The Gibbons Report: 30 July 2026

FB VALTERRA PLATINUM’S INTERIM RESULTS SHINE Some excellent half-year results from Valterra Platinum. Formerly Anglo Platinum – Amplats – Valterra hiked its interim dividend almost 29-fold with a payout of R15.1 billion, well ahead of analysts’ expectations. That translates to R57 per share, which exceeded the average analyst estimate of just over R51 per share. Valterra boosted production and sales of PGMs and prices rose. Valterra’s share was up 4.6% at the close on the JSE. MIDDLE EAST WAR BENEFITS TRADERS AT GLENCORE Dual-listed Glencore says its trading team made a H1 profit of about $3.3 billion – putting it on track for one of its best years ever. It underlines how commodity traders are cashing in after the Iran war sent energy prices soaring. Based on its first-half performance, Glencore, a major trader of both metals and energy and listed in both London and Johannesburg, is already within touching distance of the top end of its annual earnings goal of $3.5 billion. At the bell last evening in Johannesburg, its share was up 2.6% MARKETS The markets on Thursday are digesting both the renewed hostilities between the US and Iran, as well as the US Fed’s decision to leave interest rates unchanged in the face of mounting inflation. At the close last evening, the JSE All and Top 40 were both up 0.5%. London’s FTSE was down 1.7%. In New York, the Dow ended down 2.2% - the S&P 500 down 1.5% and the Nasdaq down 1.7%. Tokyo this morning is up 0.7% - Hong Kong down 0.3% and Sydney down 0.9%. The US dollar has eased to $1.15 to the euro. That’s helped the rand – R16.67 to the dollar, R19.09 to the euro and R22.25 to sterling. Oil had already moved up earlier in the week on the surprise Iranian attacks on US targets – it’s just on $89.50 per barrel. Gold - $4,051 – platinum $1,597 and Bitcoin - $64,100. CORRECTION: WEBBER WENTZEL, LINKLATERS And finally, I need to correct a report we made yesterday morning (WEDS), in which we said that top international law firm Linklaters had quit South Africa and ended its partnership with a big local player, Webber Wentzel. We also suggested that the decision might be linked to an ongoing court case brought by four South African law firms, including Webber Wentzel, against the government’s new BEE Code of Conduct for the legal sector. In fact, Linklaters was never in South Africa, per se, and had had a 13-year alliance with Webber Wentzel in the rest of Africa. The agreement to end that alliance was mutual and because of the evolution of their respective strategies and not in any way linked to the ongoing BEE court case.