent company results and management commentary, Ghost explains why even stronger consumer businesses are feeling the strain and what investors should be looking for in a difficult market.

Magic Markets #293: The Cost of Living – When Data Doesn’t Match the MoodMagic Markets2026-10-01T14:00:49+02:00

Costco – The Loyalty Premium

Brookfield Corporation sits at the centre of Brookfield’s ecosystem, owning 74% of Brookfield Asset Management alongside exposure to insurance, infrastructure, energy and real estate. With the shares trading around 44% below management’s sum-of-the-parts valuation, can it overcome private-market headwinds, accounting complexity and a persistent conglomerate discount?

Costco – The Loyalty PremiumMagic Markets2026-09-30T20:47:06+02:00

Magic Markets #292: Commodities are booming – is South Africa?

This week, Mohammed Nalla shares insights from a recent conference in Quebec on whether we're entering a commodities super-cycle and how Canada could benefit. With electrification, defence spending and years of underinvestment in mining capacity driving demand, Moe explains why Canada and Australia may be better positioned than South Africa to capture long-term gains, and why infrastructure bottlenecks and weak exploration activity remain key challenges for local miners. The Finance Ghost then turns to the RESI 10, unpacking what investors are really buying when they choose this ETF. From gold's dominant weighting to PGMs, Sasol and the absence of BHP, he highlights why investors should look beyond the headline theme and understand the underlying exposures. It's a reminder that diversification isn't always what it seems, particularly in concentrated sector indices.

Magic Markets #292: Commodities are booming – is South Africa?Magic Markets2026-09-25T11:16:51+02:00

Brookfield Corporation – A Discount, or Just Too Hard?

Brookfield Corporation sits at the centre of Brookfield’s ecosystem, owning 74% of Brookfield Asset Management alongside exposure to insurance, infrastructure, energy and real estate. With the shares trading around 44% below management’s sum-of-the-parts valuation, can it overcome private-market headwinds, accounting complexity and a persistent conglomerate discount?

Brookfield Corporation – A Discount, or Just Too Hard?Magic Markets2026-09-23T19:04:22+02:00

Oracle – Database Giant Reinvented

Oracle is evolving from a mature, high-margin database and enterprise-applications vendor into a full-stack AI platform spanning cloud infrastructure, data and industry workflows. With an increasingly concentrated order book, record capex, and a balance sheet that is more stretched than its competitors, is the correction in Oracle justified or does it present an opportunity?

Oracle – Database Giant ReinventedMagic Markets2026-09-16T21:12:39+02:00

Magic Markets #291: Oil above $100 – and why Sasol isn’t just a Brent Crude trade

Listen to the show here: Or on YouTube: Description: Magic Markets #291: Oil above $100 - and why Sasol isn't just a Brent Crude trade This week, Moe takes us beyond the headlines of oil’s surge back above $100 a barrel, unpacking the structural issues that could keep energy markets volatile long after the immediate spike fades. From disrupted pipelines and refining bottlenecks to depleted inventories and the uncertain role of Chinese demand, Moe explains why supply capacity and available supply are no longer the same thing – and what this means for global markets and South Africa’s energy‑import dependent economy. [...]

Magic Markets #291: Oil above $100 – and why Sasol isn’t just a Brent Crude tradeMagic Markets2026-09-16T21:04:57+02:00

Magic Markets #290: Storm Front – Winners and Losers in an El Niño World

This week, Mohammed Nalla explores El Niño, the climate phenomenon that can have a surprisingly powerful effect on economies and markets. With forecasts pointing to a strengthening event, Moe unpacks the impact on inflation, growth and food security, explaining why countries like South Africa, India and Australia tend to face headwinds while others, including Argentina and parts of North America, can actually benefit. The Finance Ghost follows the investment implications through agricultural value chains, looking at everything from food retailers and fishing companies to fertiliser suppliers and farm technology businesses. He explains why climate-related disruptions can create both risks and opportunities, and why investors should focus on quality when uncertainty starts creeping into the outlook.

Magic Markets #290: Storm Front – Winners and Losers in an El Niño WorldMagic Markets2026-09-09T20:29:12+02:00

Victoria’s Secret – The Business of Bras

Victoria’s Secret owns leading brands in intimate apparel, beauty and adjacent categories, distributed through a footprint of experiential retail stores and digital channels. After losing its way, the company is now in turnaround mode, with initial progress telling a promising story. Can management sustain the momentum and further strengthen its position in intimate wear and other strategic areas?

Victoria’s Secret – The Business of BrasMagic Markets2026-09-09T20:25:17+02:00

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