Goldman Sachs kicks off US results season with a strong beat, but rising credit provisions and Middle East uncertainty keep the question mark hanging. Johnson & Johnson does the same for drug makers, and crucially shows Trump’s drug pricing pressure hasn’t bitten yet. Closer to home, SA fuel prices face a potential R3.92/litre hike — and the case for working from home has never been more economic. Plus: a new offshore ETF from ETFSA, an ASP Isotopes update, FNB’s R11.9bn UK headache, the Straits of Hormuz blockade (with T’s and C’s), and a long-overdue Bitcoin check-in.
What We Cover 🗂️
- 🏦 Goldman Sachs Q1 2026 — Revenue and EPS beat, credit provisions up 9.8% — solid results but Middle East risk looms
- 💉 Johnson & Johnson Q1 2026 — Better than expected, raised full-year outlook, and Trump’s drug pricing pressure is (so far) a non-event
- ⛽ SA Fuel Prices & Work From Home — A potential R3.92/litre petrol hike makes the strongest case yet for two WFH days a week
- 🌍 ETFSA Oyster ETF — A new 100% offshore ETF lists on the JSE on 15 April; Simon’s watching closely
- ☢️ ASP Isotopes Update — Up ~10% on Tuesday; helium production, isotope markets, and a highly speculative hold
- 🇬🇧 FNB UK: FCA Ruling — An extra R11.9bn provision for undisclosed vehicle finance commissions — painful but manageable
- 🚢 Straits of Hormuz — The blockade has T’s and C’s: transit to non-Iranian destinations is not impeded, but uncertainty remains
- ₿ Bitcoin — Down 50% from highs, bouncing off $66k support; resistance at $82k
Key Takeaways 💡
Goldman’s provisions signal caution, not catastrophe. Credit loss provisions up 9.8% year-on-year sounds alarming, but the stock’s reaction tells you the market is comfortable — for now. The real risk is a prolonged Middle East conflict.
J&J is a bellwether for Big Pharma. It’s the first drug maker to report and Trump’s drug pricing pressure hasn’t hit earnings yet. That’s important signal for the rest of the sector.
The fuel price maths is brutal. But oil has since come down and the rand has strengthened, so the worst case may not materialise. Either way, the cheapest way to save fuel is to not drive at all.
The Straits of Hormuz “blockade” is more nuanced than headlines suggest. Transit to non-Iranian destinations is not blocked. Ships can still reach Saudi Arabia, the UAE, Kuwait, and Iraq. The risk is uncertainty — and potential mines.
ASP Isotopes is genuinely speculative. No earnings, no PE, and a CEO who talks a big game. The thesis is isotope demand across healthcare, energy, and defence — and Renagen’s helium business. Position sizing should reflect the risk.
FNB’s UK exit is the right call. The R11.9bn extra provision hurts but doesn’t threaten capital adequacy. And now the overhang is gone — certainty, even bad certainty, beats lingering doubt.
Stocks & Markets Mentioned 📋
- GS — Goldman Sachs — Q1 2026 beat on revenue and EPS; credit provisions +9.8% YoY; trading at $890 vs analyst avg target $930 (range $729–$1,050); P/Book 2.5x, forward PE 14x, dividend yield 2%
- JNJ* — Johnson & Johnson — Q1 2026 beat; full-year outlook raised; trading at $238, analyst avg target $241.92 (range $155–$285); PE ~20x, dividend yield 2.2%; long-term expectation ~8% capital + 3% dividend annually
- ASPI/ISO* — ASP Isotopes — Listed on NASDAQ and JSE; up ~10% Tuesday; P/Book 2.8x (no earnings); JSE price ~R90 vs analyst targets $11–$15 (~R170–R220); FY2028 revenue expectation $257m but still loss-making
- ETFSA Oyster ETF — New 100% offshore ETF listed on the JSE, 15 April 2026; ETFSA also runs ETFSAB (balanced fund)
– 10X Global ETF* — Simon’s current offshore ETF holding; preferred for reduced US concentration vs full global trackers - FSR / FNB — FirstRand / FNB — FCA ruling on undisclosed vehicle finance commissions; extra R11.9bn provision required; ROE likely to breach target range; withdrawing from UK vehicle finance
- BTC — Bitcoin — Trading ~$74,000; support at $66,000 (held); resistance at $82,000; down ~50% from highs near $130,000 (Feb 2026)
Bitcoin | Weekly | 14 April 2026
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Wednesdays are all about hard-core investing and trading with Simon Brown’s WorldWide Markets podcast (previously JSE Direct). JSE Direct started life on ClassicFM in July 2008 and became a podcast in 2011. Every week Simon shares his views on the state of global economies, individual shares and events moving markets.
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