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The 5 o' Clock Shadow with Schalk Louw · Strictly Business

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You're listening to Strictly Business Podcast with Lindsay Williams.
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JSC has closed its doors for another day, so it's time for the 5 o'clock shadow.
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And as always, on a Wednesday, I speak to Skalk Low, Portfolio Manager, PSG
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Wealth, Old Oak in Cape Town.
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Now, Skalk, we haven't spoken since the war.
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Yeah.
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I've lost track of time.
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It seems as though it's been going on for weeks, but we haven't spoken since then.
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Sort of a muted market reaction in many ways.
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It could have been spectacularly good.
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and bad in various asset classes.
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But it wasn't.
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It was fairly orderly.
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And I use that phrase reservedly.
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But yesterday got horrible on the JSC.
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Have you survived?
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Yeah, it's been surviving.
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I mean, you had to.
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Let's get the orange elephant out of the room.
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This was most probably one of the most anticipated wars ever.
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Yes.
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And, you know.
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reading, I'm sort of glued to my television screens for the past three
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days, like
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I think most people have been doing.
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And I see there's been a report an hour or three ago coming from the New York Times,
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which indicates that the Iranian government has already reached out to
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sources within the CIA or
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something like that, if that's true.
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Then they want to talk on a proposal to end the war.
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So.
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You're talking about we haven't spoken since the war started,
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and it seems like we're lucky that we're speaking now because a war that I, on
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Monday,
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thought was most probably not going to be one that's going to be able to end really
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soon,
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seemed like it's progressing very, very fast.
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Interesting factoid.
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Sorry, I'm going to...
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No, I hadn't heard that story that you just...
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I'm just turning my head as far as I can where I am from.
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Have a look at...
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CNN just stay there you you just you just carry on talking Scott there's my CNN
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screen
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Turkey NATO air defense intercepted Iranian missile is there so if I mean
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CNN like all the other stations are American based American centric so it
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would have got that I think so your
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source is better than CNN or doesn't exist one of the two what else did you have to
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say you mentioned the word factoid.
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No, the New York Times, one that we could just get the,
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I'm not going to read the whole article.
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It's Iran made secret outreach of the strikes, highlighting Trump's challenge.
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And apparently, if you look at the article itself,
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it seems like they want to talk, you know, how to end the war.
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What I thought, why this is progressing this quick?
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because I think to a certain extent, you know, this morning,
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I thought that President Trump's commitment to now ensure,
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and literally at a price,
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that all ships can now actually go through the strait at a cost was an interesting
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one.
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But I think he could do that because if you look at, there's a very interesting
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article that I wrote, that I listened to,
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I read this morning.
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Did you write it, read it, or listen to it?
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Let's go for the latter.
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Okay.
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Let's go for the latter.
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And this individual, I don't know if the author now, but he actually made a very,
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very interesting point.
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He said suddenly the war broke out.
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And that war broke out by the B-1 bombers,
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the US B-1 bombers.
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Those planes are something like $2.
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something billion per plane.
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And I think they mentioned that they've got 20 of those,
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and five or six of them went in there and literally with a thousand missiles.
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So we all knew the after effect.
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And then on the 1st of March, which was on Sunday, then the B-1 bomber,
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that's a very, very, like I said, very sophisticated plane.
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It goes supersonic, but it's also undetectable by radar.
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So that goes in.
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in.
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On Sunday, the B-2 bombers started to go in.
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Now, those are supersonic as well, but they are detectable by radar.
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But they're so quick, they're so extreme.
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It's the fastest plane in the world.
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They're so extremely quick that it's still difficult for these air defenses
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to be deployed quick enough.
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Interesting enough, yesterday...
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what was it yeah the the third sorry the third of of march they actually started uh
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deploying the b-52
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bombers now the b-52s were from the war from the second world war for good or post
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second world war weren't they they um they
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were around when the first nuclear uh bomb
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tests and uh deployments were around weren't they yeah you know called the sky
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fortress i don't know why i remember this but this thing is is massive it's It's a
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beautiful looking thing, I must say.
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It's so wide.
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I think it's got three engines on each wing.
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Yes, it's massive.
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You can put a basketball court inside the plane.
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It has thousands and thousands of ammunitions.
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But they fly something like 650 miles per hour.
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So you're not even, you know, let's call it a thousand.
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And it goes up to 50,000.
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But they are slow and they are 100% detectable by…
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by air defenses.
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Now, the fact that they've moved,
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the 3rd of March already moved the B-52s into Iran shows you that they've pretty
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much knocked out
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all of Iran's air defenses.
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Is this your surmise or is this what is stated in the article that you've read?
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It's stated in the article.
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It's stated in the article.
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And it makes sense.
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And also, if you look at the specific...
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I think it was the New York Times article where they actually mentioned one of the
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reasons why they wanted to reach us because they've lost
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so many Navy ships already.
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Their air defenses are really, really crippled.
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I think just somewhere along the line, they're going to realize, well, that's it.
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We cannot continue.
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But this is like taking a knife to a gunfight.
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I mean, so.
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So yesterday was a biggie.
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Let's go back to yesterday now.
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What happened?
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I think the JSC was down something like 6%, nearly 6%.
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That's the all shit index.
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I don't remember seeing a 6% for quite a while.
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I don't remember seeing a 6% actually, apart from if you go back to no, never.
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Tell us more.
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Tell us more.
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That was just massive.
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If you look at the movement in some of these BGM gold counters.
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Well, let's look at most of our resource counters.
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That was horrific.
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And I sort of had a feeling that this is going to happen.
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Because on Saturday, when the war broke out, every second,
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let's call it professional or financial guru sort of stated
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on Monday, when the market opens, we're going to see the gold price up.
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$500 per ounce.
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We're going to see the silver price surpass $100 and counting.
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They obviously weren't of the school of thought of Scout Glow that this was the
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most well-flagged war in history.
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Maybe it's just the contrarian in me, but yes, you're right.
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It was the most anticipated war in history.
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And I think a lot of, not all, but...
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most of the, I would say, precious metals move that we've seen was in anticipation
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of this.
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I mean, but because you can't say it's only the weakening of the dollar because
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Trump is
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pressing that they should cut rates,
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and that's why the gold price suddenly went from $3,000 to $5,000.
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It just can't be.
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So I don't know if we've had this conversation on the AI bubble.
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Well, we've had several conversations.
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We may have mentioned it in passing, but haven't gone in-depth on it.
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Why do you mention this?
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So people always say, and every second article I also read is, AI is a bubble.
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So I went like, what is a bubble?
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And what constitutes a bubble?
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Now, the National Bureau of Economic Research,
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they've got a very nice report on this matter, a research report.
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where they actually worked out how to quantify something as a specific asset in
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a
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bubble.
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And I'm going to save you the 76-page report.
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Please.
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And just give you the executive summary.
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It comes down to three points.
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First one is that specific investment or asset class should have
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grown by 100% over the past two years.
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Yes.
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Second point.
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It should have outperformed the broader market.
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In this case, I'm just using the MSCI All-Country World Index.
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That's as broad as you get.
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That's two yeses so far.
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Yeah, it's going to be interesting.
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And then the third one is over the previous five years, it should have grown
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by at least 50%.
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That just sort of sorts out where a specific asset class or investment has
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seen a
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correction.
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According to these people, but I think that's three yeses, isn't it?
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No, that was the interesting one.
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So I went in and I looked at the Philadelphia Semiconductor Index.
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That's the...
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I would say the one that represent, it's called the USAI.
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Where do you find the time when there's a war on?
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But anyway, that's another story.
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I've got lots of times while the CNNs and the Bloombergs are talking at the
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background.
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But for interest sake, over the past five years, that index has grown in dollar
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terms by 66%.
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So then, no, there's the first tick, not 100%.
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It's outperformed.
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Over the same time, the All-Country World Index did 44. So.
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or actually 46%.
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So it's actually outperformed the broader market by only 18%.
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Now, yes, it's done 100 and something percent over the past five years.
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So you've got one out of three.
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But it's all been condensed into the last two years, I would imagine.
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Yes, yes.
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And then it suddenly hit me and went like, hey, I always need to go and look at my
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favorite,
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favorite asset class or investment type, namely gold.
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Let's go look at...
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You really do take a long way around, don't you?
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In English they say you really went round the houses there.
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I tell you what, next time I say to you, I said to, by the way, I said to Skulk
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before we started this,
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let's make this relatively brief, Skulk,
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because it's a lovely sunny day here and I want to go out for a walk in the late
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afternoon.
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And he said, yeah, we must do.
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And you deliberately did that, didn't you?
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So I can't go for a walk.
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Next time, just say, on to gold, Lindsay.
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So to all the listeners out there, that's exactly what Lindsay told me.
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He sort of prepped me.
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He groomed me.
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He said, please, it's a sunny day.
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And yeah, in the Netherlands, they don't really come that often in spring.
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But so the gold price, here we go.
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Over the past two years, it has grown by 192% in dollars.
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terms.
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That's just a gold.
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That's not gold miners.
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So there's the first tick.
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Over the past two years, it's outperformed the MSCI All Country World Index by 144%.
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Second tick.
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And over the past five years, it has grown by 177%.
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So, yeah, to all the listeners out there,
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if you're still asking if gold is in bubble territory,
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According to the National Bureau of Economic Research, and that, let's call it
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76-page report,
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it is formally in a bubble.
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I don't want to know about bubbles, not from you.
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I don't want to know about whatever research institute you've just quoted.
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I want to know how, I want an article next Wednesday,
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for how long do bubbles inflate?
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And you can have a bubble and you can have it.
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sitting there in your hand or whatever, and it's a bubble.
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So what?
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But how can it inflate more and become a bigger bubble?
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That's the key point.
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That is where the clever person, that's what the clever person is asking.
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No, no, no, for sure.
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So we'll have a look at it.
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But I think that the movement that we've seen yesterday was exactly that.
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It was sort of an anticipated war.
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We've seen the...
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The gold price, the silver price,
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a lot of these precious metals really reacted really upward in anticipation of
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this war.
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I was actually quite surprised looking back now that oil didn't also be sort
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of priced in this most anticipated war.
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But be that as it may, and I think yesterday's movement was sort of a case in
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point.
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Suddenly, Mr.
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Marker just realized, wait a minute.
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But, okay, this is it now.
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This is the war.
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It seems like the US and its allies, Israel and all those countries there,
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it's got a handle on this.
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What if it's done?
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What if the war is done in a week or two?
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Like the invasion of Kuwait, in other words, when Saddam Hussein was around.
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Everyone thought, well, this is a big war.
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It lasted 24 hours.
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Gold price was at much lower levels, but it had been bought up in anticipation of
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the war.
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When the war stopped, that was it.
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It's gone.
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The difference with gold this time, of course, is there are different reasons for
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gold going up.
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People didn't know about a war two years ago.
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Two months ago, yes.
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Two years ago, no, they didn't.
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So all the recent volatility, war volatility, that's just part of the game.
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It went to 5,400, I think it is, came back to very close to 5,000 yesterday.
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Now what are we doing?
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Fiddling around in between those two levels.
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But there are a lot more things than skirmishes in the Middle East,
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and I don't want to be disrespectful to the people that are suffering because of
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this war,
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but it's just a skirmish when it comes to...
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you The global financial system, if you see what I mean.
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Exactly.
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So let's say for a moment,
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I'm hopeful to all those people because there's no winners in any war ever.
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So let's say this war can be done in a shorter period of time.
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Where are we left?
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So firstly, we've seen a very interesting thing yesterday and the day before.
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What happened?
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For the first time… in many, many months.
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When things got heated in the kitchen, people didn't run to gold.
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They didn't run silver.
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If you look at the movement in Bitcoin last week, they clearly didn't run to
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Bitcoin.
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They ran back to the dollar.
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And that was, I think, one of the most interesting points that still in this,
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let's call it uncertainty.
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Dollar index went above 99, didn't it?
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And it's only this afternoon and it suddenly dipped back again.
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Correct.
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Correct.
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So let's say this war is done, and I'm hoping and I do feel that it will be done.
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Yes.
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Then where are we left?
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Well, we're still left with Trump that's made it blatantly clear.
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Because that's the one thing, one of the reasons why the dollar also attracted,
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because people suddenly realized, ha ha ha,
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there's absolutely no way Trump will put some pressure now.
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And it added.
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pressure on the Fed as well to, you need to go and cut rates,
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not while we're sitting with an oil price of $85 per barrel.
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He's not going to put pressure on the Fed to go and cut rates aggressively as it is.
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So yeah, I agree with that.
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It's not going to happen.
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But now, let's say the war is done.
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He's then going to go and say, wait a minute.
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My playbook has always been we're going to cut rates and we're going to cut rates.
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aggressive.
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And then suddenly the dollar is just going to realize, oh, wait a minute, we're going
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to have lower rates.
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If we're going to have lower rates, then the dollar should continue its weakening
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path, which naturally, again,
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will be good for the world.
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We are assuming, or you're assuming that the war is over.
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There's two schools of thought here.
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There's many, many schools of thought, but there's two schools that I'm going to
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focus on now.
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The ones that say it's all over, they're using B-52s.
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Those old heaps that should have been taken out of service 20 years ago that are
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still flying because they're workhorses
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and they do their job.
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So the war is over now.
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There's another school of thought that says the
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Iranians are just reconvening, if you like.
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They are going to announce a new supreme leader.
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That new supreme leader will sit down.
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if he can...
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He's got to keep his eye on the window at all times, though,
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because with Israeli and U.S.
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intelligence, the likelihood of him getting taken out is quite high.
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But let's say that they do have a new supreme leader with a council that
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replaced all the others,
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all the other people that were killed.
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And then he says, OK, now I'm in charge.
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We're going to do this.
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He's still got the Revolutionary Guard there.
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He may still have some missiles hidden away somewhere.
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He may still have a navy.
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And then say, right, what we've got left, let's attack.
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Let's keep on attacking Israel with the missiles.
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Let's attack American ships with missiles.
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And let's have a go at blockading the Strait of Hormuz so that the West suffers
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and oil prices go to $90 to
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$100 a barrel.
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And then that's when the Donald Trump factor comes in, Scott, because Donald
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Trump will get bored then.
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He likes to make big splashes you know he loves to say things like he said recently
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he said we're
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going to cut all ties with spain no trade with spain because the spanish wouldn't
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wouldn't let his his planes his
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b-52s refuel or take off
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uh and attack iran he there's the spanish the left-wing spanish government says no
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you can't do that you're not going
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to use us as a platform for your murderous activities so
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trump immediately blurted it out in three weeks time he won't even remember that
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There'll be trade going on between
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Spain and the United States.
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It's the same with Iran.
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If it doesn't happen quickly, and let's face it, it happened quickly.
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They killed the leader on day one.
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The first bomb killed him.
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So then he'll have to move on to something else.
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It's in his interest to get this thing over with, or in everyone's interest,
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because otherwise he'll just leave the mess behind him and then move on to
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goodness knows who knows next, North Korea.
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That's my big bet.
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He goes on about, we've got to...
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No, no, listen.
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No, listen.
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No, listen.
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This is me and I promise I'll get back in my box after this.
20:08
Donald Trump said that the reason that the war is...
20:12
is occurring now, their rationale behind it was because they wanted to stop
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Iran developing missiles that could hit America and hurt American citizens.
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North Korea's already got that, or is very close to getting that.
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Quietly behind the scenes and with the help of money from China and Russia
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sometimes,
20:33
has got the money to have its nasty ambitions fulfilled.
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So Trump must surely say to himself, Okay, Greenland, I'm bored with that.
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Panama Canal, I did say that once, but I don't really care.
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Venezuela, that's already done.
20:50
That was too quick.
20:51
That was nice and quick.
20:53
Colombia, I forgot about because I met with the Prime Minister, the President
20:59
rather,
21:01
and we got on quite well.
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So I'm not going to hit Colombia like I said I would.
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So let's have a look.
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Iran done.
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What can I have a go at next?
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No one in Europe I can go for.
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uh russia ukraine gosh that's been a bore so north korea that's how his mind works
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it's like a child
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he wants a toy one day he wants a batmobile one day oh please can i have a
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batmobile and then a day later it's in the back of the cupboard
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he wants spider-man you
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you use the word you use the word bored i i'm gonna use a different word but i'm
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gonna use his own word so i think my
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tweet of the week was by far by a country mile.
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This tweet although It was retweeted this week.
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Actually dates back to the 9th of October 2012 by a real Donald Trump.
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So this is POTUS himself.
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I'm going to read this.
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Now that Obama's poll numbers are in a tailspin,
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watch him launch a strike in Libya or Iran.
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He's desperate.
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That's his tweet of, let's call it 14 years ago, close to 14 years ago.
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So you say.
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You say, yeah, he's bored.
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I say there might be a case of a bit of desperation in it.
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I think it's a difficult one.
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I don't want to speculate on what Trump is going to do.
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I think for now, when I look at the actual facts, and the actual facts are showing us
22:25
that,
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let's say the war is done.
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The actual facts say the Fed, remember the Fed tool, the Fed watch tool,
22:34
the one that we usually look at.
22:36
the probability.
22:37
Now, you remember the last time we spoke, I told you that there was pretty much now
22:43
no more probability.
22:45
I think on that side, it got down to about 20% probability for a rate cut in March.
22:48
And then I told you there's pretty much no chance of a rate cut anymore, but we're
22:53
looking at more than 60%
22:55
probability of a rate cut in April.
22:56
Now, still no chance now anymore for the 18th of March, but for the 29th of April,
23:03
it's now only a 10% probability.
23:05
for a rate cut in April.
23:08
And when you push it out to June, there's only about a third.
23:11
There's about 34 odd percent probability for a rate cut in June.
23:18
If this war ends today, I promise you those probabilities...
23:24
Exactly, exactly.
23:26
And that will put some pressure again on the dollar, which again,
23:30
I think will sort of support wherever the gold and silver stabilize.
23:35
I think it will support those precious metals again.
23:38
But I think more importantly, there's a massive correlation with a weaker dollar
23:44
and emerging markets.
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That's why we've seen such a nice flight to emerging markets.
23:48
Good for South Africa, yes, but also other.
23:50
I mean, look at the likes of South Korea.
23:54
I mean,
23:55
that market has been the number one market in the world in 2025.
24:02
And this year, I think year to date, it was up.
24:04
already something like 50%.
24:05
I had a massive retracement yesterday, but these emerging markets are attracting a
24:11
lot of money.
24:13
Eight out of the top 10 countries year-to-date up to Saturday, all emerging
24:19
markets,
24:21
purely because on the back of a weaker dollar, that's what you should expect.
24:23
You should expect a flight towards emerging markets.
24:26
I still think that theme is very much intact.
24:33
I spoke to a fund manager yesterday just to end the war talk and I said what have
24:40
you been doing he said well we went into the war in a
24:42
slightly defensive with a slightly defensive stance and we felt that certain
24:47
asset classes
24:49
were priced to perfection so
24:49
we took a bit of profit and we are now looking at opportunities because if you
24:55
look at a geopolitical
24:57
chart And look at how the markets behaved, overlay the charts on the geopolitical
25:03
events on whatever date they were.
25:05
You know that some dips lasted longer than others, but no matter how long they
25:10
lasted, the markets go to new high after that.
25:12
I'm talking specifically equity markets.
25:13
So just, I'm not going to say buy, but
25:19
I'm saying that a pattern has formed, not over the years, but over the decades.
25:23
Correct.
25:24
Skulk.
25:25
so we've sorted that out now we've sorted out the war we need to take this home if
25:32
you still
25:33
want to catch some race so I'm going to lead now And you are going to tell me,
25:39
because this is the 5 o'clock shadow and it's a predominantly South African-based
25:46
podcast, tell me about Woolies, please.
25:48
And I don't want to know how many frozen lasagnas they sold.
25:49
I want to know the general feeling about these numbers, please.
25:54
I thought it was, you know, I've been tough on the company for many, many, many,
26:00
many years.
26:02
And mostly to do with the Australian businesses.
26:06
and then we know David Jones is no more.
26:08
So the only one that's still there is Country Road Group.
26:13
And last time, that still seemed to struggle.
26:17
This time around, with this, let's call it the unordered interim results for this
26:24
26-week period, it did seem like Country Road's, not massive growth, but 2.3%
26:31
growth at least showed an uptick.
26:36
In general, it looked good.
26:37
When I look at the total performances, turnover up
26:42
5.4%, which is good for a 26-week period.
26:48
That's quite a few inflations plus.
26:53
When you look at the headline earnings per share, that we always knew was going to
26:59
the earnings per share is always going to be down.
27:01
When you look at the headline earnings per share, that's going to be positive, 10%
27:03
up.
27:05
In general, just when I went through this, it looked good.
27:09
The show still remained Woody's Food Sales.
27:11
That site was up 7% compared to the previous 26 weeks.
27:16
It was good year on year back in the days, 5.2% growth.
27:20
So that's really, really good.
27:23
The online site is still growing.
27:25
I mean, you know, we often refer to 60-60 as the online delivery.
27:30
But, I mean, the Woody's Dash, I mean, that has grown by 23% over this.
27:35
26 week period so that's really good.
27:38
And the market likes it Skull?
27:40
Oh yes, I mean up 1.4% at one stage, it was quite a bit high,
27:46
I looked at it I thought it was sort of 4.5% rally at one stage.
27:53
It was, it was it was but it did retrace a little bit to the latter part of the day
28:00
and it
28:00
up 1.4%.
28:01
Okay, not bad you Right, let me give you some numbers now.
28:04
The dollar round is 16.33, got into the 16.60s yesterday.
28:08
The euro round is 19 on the button.
28:11
And the British pound against the round is, what is it?
28:14
There it is.
28:15
21.84 euro dollar, just around about the 116 to 10 level.
28:21
I've got the gold price at 51.51, which is 64 dollars higher, one and a quarter
28:27
percent platinum price.
28:29
is nearly $100 higher at 2163, up 4.8%, whereas palladium has gone down by nearly
28:34
9%,
28:35
so a complete diversion between the two major platinum group metals.
28:39
And 1703 is the current prevailing price of palladium.
28:44
Now let's look at the oil prices, which has been fascinating today.
28:47
As soon as Trump said he would help vessels going through the straightforward
28:53
moves with its own navy...
28:55
after the threats from Iran to firebomb all these poor sailors.
29:01
Crude oil in the United States, West Texas crude, $73.74, which is down 1.1% on its
29:07
lows of the day.
29:09
Brent crude oil, $80.65, down nearly 1%.
29:13
The copper price is $5.86, was above six yesterday.
29:17
That's per pound in New York.
29:19
And what else have we got here?
29:21
The Bitcoin price has been very interesting.
29:23
It was in the 60s all of last week, went down to 62,500, 63,000, is now 72,500,
29:28
73,000 at the moment, up 7.6% on the day.
29:33
It likes no war, it didn't like the war.
29:35
It's not a safe haven.
29:37
It's just a speculative tool.
29:39
8.22 is the South African 10-year bond yield, which is 10 basis points higher
29:46
than the US 10-year,
29:48
having gone below for a couple of days, below 4%.
29:50
Now 4.085%. S&P 500 futures close to their highs up 0.7% now,
29:55
6,873.
29:59
And Skulk, what about the JSC today?
30:02
Horrible day yesterday.
30:03
All the diggers were the losers.
30:05
What were the winners today?
30:07
We'll start with the winners.
30:10
It sort of started off way better when you look at this morning.
30:14
But I mean, the likes of Afrimat, I think that was done.
30:18
Wow, massive.
30:19
And one stage, AfroMAT, I think today, recovered most of its losses, yes,
30:24
and it gained something like 16 or 17%, but still down from the previous day, up
30:31
10% for today.
30:33
Northern Platinum up 8%.
30:34
Aspen, interesting one, 5.6%, up.
30:36
Valterra, 5.3%.
30:39
African Rainbow Minerals, 4.8%.
30:42
I'm just going to mention the sixth one because that's also a company that
30:46
brought a trading statement today that's cash flow not going to go into that
30:52
because then you definitely can have a walk but
30:54
brought out some some positive numbers on the trading statement that helped the cash
30:57
flow company now
30:59
to increase by 4.5%.
31:01
When you look at the losers, Tungela, a massive day yesterday, so maybe just a bit
31:07
of a breather today,
31:09
down 6%.
31:11
Also a company that had on one stage,
31:12
I think on one stage it was up over 150 Rand per share.
31:17
It was, and I thought about you and I thought, has this thing tripled over the
31:23
last two years or even less?
31:25
Less, no, less.
31:27
It was trading 50.
31:29
50 Rand last year, I've never groven from it, I'm going to go into that, but I know
31:33
one stage it was trading at 50 Rand last year,
31:35
so yes, on one stage, way over 150 Rand, today down again 5%.
31:38
After, initially, opening a little bit higher, but 138 Rand, 81,
31:44
very much back to its levels prior to the war started.
31:49
Spore, I mean, just, it had a better day, so to speak.
31:55
But I mean, at 65.85, it's still down 3.5% again today.
31:59
Quilter also brought out a trading statement talking about preliminary
32:05
results.
32:07
Not going to go into that as well.
32:09
Market did not like it, down 3.4%.
32:11
And yeah, and now it's a bush.
32:13
I mean, one that you would have thought is a serious defensive stock today.
32:20
Also some news on that side, they're down 2.6%.
32:24
Very good.
32:25
So, Carl, I want to talk about one thing just before we go.
32:27
And we spoke about this stock on a couple of occasions, and I asked you to look at
32:34
it on one occasion, and I think you did do.
32:36
And we said to ourselves, why isn't it going up when volumes on the JSC itself
32:38
are going up?
32:40
I looked at the graph of JSC Limited.
32:41
It's up 66% in the 52-week period, 66% from its low of 106.
32:47
This is when I looked at it yesterday, not yesterday, the day before, I think.
32:51
it.
32:52
It had made a low of around 106, 107 in the 52-week period.
32:56
And on the day I looked at it Monday, 176 rand per share.
33:04
Just has taken off skunk.
33:06
Yeah, you called that one.
33:08
We did have a look.
33:09
We looked at the volumes back in the day and how the volumes, and I'll read the
33:14
volumes.
33:15
But usually, you and I, we read the daily volumes as well.
33:18
And we had this conversation, I think a year, year and a half ago, where we said,
33:24
oh, that the volumes on the J's is just shocking.
33:26
We're still trading at similar trading days that we've seen in 2016, 17 and 18.
33:31
And then suddenly it just picked up.
33:32
And you called it.
33:33
You said we had to look at it.
33:35
That definitely will have a positive effect on the share price, which it did.
33:39
Always a nice dividend payer.
33:40
And yeah, maybe the easy money has been made now.
33:43
But yeah, good call on that one.
33:45
Good call.
33:45
Okay, let's talk about volumes now and the closing indices, if you would, Skulk.
33:50
So let's start with the closing.
33:51
JSC today closed at 121,114 points, just shy of 1% positive for the day.
33:58
The top 40, however, up 1.1%. And today was driven by the resources.
34:04
Originally up close to 3% earlier today,
34:08
but at the end of the day up only 1.4%.
34:12
Industrials up 1.2%, while the financials...
34:15
were up 0.7%.
34:17
The SA property index didn't get itself in positive territory.
34:20
That was down 0.8%.
34:22
When we look at the volumes for today, solid, solid trailing days.
34:26
And just, I don't know if you've looked at this the previous few days, but what we've
34:32
seen,
34:34
we've had Thursday, there was over 33 billion that went through the market.
34:40
Previous day was 29, so it's also a 30 billion day.
34:45
51 on Friday just before the war started.
34:49
And it just didn't stop.
34:50
We had 37, then 46,
34:51
and again today over 32 billion value traded over the course of the day.
34:57
So yeah, you're 100% right.
34:58
The JSC definitely is looking way better with these type of volumes.
35:02
Excellent, Skull.
35:02
Thanks so much for your time.
35:04
Skullclaw is from PSG Wealth Old Oak in Cape Town, and that was the 5 o'clock
35:08
shadow.
35:09
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