Axe Capital Investments

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

Axe Capital Trading News shares simple market takes on the stories moving South African shares, the rand, and a handful of major currency pairs.

What you will find here:

1. JSE shares, South African companies, and the local knock-on effects of big market news.

2. The rand, interest rates, and a small group of forex pairs, with USD/ZAR at the centre.

3. Global stories only when they can actually change how a local investor might act.

Latest market stories

Citigroup Just Opened a "90-Day Catalyst Watch" on SpaceX, While JPMorgan Chase More Than Doubled Its Price Target. Here's Why Wall Street Is Now So Bullish on the Stock

2026-10-26 10:30 • The Motley Fool Positive Axe Cap view: Selective

SpaceX reported strong Q3 earnings with $14.6B in revenue and $4.4B net income, beating expectations significantly. CEO Elon Musk projected ambitious goals including 10 GW of AI compute capacity by end of 2027 and $500B-$1T annual recurring revenue. Wall Street responded positively with Citigroup placing the stock on an "upside 90-day catalyst watch" with a $240 price target, while JPMorgan Chase more than doubled its target to $500. However, the author expresses skepticism about the aggressive analyst projections given execution risks and Musk's historical track record of delays.

Axe note: Despite Wall Street's big upgrades on SpaceX, South African investors should focus elsewhere as local market linkages are thin.

GE Vernova Reports Oct. 28. Here's the 1 Number That Matters More Than Its Multibillion-Dollar Backlog (Hint: It's Measured in Gigawatts).

2026-10-26 10:27 • The Motley Fool Positive Axe Cap view: Selective

GE Vernova's $176 billion backlog is impressive, but investors should focus on gigawatts of gas power capacity, particularly HA-class heavy-duty gas turbines. These turbines generate $500 million in high-margin service revenue per GW over 20 years. The company expects 400 HA machines running or on contract by end of 2027, with guidance for 20-40 GW orders in the second half of 2026. Strong HA turbine orders could significantly boost the stock.

Axe note: GE Vernova's growth hinges on expanding HA-class gas turbines, not just its huge order backlog.

Which Long-Term Corporate Bond ETF Is the Better Buy: Vanguard’s VCLT or State Street’s SPLB?

2026-10-26 10:21 • The Motley Fool Neutral Axe Cap view: Selective

Vanguard's VCLT and State Street's SPLB are nearly identical long-term corporate bond ETFs with virtually the same performance, fees, and risk profiles. VCLT has a slightly lower expense ratio (0.03% vs 0.04%), higher yield (6.0% vs 5.8%), and significantly larger assets under management ($8.3B vs $1.2B), making it the more dependable default choice for most long-term investors, though SPLB remains equally sound for State Street platform users.

Axe note: Vanguard’s VCLT edges out State Street’s SPLB as the preferred long-term corporate bond ETF with marginally better costs and yield.

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What we follow

We keep the focus on JSE shares, the rand, and the currency moves that matter most to South African investors.

JSE and rand