Welcome to Ghost Wrap, your regular update on the most interesting company news in the South African market. In this episode of Ghost Wrap, I recapped five important stories on the local market: British American Tobacco is seen as a defensive stock, but I have a different view on it. Absa and Nedbank released updates this week and although Absa's return on equity is likely still ahead of Nedbank, the share price performance this year shows what happens when expectations aren't met. Transaction Capital is now behaving more like an investment holding company than the integrated, one-team-one-dream business of a few years ago. Spur is ready to go Italian, with the acquisition of 60% of Doppio Zero having closed and some interesting prospects already on the table. Murray & Roberts has made great strides in repairing the balance sheet, with an encouraging update that takes a rights issue off the table (for now at least).  The Ghost Wrap podcast is proudly brought to you by Mazars, a leading international audit, tax and advisory firm with a national footprint within South Africa. Visit the Mazars website for more information.