The second quarter of 2026 is in the books, and it was anything but boring. In this episode of Magic Markets, The Finance Ghost and Mohamed Nalla take stock of a remarkable quarter for global markets, from the AI-fuelled surge in semiconductor stocks to the surprising outperformance of South Korea and the continued struggles in China.

Moe unpacks the key macro themes that shaped markets, including the sharp moves in oil and gold, shifting expectations around interest rates, and the growing concentration risk in major equity indices.

Closer to home, Ghost turns the discussion to the JSE, where investors have seen everything from resource-sector pain to impressive turnaround stories. This includes some of the year's biggest winners and losers on the local market, like Prosus, Sibanye-Stillwater, Sasol, Grindrod and PPC, while highlighting why stock picking remains as important as ever in a volatile investment environment.

Key topics covered:

• Global market review: Why AI hardware stocks dominated Q2 and how South Korea outperformed even the US.
• China, commodities and macro shifts: The impact of weaker Chinese markets, falling gold prices and volatile oil markets.
• JSE winners and losers: The standout performers and biggest disappointments on the South African market in 2026 so far.
• Turnaround stories worth watching: PPC, Grindrod and other companies delivering results through operational improvements.
• The case for stock picking: How volatility, valuation swings and sector divergence continue to create opportunities for active investors.

Get in touch:

• The Magic Markets Website
• @MagicMarketsPod, @FinanceGhost, and @MohammedNalla (all on X)
• Pop us a note on LinkedIn

Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.