SPAR has been a key player in the South African retail landscape since 1963, known for its shopping convenience, quality products and community-focused stores. With around 2 000 grocery and liquor stores nationwide, they have the second-largest customer reach among South African food retailers. Historically a consistent compounder of earnings, SPAR has hit troubled times - the dynamics of which we explore by looking at their distinctive business model, offshore ventures and prospects.

Fleetcor Technologies, established in 2000, re-branded to Corpay in March this year to reflect the evolution of their core competencies from fleet management to corporate payment and expense management services. We unpack their transformation over time to command a leading position in the global payments market and highlight their future growth vectors.

Founded in 1871, Continental was the first manufacturer of grooved vehicle tyres. Today, it is one of the largest tyre and automotive component suppliers in the world and develops pioneering technologies and services in the mobility sector.

South African nominal bonds recently rebounded dramatically after a period of pronounced weakness, leading up to the formation of the government of national unity. The market was pricing in extreme pessimism about the country’s prospects, with yields on the 20-year bonds peaking above 13%. This is in extreme contrast to just five years ago, before the pandemic, when these yields were around 10%. The subsequent improvement in the bond market has seen this yield move down to around 11%, resulting in a capital gain on the 20-year bond of 26% in a few short months.