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Nedbank confirmed its guidance this morning, and its East Africa deal is weeks from closing – a transformation most investors are still underpricing. Grindrod’s Port of Maputo posted extraordinary volumes, but the share may already be priced for perfection. A small coal miner no one follows just disclosed an 1,800% earnings swing, and the full story has not landed yet.
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Daily Market Runsheet
Today’s Lineup
LeadNEDNedbank Group
JSEGNDGrindrod Limited
JSEGRTGrowthpoint Properties
WildSLGSalungano Group
GlobalAGLAnglo American
GlobalSCD/
PHPSchroders REIT & Primary Health
PHPSchroders REIT & Primary Health
01
NED
Lead
~4 min
Nedbank Group
Pre-close update confirms guidance remains intact — NIR upper-single digits on track
Costs below mid-single digits across every line
Credit losses reset higher; PPB above TTC ceiling; single BCB corporate default absorbed
NCBA cleared SA Reserve Bank & COMESA — offer closes 10 July
My View — Alec Hogg
“Buy the dip. Hold for the transformation. By August, the deal is done and the post-NCBA Nedbank is a materially different proposition.”
02
GND
JSE Local
~4 min
Grindrod Limited
Up 58% YTD — Maputo dry-bulk volumes +30% in 5 months; chrome as structural driver
Car terminal exceeded all of 2025 in just 5 months
Rail open access: test train H2 2026, commercial operations Q1 2027
Logistics margin 15% vs 25% target — second consecutive miss; balance sheet flipped to net debt
My View — Alec Hogg
“Hold if you own it. Wait for a pullback to add. Rail revenue arrives 2027 at the earliest — the price is running ahead of the earnings.”
03
GRT
JSE Local
~2.5 min
Growthpoint Properties
Disposals tracking R5bn vs R3.5bn target; SA vacancies down to 7.3%
Distribution guidance 3–5% reaffirmed; stock –1% on “rates higher than anticipated” language
Spooked bulls after a 32% 12-month run
CEO Sasse exits Friday — De Klerk takes over Monday
My View — Alec Hogg
“Turnaround is real. But at 32% in twelve months, profit-taking is rational. Wait for the offshore rate picture to clear.”
04
SLG
Wildcard
~2 min
Salungano Group
EPS jumped from ~2.6c to ~51c — an 1,800% increase in a single year
Stock spiked 26% intraday on volume that dwarfed a normal full session
Settled +10.5% on the day
Full annual results pending — will clarify the driver of the turnaround
My View — Alec Hogg
“Too early to call it transformation or windfall. But something fundamental shifted. Watch for the results.”
05
AGL
Global
~2 min
Anglo American
Joint mine plan with Codelco (Los Bronces + Andina) — $5bn+ pre-tax shared value
2.7m extra tonnes of copper over 21 years at minimal capex
Production arrives from 2030
Stock –1% on light volume; continues month-long downtrend from R920 peak — market fixated on restructuring
My View — Alec Hogg
“Strategically sound. Commercially distant. Wait for the restructuring dust to settle before buying.”
06
SCD
+
PHP
+
PHP
Property
~2.5 min
Schroders REIT & Primary Health Properties
Schroders REIT (SCD)
Managed wind-down announced — 14 European properties to be sold over 2–3 years
NAV ~ZAR 22.50 vs share price ~R13; stock +5.4% on extraordinary volume
Primary Health Properties (PHP)
Advanced JV discussions for private hospital portfolio; stock +4.15%
LTV deleveraging from 57% toward 40–50% target
My View — Alec Hogg
“SCD is a liquidation play — watch execution speed. PHP is a deleveraging story in motion. Both have clear catalysts. Both worth tracking.”
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