New JSE listing & Elon Musk takes on candy
Market update: tough week, but a strong finish on Friday as Naspers led the gains, climbing 4.8% on the day. The rand also off its weaker levels, but still quite weak at 12.50/US$. MTN put out a quarterly update. Dis-Chem released a very disappointing set of results. New listing on the JSE: Libstar, the biggest this year (after Consol pulled its listing), comprises of 27 business units which offer consumer products that include specialised food such gluten-free baked products and household goods such as laundry detergents. Jannie Mouton, Founder of PSG and author of his autobiography, 'And Then They Fired Me', put out a SENS announcement in the week, by way of a letter, informing everyone that he has early onset Dementia. US nonfarm payroll employment increased by 164,000 in April, and the unemployment rate edged down to 3.9%. Tesla and Apple reported results in the week, with Elon Musk coming across as rather arrogant, and the market punishing him for it. Warren Buffet held his annual AGM (5hrs of answering questions) on Saturday - saying Elon Musk wouldn’t want to come after him in the candy business. Musk is “starting a candy company & it’s going to be amazing,” he said in a Tweet on Saturday… challenge accepted. Chinese smartphone maker, Xiaomi, has filed for listing, which makes it potentially the largest listing on the Hong Kong stock exchange since 2014.