WorldWide Markets with Simon Brown

R30 petrol, two rate hikes and a pharmacy price war have landed on South African consumers at the same time, and Clicks and Dis-Chem shareholders are footing the bill. Simon Brown compares both retailers' latest results, asks whether Dis-Chem's loyalty push is a one-off land grab or a permanent reset in margins, and explains why Clicks looks cheap at half its usual valuation. He also looks at how much fuel and rates have cost households, why fuel may have peaked, and why the time to buy retailers is when consumers stop feeling worse.
Topics: NVIDIA chart of the week, Clicks and Dis-Chem results, the Better Rewards loyalty war, retail valuations, fuel prices, SARB rate hikes, inflation outlook, South African elections.
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South Africa has been removed from AGOA from 1 January, and the headlines say disaster. Simon Brown looks at the real numbers: a lost preference worth about US$60 million a year, tariffs on covered goods rising from 12.5% to roughly 15.9%, and job-loss claims that do not hold up. The national impact is a rounding error, but some towns, like Citrusdal, will feel it badly.
Topics: AGOA's history and why South Africa never fit, the tariff stack, winners and losers by sector, Pretoria's response and the BEE red line, the 576,000 jobs fact check, diversification, the JSE angle, gold's weakening chart, a MediRite correction, and upcoming JustOneLap events.
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Oil is higher for longer, and Sasol is the big local winner. But with the share back at R290, how much good news is already priced in, and when do shareholders see a dividend again? In episode 700, Simon Brown explains why Brent is still above $110 even though Middle East oil flows are back to pre-war levels, sets out three oil price scenarios for the next two years, and runs them through Sasol's earnings sensitivities, debt target and dividend policy.
Topics: Brazil ETF crash after the election, global oil inventories and restocking, China's destocking and EV shift, Sasol earnings scenarios, the Sasol dividend timeline, analyst price targets, and how the show began on Classic FM in 2008.
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Boxer earns slightly more per rand of sales than Shoprite, yet the maths says it will never catch the bigger grocer. Simon Brown compares the two side by side on margins, store economics, growth and valuation, and explains why Pick n Pay's stake in Boxer remains an overhang. He also unpacks why France's 10-year yield has doubled since January 2025 and how higher yields feed a negative debt loop. The trade of the week is Amazon, funded by half of a Dell position that has more than quadrupled.
Topics: French 10-year yields, debt feedback loops, actively managed ETFs, Boxer vs Shoprite, Pick n Pay overhang, Amazon robotics, Dell.
WorldWideMarkets is powered by Standard Bank Global Markets Retail and Shyft.
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Naspers and Prosus have roughly halved over the past year. Simon Brown unpacks why: three-quarters of the fall is Tencent, the rest is a stronger rand, while the holdco discount has barely budged at around 40%. At R664 Prosus offers about R1,135 of value, but billions in buybacks haven't closed the gap, and Tencent's capex surge has spooked the market.
Topics: Top 40 chart of the week, actively managed ETFs at the Standard Bank Power Hour, the new JustOneLap ETF dividends page, Naspers and Prosus discount maths, the buyback loop, Tencent capex and AI, Just Eat Takeaway and iFood, bull and bear cases, and the November results to watch.
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