Clear market notes built around the JSE, the rand, and what matters locally.

2026-10-03 01:15 • The Motley Fool Positive Axe Cap view: Selective

Cincinnati Financial and RLI are highlighted as Dividend Kings with 66 and 51 years of consecutive annual dividend increases, respectively. Cincinnati Financial offers a 2.3% yield but has higher equity exposure (40%) making it vulnerable in bear markets. RLI, with a 1.3% yield and 20% equity exposure, appears more attractively valued at a P/B ratio of 2.9x versus its 5-year average of 4x, and has a history of substantial special dividends.

Axe note: Cincinnati Financial and RLI boast decades of dividend increases, but differ in risk and valuation.

2026-10-03 00:30 • The Motley Fool Positive Axe Cap view: Selective

AMD stock surged 30% in September driven by strong CPU demand following Meta's launch of its Muse AI agent, which became the most downloaded app within a month. AMD also announced an $8.2 billion acquisition of World Labs to strengthen its AI hardware and software capabilities. Wall Street analysts upgraded the stock citing increased AI compute demand and CPU market expansion.

Axe note: AMD’s 30% jump in September highlights rising AI demand, with implications for rand and local tech exposure.

2026-10-03 00:13 • The Motley Fool Positive Axe Cap view: Selective

VanEck Pharmaceutical ETF (PPH) offers lower costs (0.36% expense ratio) and higher dividend yield (2%), making it better for long-term buy-and-hold investors. Invesco Pharmaceuticals ETF (PJP) delivered stronger 1-year returns (41% vs 31%) with more balanced U.S.-focused holdings, but charges higher fees (0.58%) and offers lower yield (0.9%).

Axe note: VanEck's PPH offers a lower-cost, higher-yield alternative to Invesco's PJP, better aligned with long-term income goals in rand terms.