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Equity Insights

Equity Insights

SpaceX makes its debut among the stars (of Wall Street)

SpaceX is preparing for a landmark initial public offering (IPO) targeting proceeds of around $75 billion at an implied valuation of over ~$1.7 trillion, thus positioning it to become the largest IPO in history. The transaction will consist of low-voting Class A shares (one vote per share) for public investors, while founder and CEO, Elon Musk, and insiders will retain super-voting Class B shares (ten votes per share). Post-listing, Musk is expected to maintain effective control of the company (~85%), with the ability to determine board composition and shareholder outcomes. Ultimately, the IPO is expected to feature a very limited free float of less than 5% based on outstanding shares in its filing.

08 June 2026

Equity Insights

FNB to list five new ETNs on the JSE - expanding global access for SA investors

25 May 2026

Equity Insights

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FNB EURO STOXX 50® ETN

The FNB ETN provides investors with ZAR-denominated exposure to the EURO STOXX 50® Index, which represents the performance of the 50 largest blue-chip companies across 20 super-sectors in the eurozone, through an exchange-traded note (ETN) listed on the Johannesburg Stock Exchange (JSE). The index captures ~60% of the free float-adjusted market capitalisation of the broader EURO STOXX Total Market Index (TMI) and is weighted by free-float market capitalisation.

22 May 2026

Equity Insights

Advanced Micro Devices (AMD US) ETN

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SPM Best Ideas - Offshore - May 2026

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FNB MSCI Emerging Markets Index ETN

20 May 2026

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FNB MSCI Japan Index ETN

20 May 2026

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FNB ETN Quarterly Update - 1Q26

The FNB Exchange-Traded Notes (ETNs) ended the first quarter of 2026 mostly lower as the period proved to be challenging for global equity markets. The quarter was defined by the escalation of the military conflict involving the United States (US), Isreal and Iran, which sent crude oil prices surging above $100 per barrel and triggered widespread concerns about stagflation across global economies. Investors also navigated shifting central bank policy expectations and significant volatility in the technology sector, particularly AI and semiconductor stocks.

31 March 2026

Equity Insights

Brunello Cucinelli - Barely a whisper at the top of the taste hierarchy

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e.l.f. Beauty - Not on every eye, lip and face (yet)

11 March 2026

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Puig Brands - For the love of luxury

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09 February 2026

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Lewis - Not one for the Bear(e)s

Lewis Group was founded in Cape Town in 1934 and has grown to become a leading retailer of furniture, home appliances, and electrical goods in southern Africa. The company listed on the Johannesburg Stock Exchange (JSE) in 2004. At the end of September, the company operated 958 stores across southern Africa - the bulk of which are located across South Africa.

04 February 2026

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Best Ideas: Top Stock Picks 2026

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FNB ETN Quarterly Update - 4Q25

31 December 2025

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SPM Best Ideas - Local Large-Cap - November 2025

18 November 2025

Equity Insights

SPM Best Ideas - Midcaps - November 2025

CA look at our best ideas in the local mid/small cap space from our FNB investment research team.

18 November 2025

Filter by

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Equity Insights

Equity Insights

SpaceX makes its debut among the stars (of Wall Street)

SpaceX is preparing for a landmark initial public offering (IPO) targeting proceeds of around $75 billion at an implied valuation of over ~$1.7 trillion, thus positioning it to become the largest IPO in history. The transaction will consist of low-voting Class A shares (one vote per share) for public investors, while founder and CEO, Elon Musk, and insiders will retain super-voting Class B shares (ten votes per share). Post-listing, Musk is expected to maintain effective control of the company (~85%), with the ability to determine board composition and shareholder outcomes. Ultimately, the IPO is expected to feature a very limited free float of less than 5% based on outstanding shares in its filing.

08 June 2026

Equity Insights

FNB to list five new ETNs on the JSE - expanding global access for SA investors

25 May 2026

Equity Insights

Canal + scale = global ambition

25 May 2026

Equity Insights

FNB MSCI Ex USA Index ETN

25 May 2026

Equity Insights

FNB EURO STOXX 50® ETN

The FNB ETN provides investors with ZAR-denominated exposure to the EURO STOXX 50® Index, which represents the performance of the 50 largest blue-chip companies across 20 super-sectors in the eurozone, through an exchange-traded note (ETN) listed on the Johannesburg Stock Exchange (JSE). The index captures ~60% of the free float-adjusted market capitalisation of the broader EURO STOXX Total Market Index (TMI) and is weighted by free-float market capitalisation.

22 May 2026

Equity Insights

Advanced Micro Devices (AMD US) ETN

22 May 2026

SPM Best Ideas - Offshore - May 2026

21 May 2026

Equity Insights

FNB MSCI Emerging Markets Index ETN

20 May 2026

Equity Insights

FNB MSCI Japan Index ETN

20 May 2026

Equity Insights

FNB ETN Quarterly Update - 1Q26

The FNB Exchange-Traded Notes (ETNs) ended the first quarter of 2026 mostly lower as the period proved to be challenging for global equity markets. The quarter was defined by the escalation of the military conflict involving the United States (US), Isreal and Iran, which sent crude oil prices surging above $100 per barrel and triggered widespread concerns about stagflation across global economies. Investors also navigated shifting central bank policy expectations and significant volatility in the technology sector, particularly AI and semiconductor stocks.

31 March 2026

Equity Insights

Brunello Cucinelli - Barely a whisper at the top of the taste hierarchy

25 March 2026

Equity Insights

e.l.f. Beauty - Not on every eye, lip and face (yet)

11 March 2026

Equity Insights

Puig Brands - For the love of luxury

09 March 2026

Insights

Quarterly Best Ideas

09 February 2026

Equity Insights

Lewis - Not one for the Bear(e)s

Lewis Group was founded in Cape Town in 1934 and has grown to become a leading retailer of furniture, home appliances, and electrical goods in southern Africa. The company listed on the Johannesburg Stock Exchange (JSE) in 2004. At the end of September, the company operated 958 stores across southern Africa - the bulk of which are located across South Africa.

04 February 2026

Equity Insights

Best Ideas: Top Stock Picks 2026

30 January 2026

Equity Insights

FNB ETN Quarterly Update - 4Q25

31 December 2025

Insights

Quarterly Best Ideas

02 December 2025

Equity Insights

SPM Best Ideas - Local Large-Cap - November 2025

18 November 2025

Equity Insights

SPM Best Ideas - Midcaps - November 2025

CA look at our best ideas in the local mid/small cap space from our FNB investment research team.

18 November 2025

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Disclaimer

This Publication note is issued by FNB for the information of clients only and should not be produced in whole or part without prior permission. Although FNB is an Authorised Financial Services Provider, any opinions and/or analysis contained in this Publication are for informational purposes only and should not be considered advice, including but not limited to financial, legal or tax advice, or a recommendation to invest in any security or to adopt any investment strategy. The information contained herein has been obtained from sources/persons which we believe to be reliable. Still, it is not guaranteed for correctness, completeness or otherwise. We do not assume liability for loss arising from errors in the information or that may be suffered from using or relying on the information contained herein, irrespective of whether there has been any negligence by us, our affiliates or any other employees of ours, and whether such losses are direct or consequential. As market and economic conditions are subject to rapid change, any comments, opinions and analyses are rendered as of the date of publishing and may change without notice. Such changes may have a material impact on the outcome of any investment. Securities involve a degree of risk and are volatile instruments. Past performance is not indicative of future performance. Securities or financial instruments mentioned in the Publication note may not be suitable for all investors, and FNB bears no responsibility whatsoever arising from or as a consequence thereof. The material is not intended as a complete analysis of every material fact regarding any share, instrument, sector, region, market, country, investment or strategy. The recipient of this Publication must make their own investment decision and is advised to contact their relationship manager for a personal financial analysis before making any investment decisions. Copyright 2023.

First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).

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