Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Index Rebalance

<ul><li>Last night, the price snapshot was taken for the JSE September 2025 rebalance.</li><li>GLN is expected to enter the Top 40 index, with APN falling out.</li><li>No changes are expected for the FINDI, FINI, INDI or RESI indices.</li></ul>

Last night, the price snapshot was taken for the JSE September 2025 rebalance.GLN is expected to enter the Top 40 index, with APN falling out.No changes are expected for the FINDI, FINI, INDI or RESI indices.

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

Commodities

<ul>
<li>Global platinum demand declined ~18% in the past decade, with the consumption nadir will be reached during 2025.</li>
<li>Decline in diesel vehicle sales have plateaued, with Industrial/chemical demand to exceed autocatalyst by 2035.</li>
<li>Platinum prices to remain flat for foreseeable future, but others in the basket may climb (<em>e.g</em>. palladium).</li>
</ul>


Global platinum demand declined ~18% in the past decade, with the consumption nadir will be reached during 2025.
Decline in diesel vehicle sales have plateaued, with Industrial/chemical demand to exceed autocatalyst by 2035.
Platinum prices to remain flat for foreseeable future, but others in the basket may climb (e.g. palladium).


Platinum Demand to Grow from 2025 Onwards

Event-Driven

<ul><li>During the last quarter of 2024, 55% of active SA equity funds outperformed their benchmarks.</li><li>This is ahead of preceding quarter where 48% of active funds outperformed.</li><li>It is also interesting to note that for the year up to the end of Q3 2024, 22% of funds outperformed their benchmarks.</li></ul>

During the last quarter of 2024, 55% of active SA equity funds outperformed their benchmarks.This is ahead of preceding quarter where 48% of active funds outperformed.It is also interesting to note that for the year up to the end of Q3 2024, 22% of funds outperformed their benchmarks.

Funds in Focus Q4 2024 & 2024: A Better Quarter & Year for Active SA Equity Managers

<ul><li>JSE indices will be rebalanced in the closing auction tomorrow. OUT will enter the Top 40 and the Capped Top 40, with NPH falling out.</li><li>Naspers and Prosus will be sold down in the Capped ALSI and the Capped Top 40 as a result of capping.</li><li>Prosus will be sold down in the uncapped indices due to a reduction in shares in issue as well as the SWIX float.</li></ul>

JSE indices will be rebalanced in the closing auction tomorrow. OUT will enter the Top 40 and the Capped Top 40, with NPH falling out.Naspers and Prosus will be sold down in the Capped ALSI and the Capped Top 40 as a result of capping.Prosus will be sold down in the uncapped indices due to a reduction in shares in issue as well as the SWIX float.

JSE December 2024 Rebalance OUT to Enter Top 40, NPH to Fall Out / NPN X PRX Top Sells (Capping)

<ul>
<li>On Wednesday, after the close, the JSE released index changes scheduled for the December rebalance (Friday, 20 Dec).</li>
<li>OUT will enter the Top 40, with NPH falling out. AMS will enter the RESI 10 and EXX will fall out.</li>
<li>Naspers and Prosus released 1H results on Monday. The discounts have narrowed through the last 3 trading days, Naspers and Prosus are up 6% and 3.1%, respectively.</li>
</ul>


On Wednesday, after the close, the JSE released index changes scheduled for the December rebalance (Friday, 20 Dec).
OUT will enter the Top 40, with NPH falling out. AMS will enter the RESI 10 and EXX will fall out.
Naspers and Prosus released 1H results on Monday. The discounts have narrowed through the last 3 trading days, Naspers and Prosus are up 6% and 3.1%, respectively.


JSE Dec 2024 Rebal: OUT to Enter Top 40, NPH to Fall Out / NPN PRX 1H Results: Discounts Catch Bid

South Africa

Northam Platinum Holdings Limited operates as a holding company. The Company, through its subsidiaries, explores, mines, and produces platinum, palladium, and rhodium metals. Northam Platinum Holdings serves customers worldwide.

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Northam Platinum Holdings (NPH SJ)

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

M. Aug ‘25 Rebalance: SSW to enter SA, ACWI / APN, KIO & WHL exiting. Last night, the price snapshot was taken for the JSE September 2025 rebalance.

DMA

Platinum Demand to Grow from 2025 Onwards

Global platinum demand has stopped falling, with industrial and chemical demand is expected to surpass autocatalyst in 2035. Though prices may...

Gaius King

Funds in Focus Q4 2024 & 2024: A Better Quarter & Year for Active SA Equity Managers

During the last quarter of 2024, 55% of active SA equity funds outperformed their benchmarks. This is ahead of preceding quarter where 48% of...

DMA

JSE December 2024 Rebalance OUT to Enter Top 40, NPH to Fall Out / NPN X PRX Top Sells (Capping)

JSE indices will be rebalanced in the closing auction tomorrow. OUT will enter the Top 40 and the Capped Top 40, with NPH falling out. Naspers and...

DMA

JSE Dec 2024 Rebal: OUT to Enter Top 40, NPH to Fall Out / NPN PRX 1H Results: Discounts Catch Bid

Naspers and Prosus have outperformed the underlying portfolio following the release of 1H FY25 results. Naspers has outperformed Prosus, reducing...

DMA

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

M. Aug ‘25 Rebalance: SSW to enter SA, ACWI / APN, KIO & WHL exiting. Last night, the price snapshot was taken for the JSE September 2025 rebalance.

DMA

Platinum Demand to Grow from 2025 Onwards

​Global platinum demand has stopped falling, with industrial and chemical demand is expected to surpass autocatalyst in 2035. Though prices may...

Gaius King

Funds in Focus Q4 2024 & 2024: A Better Quarter & Year for Active SA Equity Managers

During the last quarter of 2024, 55% of active SA equity funds outperformed their benchmarks. This is ahead of preceding quarter where 48% of...

DMA

JSE December 2024 Rebalance OUT to Enter Top 40, NPH to Fall Out / NPN X PRX Top Sells (Capping)

JSE indices will be rebalanced in the closing auction tomorrow. OUT will enter the Top 40 and the Capped Top 40, with NPH falling out. Naspers and...

DMA

JSE Dec 2024 Rebal: OUT to Enter Top 40, NPH to Fall Out / NPN PRX 1H Results: Discounts Catch Bid

Naspers and Prosus have outperformed the underlying portfolio following the release of 1H FY25 results. Naspers has outperformed Prosus, reducing...

DMA

Global platinum demand has stopped falling, with industrial and chemical demand is expected to surpass autocatalyst in 2035. Though prices may...