Our market commentator, as always on a Friday, is Tendai Musikavanhu from Umbono Asset Management. Tendai, the debate around the Gautrain continues and I'm sure it will continue long after construction. But will you personally use it?

I was born in exile in London, a city ruled by the underground, and I'm a real fan of public transport. I think, as he says, it has to be planned well. I would also say I'm a bit of a contrarian, and whilst all the works go up and everybody becomes pessimistic on the property, that's going to be a real good buying opportunity for someone who's got a long-term view of Sandton being prosperous. But I think there are challenges, and I don't think a single one-stop, a couple-of-stop-type railway system is going to work. I think there definitely have to be many more phases that follow it, where you have a number of different outlets and where you can stop not only in Sandton in West Street, but you can stop in Sandton, in Rivonia and in Bryanston, and I hope there are going to be a couple of stops. But the key thing is that you need, for trains to work, you need high-density population cities, in other words a lot of people in a very small area who are going to continually use the train.

Nedbank is really trying a lot of things, I mean they're the ones with this Ayethu black empowerment initiative for staff and new customers. Reuel Khoza I think, has good standing, as you know, he used to be at Eskom, And even later on, he was involved in Quaystone, etc. I think, yes, he has had some sort of financial exposure through AKA Investments. I like the direction Nedbank is going, having a black chairman and beginning to move in that direction.

Yes, I think he is. He's also earned his stripes. Quaystone, as you know, as an asset management company, I think was a good lesson for him and his counterpart, Sam Nematswerani. But we will have to see whether he can take that to banking.

We had news today that a joint venture between Sanlam and Citadel, called Cambium Capital, had been cancelled. The initial idea, I think, was to use Citadel's wealth management knowledge and combine that with Sanlam's distribution channels. But it hasn't worked, and it started in January and it's over. Seems like a pity.

I know that Sanlam as been on the acquisitive trail, obviously with a huge glut of cash within that group, for a number of reasons that we all know. And I've also just seen them buy Channel Life Insurance Company. I'm worried that there's a bit of over-trading in the high income groups, and that's not where the interest and the growth is in South Africa. I think what we are going to see is a fundamental shift towards where Edcon and other retail investors are seeing some value in the individual market, and that's at the lower income, and the lower middle. So I presume that that's probably why it wasn't viable. It's very heavily traded in that area. Everybody thinks they can service high net worth individuals nowadays, and I really wouldn't have seen it being that exciting.

We've had a number of sets of big results coming out this week, one of those from Nampak. It's clearly had a very tough year. John Bortolan seemed pretty confident that they've done what they need to do to put it back on track. Do you know the company well?

Not particularly well. I remember when I started off, being part of a group that looked at consumer stocks, I was just looking quite interestingly at the consumer stocks. Pick 'n Pay and Woolies have done particularly well a week to date, and I'm still pretty bullish on consumer stocks or consumer-driven stocks like Nampak that will be influenced by GDP growth. And so I would still keep some sort of eye on it from an investment point of view.

And Tiger Brands? There was a bit of a note of caution from Nick Dennis about the growth levels going forward, given that there could be a bit of an edge off the consumer boom. But a fantastic set of numbers.

I think so. And, quite interestingly, it's an overweight. You know that we have our Umbono selector, and we like the stock, and we don't think that it's run out of fuel yet.

Remgro we don't really have a view on, but I would probably focus more on the consumer stocks like the Tiger Brands, etc, that we were talking about earlier.

And MTN? Interim results. Wayne mentioned that there were some changes to the financials, but nothing too material. It has performed very well, though?

MTN, certainly in my view, compared to say its competitor, is seen as being innovative. It's created the whole Y'ello Bank. It's the first to move into African countries. I would be watching its acquisitions in the next couple of months. It was the first of the South Africans to go into Nigeria, and it continues to expand. I think it's definitely for that sort of investor who is not risk-averse.

Yes, and I think they place their expertise. Nigeria is not for sissies – it's a pretty tough market. Iran, I would say is the same sort of place. I think it's one of those holes that one finds, and they may well show that they can add value, just as they have with Nigeria.

It has had a significant run and every time Chris Bekker comes and tells us about results, he does say, be cautious. But it keeps delivering. An interesting one to watch.

And Chris keeps on delivering. I mean his remuneration policy I think is exemplary. Naspers has got a couple of things going for it, but at these sort of levels we are not overly excited.

Tendai, one that isn't related to the stock market specifically, but has a very big impact on the broader telecoms and broadcasting sector. News from Icasa, the regulator, yesterday, that the CEO, Jackie Manche had been suspended on allegations that she had violated that public Finance Management Act, the Icasa Act, as well as all the regulators' policies and provisions. I tried to get more comment out of Icasa today. They kept promising me, but it hadn't yet arrived in my inbox by the time I came on air. So we don't have a lot of explanation yet. But that certainly can't be good for the regulator at the stage that we are in, in the telecoms sector, where liberalisation is going to be happening.

I heard Barry Sergeant talking about the Kebbles earlier on. I think someone should write a book about our communications industry. At one stage, we would look at a third national operator, then we said no, we would stick to the second national operator. The PFMA as it's called, the public fund, that is one that often trips up people in the civil service, and it's quite worrying that she allowed herself to be tripped up by it. Yes, it's a whole mess of bureaucracy and red tape, etc, etc, and often it's not that efficient in terms of allowing you to be innovative, etc. But I think Icasa really does need someone to come in there, sweep the cupboard clean. A new broom is definitely what they need.

I think it's the last thing the telecoms industry needs now at the moment because it's not definite, but something like this could throw the spanner in the works at the regulator and paralyse them for a long, long time until they find a replacement. So it's definitely not good news.

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