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Grand parade investments moneyweb daily indicators

Business development vice president Richard Stewart has been promoted to chief operating officer from 1 December. Metair cancels its dividend. The auto components and energy storage company says paying the dividend would imperil its solvency and liquidity.

Covid puts Ellies' going concern status at risk. The consumer and commercial electronics manufacturer says the continued onslaught of the Covid pandemic has rendered its prospects for growth challenging. Spur dishes up new executives. Wiese is retiring from the position he has held for close to three decades at the annual general meeting next month.

Capitec takes a whack from Covid. The bank almost tripled its credit impairment charge as it provided for the full impact of Covid on its credit book. PPC picks up more errors in its accounts. The cement producer has delayed the release of its results by another week as its sorts out prior year accounts. Covid pushes Sasfin into a loss. The bank says increased credit provisions and private equity devaluations were behind the big decline.

Adapt IT rallies on trading statement. The software and digital services provider says the resilience of many of its businesses has likely resulted in a rise in full-year HEPS. Nampak jumps on new supply deals. New large contracts are expected to boost earnings next year and close the gap caused by the impact of Covid Barloworld starch acquisition will stiffen resilience.

The industrial group says Tongaat Hulett Starch has been resilient during Covid, as have its equipment businesses. EPP remains cautious despite recovery. The Polish property group has held back on an interim dividend and may dispose of assets to strengthen its balance sheet.

Ascendis steps up asset sales. The pharmaceuticals group has appointed advisers as it accelerates the disposal of asset to reduce debt. Calgro warns of wider loss due to Covid After returning to profitability in the second half of last year, the property developer says Covid impacted its performance this year. Netcare adopts more nuanced Covid approach. The average length of stay for Covid patients requiring a critical care bed has fallen to about six days after peaking at CMH dented by Covid impact.

The car dealership and rental group says its operations were closed at the height of the lockdown as they were not essential services. AMSA to restart blast furnace. EPE presents gloomy outlook. The private equity investor took a stake in Brait just before Covid resulted in the closure of gyms and non-essential retailers. Liberty Two Degrees reports improving conditions. The mall owner says footcount at its Eastgate shopping centre is almost back to the same level as last year.

Remgro feels the impact of Covid The investment holding company says the pandemic impacted the earnings of the companies in its portfolio. Alviva supported by home workers. The ICT company has seen healthy demand for its products and services due to remote working requirements.

Hammerson wraps up capital raise. The London and JSE-listed property development and investment company says the vast majority of shareholders took up their rights. RMI holds back on dividend as insurance. The investment holding company says its position will be dynamically assessed over the coming months.

Famous Brands writes off the rest of GBK. The group will report an interim loss due to operational losses and the final impairment of its GBK burger investment. EPP may sell assets to reduce debt. The Polish landlord is not paying an interim dividend and is planning disposals to bring down its loan to value. Ailing Advanced Health to sell hospitals. Investec Property Fund goes ahead with dividend. The fund is in a stronger position after selling Belgian properties and an interest in its Pan-European logistics portfolio.

Texton mulls new distribution policy. The property fund says it will take advantage of a two-month extension before deciding on its final payout for the past year. Resilient Fairvest sticks to distribution. The shopping centre owner says its focus on lower-LSM markets in non-metropolitan areas shielded it from the worst of the lockdown.

Covid scuppers Grand Parade. The investment group says the pandemic eroded all the gains it achieved in the first half of the year. Trellidor encouraged by sales recovery. The security gate, shutter and blinds company says it lost an entire month of sales during the Covid lockdown. Attacq brakes on dividends due to Covid impact. The real estate investment trust says it will consider a final dividend next year, conditions permitting. Sweet outcome for Tongaat Hulett.

Independent expert Rothschild and Co. Ascendis flags narrower losses. Results for last year have been restated after the sale of Remedica fell through but it has continued with its disposal programme. Adcorp takes a cut in Dare disposal.

The staffing and training group has sold the Australian business for a fraction of what it paid five years ago. Sasol still shaken by Hurricane Laura. Much of the Lake Charles area has been without power since Hurricane Laura made landfall late last month. Hulamin dented by falling beer and car demand. The aluminium products manufacturer says turnaround action taken last year has softened the blow. AngloGold reinstates guidance, albeit lower.

The gold producer has lowered its full-year forecast after some mines in Argentina, Brazil and SA were closed during the lockdown. Arrowhead makes progress with disposals. The real estate investment trust says its sales programme has beaten expectations, as has the collection of rentals in arrears.

Caxton swings to a loss due to Covid. The publishing and printing group says due to an uncertain trading future, its board has yet to decided on an annual dividend. SPAR trading under surreal conditions. The wholesaler and retailer has benefitted from strong sales in Switzerland and Ireland and the weaker rand. Investec flags lower earnings. The banking group has faced reduced economic activity, volatile markets, declining interest rates and a weaker rand. Telkom reports mixed impact from Covid The telecoms group says demand for mobile data has helped push it into number 3 position in the mobile market.

RMH expects property sector to remain tough. Due to the uncertainty around the duration of the Covid pandemic, it cannot forecast the impact on the value of its property investments. Hulamin to report biggest losses due to Covid The aluminium products manufacturer says local and export sales declined due to the pandemic, while its factories were also affected.

EPP still considering interim dividend. The Polish real estate group says interim distributable income will be up to two-thirds lower as it remains focused on retaining maximum liquidity. Woolworths expects no respite for now. After a tough second half, the retailer says the trading environment will remain challenging and uncertain for the foreseeable future. Hyprop guides on lower earnings.

The shopping centre owner says it is considering different options to settle its interim dividend and the declaration of a final distribution. OneLogix holds dividend as profit declines. Blue Label bids adios to Mexico. The company is selling its non-controlling interest in Mexico as its focuses on its local distribution businesses. Discovery reveals the impact of Covid The financial services group has held back on a dividend and says payments will only resume when appropriate.

Motus withholds dividend as car sales stall. The automotive group says it will reassess the resumption of payouts this year depending on its trading results. Record dividend as Pan African cashes in on higher gold price. The mining company has beaten full-year production guidance despite the impact of Covid on its operations.

Brait receives Iceland cash. The investment group says members are returning to its Virgin Active gyms while food group Premier has had a strong first half. Mpact declares force majeure at Springs operation. The paper and packaging group says the impact on earnings remains uncertain as it waits for power to be restored to its paper mill. Harmony targets higher production.

The gold miner says the acquisition of the Mponeng mine will help lift production in the year ahead. ARC Investments plans rights issue. Funds raised will be used to pay for existing and new investments and settle an outstanding fund management fee. Remgro flags profit decline. The investment company says most of its underlying investments have been affected by the Covid pandemic. Covid dents Transaction Capital growth record. The company will report a decline in earnings but says the taxi industry has rebounded and it expects benefits from WeBuyCars.

PPC falls as adds asset sales to a possible rights issue. Its shares fell sharply after it said asset sales are also on the cards as its battles to reduce debt. Load shedding proves a drag on TFG. Adding insult to Covid injury, the retail group has lost about 15, trading hours due to load shedding.

Bidvest delivers credible performance. Metrofile increases dividend after resilient performance. The documents storage business, which is the target of a proposed takeover, says it has benefitted from annuity income streams.

Astral claims limited Covid impact. Operating profit and headline earnings will be lower due to additional costs and the impact of the lockdown on chicken prices. Harmony gets green light for AngloGold mines. Jubilee Metals gets Zambian licence renewed. The metals processing company says it will be in the position to produce its first copper concentrate within three months.

RMH devalues property investments. The investment company says Covid has had a big impact on valuations of its property in SA and Europe. Afrox cushioned by stable healthcare demand. The gases and welding products group has reported lower volumes after sales were impacted by the Covid lockdown. Sasfin to report a loss due to provisions. The bank and financial services group says it has focused on ensuring a strong balance sheet to withstand further shocks to the economy.

Anglo sees sparkle return to De Beers. The diamond producer has reported a recovery in demand for diamonds as sentiment improves and lockdown conditions ease. Net1 refocuses on SA business. The fintech and payments group says it has begun reinvesting in its SA operations, with demand returning since the lockdown was eased. Bidvest warns of Covid impact. The industrial services and trading group has booked a number of impairments and additional charges as it right-sized its operations.

FirstRand takes Covid credit knock on the chin. The banking group says activity levels are expected to remain muted for now, but it is positioned for a recovery when things normalises. Most challenging period for Sanlam. Harmony to report a loss despite higher gold price. While sales benefitted from the higher rand gold price, the weaker rand impacted dollar borrowings and the value of its gold hedges.

Balwin impacted by construction lockdown. The residential property developer says it lost about three months of construction activity as a result of the lockdown. Zeder CEO quits amid strategy shift. Norman Celliers, who was instrumental in rationalising its investment portfolio, leaves at the end of the month. Cautious Growthpoint holds back on dividend.

The REIT deferred its decision on a final dividend until later this year as a precautionary measure to provide additional financial flexibility. Momentum Metropolitan misses target due to Covid The insurance group maintains its Reset and Grow strategy has placed in it a better position to manage the impact of the pandemic.

Sabvest fares better than expected. The investment company expects a recovery in most of its underlying investment companies next year if there are no further lockdowns. Alviva warns of lower earnings. The ICT products and services group says it has focused on maintaining and improving equity to ensure its sustainability. No dividend as Aspen gets debt down.

Mustek relatively unscathed by Covid The ICT group says there was increased demand for its products and services as more people worked from home. Shoprite beats the recession blues. Aspen rallies on European thrombosis sale. The pharmaceuticals group says the deal supports its strategy to earn more of its revenue in emerging markets. Impairments push Merafe into a loss. The company has held back on an interim dividend to focus on capital management and cash preservation.

Labat feeds its growing weed business. The investment group is negotiating to buy a cannabis cultivation operation in the Eastern Cape as it grows its medicinal cannabis business. AVI benefits from snacking during lockdown. Due to healthy cash generation and an expected recovery in businesses affected by the lockdown, the company has declared a final dividend. Metrofile rallies on trading statement. The documents storage business will post a strong rise in headline earnings but a basic loss for the year to June.

Capitec warns of Covid earnings hit. The bank has been impacted by rising credit impairments and a decline in transaction volumes as a result of the lockdown. Brait marks down Iceland price tag. The investment group is giving the buyers a rebate in return for full payment almost two years ahead of schedule. Kibo acquires new power project. The energy group is acquiring power plants to take advantage of the fast growing reserve power market in the UK.

Covid takes a heavy toll on Bell. The equipment maker and distributor has also announced changes to its arrangement with shareholder John Deere. Luxe Holdings flags narrower loss. The company, formerly called Taste Holdings, attributes the improvement to dilution following a rights issue in February. Putprop increases dividend as conditions deteriorate.

The property investment company says trading conditions will remain challenging, constraining capital and dividend growth in the sector. Due to the current level of uncertainty, the shopping centre owner says it will not resume dividends until market circumstances improve. Encouraging support as MC Mining receives funding. The company is making progress in securing the balance of Phase 1 funding for its Makhado Project following lockdown delays.

Telkom scotches rumours of rights issue. The telecoms operator says an amendment to its resolutions was not an expression of its intention to issue more shares. Big dividend as Implats posts record earnings. A strong operational performance combined with rising metals prices helped offset the impact of Covid Santam counts the cost of Covid The insurer has reported a decline in its underwriting margin due to Covid related claims, partly offset by benign motor claims.

Truworths pays dividend despite Covid losses. Despite more hefty impairments, Truworths is providing more funding to Office and says it is committed to turning the UK chain around. City Lodge withholds dividend after challenging year. With almost all its hotels closed, the group earned practically no revenue in the final quarter of its financial year. Eating in supports Libstar. While the group missed out on restaurant trade during the lockdown, consumers bought more of its products to prepare food at home.

RDI cuts retail exposure with German disposal. The real estate investment trust says retail property now make up less than a quarter of its total portfolio. Hammerson consolidates ahead of capital raise. The 24 for 1 rights issue will be highly dilutive for shareholders who do not take up their rights. Strong response to Renergen LNG auction. With registrations completed, the emerging natural gas producer says allocations will be made following the end of the bid process in October.

RMI outlines Covid hit. Covid has resulted in significant provisions at associates Momentum Metropolitan and Discovery. Old Mutual defers dividend following Covid hit. The insurer says it will revisit its decision at the end of the year once it has a clearer picture of the economy. Cashbuild pays dividend despite tough conditions. The building materials retailer says the hard lockdown cost it an estimated R million in revenue.

The gold company has raised its final dividend by 75 percent as it benefited from increased production and a higher gold price. Pan African Resources flags big profit increase. The gold producer says headline earnings will be almost double those reported last year thanks to the higher gold price. Transpaco unpacks earnings surprise. The packaging manufacturer says its plastics division beat expectations after suffering a three-month strike the previous year.

Ecsponent probes misappropriated loan. The company says its ability to service the facility has been impacted and it is trying to renegotiate terms with the lender. The private education and resourcing group says its schools division reported an improved performance due to measures taken before the pandemic.

Diversified portfolio cushions African Rainbow. The mining company says higher PGM and iron ore prices made up for a decline in manganese and thermal coal. Life Healthcare in recovery mode. The private hospital group says revenue has recovered as it prepares for the resumption of elective procedures at its facilities.

Sasol reports limited damage from Hurricane Laura. The energy and chemicals group says it has insurance cover as its manufacturing facilities in Lake Charles remain closed. Sun International reveals big Covid loss. The hotel and gaming group says there will be no quick recovery to previous trading levels but it will continue to reduce debt. Northam delivers record earnings despite Covid setback. The platinum producer says it has returned value to shareholders by buying back Zambezi preference shares.

Steinhoff encouraged by recovery. The retail group says its main trading subsidiaries are poised to gain market share due to their resilient and defensive discount offerings. Grindrod Shipping navigates Covid storm. The shipping group says the pandemic has exacerbated an environment that has been challenging and volatile for the last several years. MAS sticks to disposal plan despite Covid The European real estate company says while the pandemic hampered disposals, it is proceeding with the sale of Western European assets.

Discovery hit by Covid, volatile rates. The insurer and financial service group says full-year headline earnings could be wiped out by the impact of Covid Distell displays Covid hangover. The drinks group says it is working to make alcohol consumption safer as prohibition is a blunt instrument. With sales under pressure, the retail and wholesale group racked up additional costs due to the pandemic and an internal restructuring. Sibanye-Stillwater reinstates dividends on record earnings.

The company says the outlook for the second half of the year is extremely positive as its local operations achieve optimal production. Blue Label back in the black. The distributor of airtime, data and electricity vouchers says most of its products and services have been essential during the lockdown.

Grindrod remains resilient amidst pandemic. The freight, logistics and financial services group says its cash generation and balance sheet remain strong. Resilient comes through with dividend. The real estate investment trust says it cannot provide any guidance for the year ahead due to the ongoing uncertainty. Adcock not dispensing a dividend. The pharmaceuticals group says it prefers to adopt a prudent cash preservation approach until the full impact of Covid is better understood.

Stadio makes progress with branding strategy. The tertiary education group says Covid has created a shift in the perception and attractiveness of distance learning. Murray hit by Covid impairments. The engineering and construction services group says its exposure to natural resources positions it well for a recovery. Bidcorp prepares for the new normal. The food services company says a majority of its customers emerged from hibernation and sales continue to recover.

The drilling specialist says many of the 23 countries where it operates imposed restrictions due to Covid Lewis declares dividend despite Covid impact. The furniture and appliances retailer plans to open 20 new stores this year despite the lingering impact of the pandemic. Italtile optimistic about its prospects. The tile retailer and manufacturer is paying a final dividend and plans to grow its store network in the year ahead.

Dis-Chem benefits from online shift. The discount pharmacy chain says Covid has matured the e-commerce environment and consumer adoption by three to five years. Imperial positioned for changing market trends. The logistics group has been impacted by Covid-related costs but says it is well positioned to capture new opportunities that arise. Absa battered by rising bad debts. The banks says all its business units remain profitable despite the Covid impact on credit impairments.

Old Mutual forecasts first-half loss. The group has booked a number of impairments in anticipation of rising death claims and the impact of Covid on the economy and its business. Aspen rises on potential Europe deal. The pharmaceuticals group has been selling non-core assets to reduce debt that has been worrying investors. Famous Brands sells tashas back to founders. The restaurant group has not disclosed how much it received for returning the upmarket cafe chain to full family ownership.

Bidcorp warns of lower earnings. The global food services business suffered a big decline in fourth-quarter sales and has racked up additional abnormal costs. Tongaat fined again for accounting fraud. The FSCA says the restated financial resulted have highlighted the gap that existed between prior public statements and the financial reality.

Sun International lets go of Latam Dreams. NEPI Rockcastle offers shares in lieu of dividend. The shopping centre owner wants to protect its balance sheet and liquidity due to Covid fallout. RCL suffers from restaurant closures.

The food group will report a significant decline in headline earnings and a basic loss for the year due to hefty impairments. Insimbi optimistic despite Covid challenges. The metals recycler says it lost 7 weeks of revenue in its new financial year due to the hard lockdown. The fast-moving consumer goods group will report a decline in full-year earnings as the pandemic added to its costs.

Covid crashes ARB's party. The group has booked some impairments as it may take two to three years to get back to pre-Covid levels of activity. Implats flags earnings bonanza. The platinum producer says a big increase in the dollar basket price for PGMs, together with the weaker rand, are behind the increase.

Nedbank warns of elevated impairments. The banking group says its credit loss ratio will remain above levels reached during the global financial crisis this year. The bank says risk remains high and should the outcome be worse than expected, additional provisions will be required. Mr Price rings up lower sales due to Covid The value retailer claims to have gained market share even as sales were impacted by the lockdown and the challenging economic environment.

Gold Fields benefits from new projects, rising gold price. Despite the recent rally, the gold producer says it continues to run and plan its business at lower gold prices. Excluding the impact of Covid, the mass retailer and wholesaler said its losses for the period would probably have been smaller. Santam to report lower earnings. The short-term insurer has been impacted by lower underwriting and investment results, as well as impairments.

Curro grows learner numbers despite Covid While there has been a decline in enrolments since January, the private schools group is still showing year-on-year growth in learners. Metair positioned for recovery. The group is focused on new model launches and has approved a big investment to support new vehicle projects.

Never a dull day at Office for Truworths. Following a big impairment last year, the retail group has written down UK chain by a further R2. Ralph Mupita has been CFO since and has played a critical role in developing and executing its strategy, capital allocation and financial performance. Grindrod to report wider loss despite resilient performance.

The freight, logistics and financial services group says cash generation remains strong, as does its balance sheet. Murray flags a full-year loss. After a strong start to the year, the engineering and construction services group says Covid contributed to a perfect storm. Sanlam warns of Covid impact. The insurer will book R7. BHP braced for a challenging year. The diversified resources group says it should still generate returns due to its diversified portfolio of high-quality assets. PPC cements over cracks in its accounts.

The cement producer has delayed the release of its annual results due to disruptions caused by Covid and after restating its numbers. Fortress warns of lower distribution. The real estate investment trust is tweaking its model so it can pay out less to A shareholders due to Covid Balwin to report lower earnings.

The residential property developer held off on a final dividend last year due to uncertainty about Covid Resilient expects reduced payout. The real estate investment trust says it will stick to its dividend policy despite the impact of Covid Northam snaps up more Zambezi prefs. The platinum producer has now bought back close to half the preference shares issued to fund its empowerment deal. Libstar supported by robust retail demand.

The branded food producer will report a decline in interim earnings after it incurred extraordinary expenses as a result of Covid Sasol to pursue rights issue as impairments result in losses. The exact amount to be raised will depend on how much the energy and chemicals group gets from asset disposals.

The group will dispose of its meat processing business in two separate transactions worth a total of R million. Momentum Metropolitan warns of earnings decline. The insurance group says there has also been a data breach following a cyber attack on one of its subsidiaries. Afrimat bulks up on iron ore with Coza acquisition. The construction materials and bulk commodities producer will acquire a 25 percent stake in Coza from ArcelorMittal as part of the transaction.

Master Drilling warns of lower earnings. Europa Metals rallies on new Toral estimate. The minerals exploration and development company has raised the resource estimate of its Toral project by 40 percent. Impairments to push KAP into a loss. The industrial holding company will report a basic loss after Covid and the weak polymer market resulted in impairments. Sweeter results as Tongaat cleans up. The sugar producer and agri-business says the restructuring has better positioned it to ride out Covid Woolworths rings up lower earnings due to Covid.

Apart from the impact of Covid, the retailer has also been affected by new accounting methodology. Sibanye-Stillwater flags surge in earnings. After a strike at its gold mines last year, the precious metals producer will return to a strong profit thanks to higher metals prices. Jubilee rallies on chrome deals. The metals processing company has secured material for its Windsor recovery plant while increasing its processing capacity. Brait announces a new deal for New Look. The investment group said it is confident that a recapitalisation on top of steps taken by management will support the struggling fashion chain.

Record volumes and weak rand support Exxaro. The resources group has reported a strong increase in first-half earnings as a softer currency helped offset lower thermal coal prices. The cement producer is negotiating a more sustainable structure for debt in the DRC and may pursue a rights issue.

The restaurant group says the board of GBK is reviewing options available to the business after it cut off further financial assistance. Redefine declares dispute over Mall of the South put option. Property investment and development company Zenprop plans to exercise its option to sell Mall of the South Property Development.

Peregrine buyout enters the final straight. Following Competition Tribunal approval, the private equity buyout still hinges on a couple of outstanding conditions. Clicks ready to dispense dividend despite Covid Although pharmacy sales have not fared as well, the group has reported a strong rise in retail and wholesale turnover so far this year.

FirstRand steels itself rising credit losses. The financial services group says an increase in credit impairments is largely to blame for an expected drop in earnings. Absa warns of sharp earnings decline. The banking group says credit impairments were four times higher in the first half of its financial year due to Covid Harmony gets big boost from rising gold.

The company says its operating free cash flow margin is likely to double following a 25 percent jump in the gold price. Quilter makes it through its most challenging first half. The wealth manager says while it is used to managing through financial market volatility, the last six months were unprecedented. Sephaku swings to a loss as infrastructure spending dries up. The building and construction materials group says Covid could not have come at a worse time for the industry.

Impairments push Sasol into a loss. The energy and chemicals group says it was impacted by Covid and a severe decline in crude oil and chemical product prices. Exxaro aided by record coal exports. The diversified resources group says while the operating environment remained challenging, its managed operations were resilient. Stadio weathers the Covid pandemic. The higher education group expects first-half core headline earnings to be as much as 30 percent higher than last year.

AngloGold set for strong annual payout. The gold producer has reported a big increase in free cash flow, assisted by a 26 percent year-on-year increase in the gold price. Curro warns of lower earnings. The private schools group says first-half earnings were impacted by a R67 million impairment but recurring earnings will be higher. Lewis raises impairments due to Covid The furniture and appliances retailer says it lost out on sales and customer account payments in March as the lockdown took effect.

Richemont proposes new loyalty scheme. The luxury goods group plans to reward shareholders with tradable warrants after trimming its dividend ratio. Strong support for Orion capital raise. The Australian minerals exploration and development company will use the proceeds from the share issue to advance its Prieska project in the Northern Cape.

Jubilee moves closer to copper target. The metals processing company has entered a JV that will accelerate copper production at its Sable Refinery in Zambia. MTN hanging up on Middle East operations. The cell phone network operator says it is focusing its future strategy on its African markets, where growth has been strong.

Hammerson to reduce debt with rights issue, disposal. The shopping centre owner will ask shareholders for more cash to reduce debt and strengthen its defences against Covid Mondi rallies on dividend resumption. After a resilient first-half, the paper and packaging group resumed has dividends, recognising the importance to shareholders. Glencore suspends dividends to cut debt.

The mining and commodities marketing giant is prioritising debt due to the uncertainties presented by Covid No battle in RMI's bid for Hastings. Covid provisions push Liberty into a loss. The life assurer has set up a R3 billion reserve fund to cover increased mortality claims, withdrawals and lapse rates.

The gold producer has come in just shy of its full-year production guidance due to Covid but has benefitted from a higher rand gold price. The packaging group says it was impacted by the closure of quick-service restaurants and the banning of alcohol sales. Gold Fields rides the bullion rally. The gold producer will report a strong rise in interim earnings as it maintained production amid a rising gold price.

JSE benefits from Covid turbulence. The exchange operator says its first half performance masks the structural impediment of the SA economy. Pick n Pay rings up Covid costs. The supermarket group says first-half earnings will be less than half those reported last year due to Covid and retrenchment costs. Cashbuild extends reach with TBC acquisition.

The R1. RBPlat's profits surge despite Covid The platinum producer lost 45 days of production due to the pandemic but was supported by higher metal prices. Blue Label warns about Cell C default. The mobile operator says the non-payment was not a surprise to lenders that understood its turnaround strategy. Cartrack grows revenue despite Covid disruption. The vehicle telematics group says new subscriber additions decelerated in the three months to end-May as a result of the pandemic.

Ecsponent sells MyBucks Zambia stake. The investment group says it will use the proceeds to settle high yield debt as it restructures its business. Shoprite exiting Nigeria as local sales rise. The retailer has reported a strong increase in SA sales despite the challenges posed by Covid Hammerson mulls rights issue and JV exit. The shopping centre owner is battling to reduce debt as it collects just a portion of its rentals due to Covid Renergen ready to drill first well.

The emerging natural gas and helium producer says results from the Virginia Gas Project are still a month or so away. Implats appoints new chairman designate. Etion warns of wider losses. The digital technology company says there has been a big decline in project spending by its customers.

Trematon sells Gansbaai centre. MTN holding back on an interim dividend. The network operator is preserving its liquidity due to Covid uncertainty but may pay a final dividend at year-end. Glencore supported by marketing business. The group says its marketing arm has risen to the challenge posed by Covid, with strong counter-cyclical earnings. Gloomy outlook as Novus reports a loss. The print and packaging group says it is only likely to return to a profit in if the lockdown lifts by next March.

Sebata holding out for NOSA proceeds. Astoria encouraged by trading at CNA. The investment group led a consortium of investors that bought the stationary chain from Edcon in April. Europa Metals pours cold water on recent rally. Its share price retraced some of its recent heady gains after it said there was no material event to explain the recent surge.

The diversified resources group says first-half sales volumes at subsidiary De Beers fell close to a half. AB InBev hails the return of beer drinkers. The global brewing giant has impaired its African operations and says the second alcohol ban in SA will affect its third-quarter performance. The retail group says the financial costs of its restructuring also continues to be substantial as it seeks to settle lawsuits.

Sappi says demand is slowly returning. The pulp and paper producer fell into a quarterly loss as Covid added to already weak markets for dissolving pulp and graphic paper. The gold mining company gave no reason for Kelvin Dushnisky leaving on 1 September after two years at the helm.

Sasol sells oxygen site to reduce debt. The energy and chemicals group is selling the site to a unit of French multinational Air Liquide as part of its accelerated disposal programme. Standard Bank warns of Covid earnings hit. The bank says headline earnings may halve due to the impact of continent-wide lockdowns on economic activity. EOH fined the max for false financials. The JSE blamed a lack of governance and oversight mechanisms, inadequate and ineffective controls and systems on previous management.

Grand Parade gets smaller burger deal due to Covid The sale to ECP Africa Fund was renegotiated due to the risk introduced by Covid and the sales impact of the lockdown. AECI to pay dividend despite Covid challenges. Although its markets remain affected, the chemicals and explosives group says its solid financial position allows it to pay an interim dividend.

Accelerate holds back on dividend. The property fund, which owns half of the Fourways super-regional mall, says it is also unlikely to pay a dividend for its year. Kumba plans expansion despite Covid risks. The company plans to develop a new pit that will extend the life of its Kolomela mine and says it is encouraged by the recovery in Vivo Energy reopens its pumps.

The service station operator says fuel sales have rebounded following the easing of lockdown restrictions. Bowler Metcalfe flags improved profitability. The plastics manufacturer says trading has been reasonable throughout the lockdown, with some beneficial procurement opportunities.

Comair asks for more time for business rescue plan. The business rescue practitioners need another month to finalise short-term bridge funding and advance two offers from potential investors. The information and communications technology group says its headline loss was impacted by the write-down of financial assets. Amplats reports lower earnings due to Covid disruptions. The platinum producer says its second half should be stronger, although significant risks and headwinds still exist.

Invicta starts new year with a clean slate. The investment holding and management company took a decision to seriously review its balance sheet, resulting in significant impairments. Steinhoff offers settlement to resolve claims. The group says if all claims against it were successful, its net asset value would fall short of the amount needed to settle them. AngloGold to report higher earnings as gold rallies. The gold producer has benefitted from a rising gold prices, higher foreign exchange gain and lower once-off costs.

Santam to provide R1 billion in relief to business customers. Insurers have been under pressure from the authorities to provide some relief to their clients as an interim measure ahead of court rulings. Liberty to swing to a first-half loss. The life assurer has set aside R3 billion to cover the expected increase in mortality and retrenchment claims as a result of Covid L2D holds back on dividend as it cuts its portfolio value.

The shopping centre owner says it will consider the payment of a final dividend with its full-year results. Octodec to revisit distribution policy. After withholding an interim distribution, the real estate investment trust says it will decided on its policy with its full-year results. Delta offloads Grit stake ahead of delisting. Grit is consolidating its three listings into two, which it says will save on costs and boost trading in London and Mauritius.

Woolworths saved by food sales as clothing declines. The retailer benefitted from a big rise in online sales as it marked down merchandise to manage inventory and generate cash. MTN rallies on earnings bonanza. First-half earnings were boosted by disposals while headline earnings gained from non-operational items. Lockdown costs Pepkor billions in sales. The retailer says sales have recovered strongly following the relaxation of lockdown restrictions and as consumers trade down.

City Lodge to slump into a loss. The hotel group has reopened some of its hotels as lockdown restrictions ease but occupancies remain low. Sasol's last US unit has been delayed. Vodacom reports higher traffic as customers stay at home. The network operator says a big rise in volumes offset the impact of lower tariffs after it cut the price of its data. PPC cement sales bounce back.

The cement producer partly attributes a recovery in sales volumes last month to an absence of imports in the market. Invicta rally halted on looming loss. Implats flags significantly higher earnings. The platinum producer says it has benefitted from a rise in the price of platinum group metals and a weaker rand.

Spur laments alcohol ban and curfew. The restaurant group says earnings for the year are likely to be at least 40 percent down from last year due to Covid Eastplats eyes platinum re-treatment JV. The group is looking into the feasibility of processing platinum group metals at its Zandfontein operation.

Stenprop beefs up MLI portfolio. Mediclinic's offshore operations in better health. Shares of the private hospital group rallied after it reported stronger operating performances at its Swiss and UAE businesses. Send ideas. All in this is a total mess and coupled with poor management the market is not happy. COVID continues to create havoc with Italy shutting down the entire country of 60million people as deaths exceed and confirmed cases over 10k.

But that still means some 20k cases they do not as yet know about. Recession is fast becoming a certainty as regions and entire countries shut down, people stop going to work or out at all so no spending and no production. A huge concern is the USA who are not testing very well as South Korea did and may have tens of thousands of cases they don't know about. South Africa has 13 confirmed cases and so far it is being handled very well. Identify the confirmed case and works backwards with who they contacted putting people into isolation.

Testing is key as South Korea shows. But while we're very good at this sort of thing remember listeriosis it can very quickly overwhelm a struggling medical establishment. Global there are simple not enough ICU beds and we're likely far behind the global average. Bottom line is that this is getting worse and will continue to do so for a while no idea how long that while is. No surprise markets are panicking and extremely volatile and my view is they'll go still lower. I chaired a panel discussion on the budget by Minister Mboweni and have included the audio from that panel.

The biggie, which is not mentioned is that the annual tax-free allocation has been increased to R36k a year effective 2 March One of the issues surrounding the Coronavirus is lost revenue and hence lower profits. Apple is reporting supply constraints, Starbucks has closed the majority of their Chinese stores and so the list goes on.

Supposedly large ticket items such as an iPhone or white appliance will simple be bought later. So lost sales now come up later. Say your phone was lost. You need a new one now, not in a month so maybe instead of Apple you get a Samsung, or a cheaper Apple that is in stock.

With consumables the story is very different. If I don't have that coffee or lunch today, it doesn't get held over till tomorrow. That sale is lost. So Starbucks suffers more than Apple. Another point is for example the Mobile World Conference in Barcelona has been cancelled and this is not deferred. The event supposedly brings in some Euromillion in spending over the three days. That money is gone, it'll be spent at home, so the city loses out. But if you don't buy your consumable today and have left over lunch at home, where does the 'saved' money go?

Do we still see a surge later, but maybe in big ticket items if we've saved enough from deferred lunch dates an coffees? Or does it get properly saved into a bank account? What about hourly paid workers? They will be hurt, albeit company will benefit as lower expenses while closed.

Maybe different timing and maybe different product or location. But that money doesn't disappear. So absent of the Coronavirus becoming a lot lot worse, any hit is merely short term and could be followed by an equally short burst of spending?

Sure some spending will be lost, but not much? Any errors are mine, not hers. People are leaving small towns due to lack of services and this erodes tax base, making service delivery even harder. We're 84th but where under 50 when Zuma took over. Moody downgrade is very likely, but don't worry about that. In a financial context, the law of large numbers indicates that a large entity which is growing rapidly cannot maintain that growth pace forever.

Simple that the bigger you get the harder it is to grow and ultimately the growth slows to modest inflation or GDP adjustments. We see many companies fearing this rush out and make bad acquisitions - but that's another story. I want to focus on how this law can at times be broken when the underlying market fundamentally changes and the example is Microsoft Nasdaq code: MSFT. It is up six fold in the last decade and in the decade before is was red. Broadly software as a service and cloud computing but the story is bigger, edge computing.

Certainly the story is no longer Windows. Edge computing is the vast number of small devices that are invading our homes, offices and lives. Examples are; streaming music and movies, smart bulbs, security systems and virtual assistants.

This is just a few examples, but they're fundamentally changing our lives and the demands on processes and data storage and importantly the data is close to the device to ensure speed, requiring data centers everywhere. Add to this the amount of data we create and need to store. For the first time in my life I have data that only exists in the cloud, simple because I have so much data. Now I am paranoid, so I keep it on two clouds, and wildy encrypted.

Data storage or cloud computing was hardly even an idea a decade ago. All the talk was of slim clients with all processing and data in the cloud. Back then Google Nasdaq code: GOOGL was the leader, but it has exploded and Google now trails in third position and we never really got to slim clients Chromebooks the exception and services like Stadio newly trying.

The thing is one could have made a solid argument that even under new management Microsoft was largely ex-growth and a mature company. But then business models came along, they grabbed them with both hands and now they're growing faster then they have in over two decades.

This growth changes the game for Microsoft, Amazon and others. I have no idea where it ends but this trend can go on for a lot longer and they can grow revenue by a bunch more and then, hello two trillion dollar company. What is noticeable that this is a tech issue and that traditional brick and mortar companies, miners and the like do not have this potential. They do hit the law of large numbers, but computing and the internet has changed the rules for tech stocks.

This is going to take some 5 years and the logic is to reduce risk risk that I buy dogs and make my life easier. So easy solution. This is currently my largest holding after I was a large buyer between Christmas and New Year as some seller got aggressive in the market knocking the price down to c my lowest purchase was c. Then the biggie is my trading portfolio, essentially I'll be halving it's size so either I trade smaller size or I remove one of the two strategies.

My plan here is to discontinue the lazy ETF trading. It's a small percentage of my overall portfolio and it will then free my ALSI trading to carry on carrying on. The question then is what of the weekly lazy update I send every Sunday.

In short it will expire in time, but send me thoughts. Thank you for asking, I had hoped someone would. We are in a similar albeit much, MUCH smaller situation, so we have thought about it. A lot. Here follows a thread. Three wild and wooly predictions for the markets followed by a call on the Top40 and ZAR for the year ahead.

We also chat a bit about Brexit and what it actually means; good, bad or ugly. Simon and Len delve into understanding risk and how it applies to your Exchange Traded Fund ETF selection, both as a basket of different ETFs you put together but also as to which individual ETF you may be buying for a tax-free or discretionary portfolio. You have to be better than your best. You have to continually be getting better. There is no rest for traders.

We have to be always improving. Trading is largely a zero sum game, you have to better than the others. It is a continual process of improvement and caution against believing our own hype. So, what do you do in order to always be improving? The easy answer is a trading journal that you keep and a constant reviewing of your trades. For me personally I have a journal and track my perfect trades. But as I also only trade for about minutes after the 8.

The review is not only checking to see if my entries were good exits are either at target or stop so automated and not important for this process. Did I get in timeously? Or late or early? Am I missing information? But I can miss data as I move between screens trade, orders, chart, depth, etc. What I find at time is that I take a long trade, for example. And it was right, but as I was entering the trade it switches to neutral or even short and I miss that change.

Point is alway be improving. Alway be checking in on yourself. Always be striving to be better every day. My last point is to always remember that trading is like a high wire trapeze artists without a net or safety harness. We get no second chances. We can do 99 perfect trades and then 1 horrid trade gives it all back. Because one slip and our money pile is back at the beginning, or as a trapeze artist, we a pile of broken bones on the floor.

All Episodes Archives. UK two-year government bonds traded negative this week. UK GDP was Biggest drop in 25 years as 'excess deaths' top 50, but look to maybe have peaked, for now. Hello new world. Download this Episode. Market Standard 11 May 0. Property losing REIT status 0.

Simon Shares April was the best month for equity markets since ! This is the search for yield playing out. If their mandate allows investors want yield, the rest they don't care about. This has also seen the Government Retail Bonds locally drop their April rate of PMI shocker. The headline number was fine but that was due to some oddities. The real kicker was the business activity index that collapsed to an all-time low of 5. They hope to be able to restructure and come back by then, but the airline industry globally is in melt down and locally we have three airlines in some form of bankruptcy SAA and SA Express the other two.

Pratically trying to raise capital and get all the Is doted and Ts crossed is largely not practical under lockdown. But the buyer also wants to get a better understanding of the business post lockdown. I hold the stock and am happy to continue holding as I'd rather it not be delisted.

But price had dropped to c on the news, currently c. Lockdown does hurt the company a little, most work in contractual. But the issue is how many clients don't survive and of those who do will they require less boxes? Debt is low, distributions solid and they have very few clients not able to pay rentals as they state "since 29 February , we have collected This is largely as they are in the business of fancy logistics.

Market disconnect? Live stream at 6. Day 35 of lockdown, and last day of level 5, for now. Everything is going to be alright? This is why I am at best a W recovery person not a V shaped. We have another leg lower, no idea how much lower, but lower. Then These are horror numbers and if they're wrong, they be wrong on the light side with reality potentially worse. Certainly that On lockdown level 4.

It not very different with tobacco products allowed to be sold maybe and restaurants allowed to do food deliveries maybe and some industry allowed to get back to work. Restaurants will be a biggie, people do not normally cook their own dinner every night, heck I know some of even ordering in for breakfast and lunch. So demand should be wild and it will get cash back into this sector, but managing demand is going to be tricky.

My thought is that we should be able to book cooking times. For example, I book the 7pm slot at my fav and they have limited number of slots available at each time slot as per their capacity. This is much like a lot of the food stores were doing and it manages expectations and delays.

At the end of the day level 4 lockdown is expected to see about 1. But the flip side is Edcon reportedly filing for voluntary business rescue as it burns through its cash. We're going to see a lot more large and small businesses not surviving, hence my feeling that the projected GDP and unemployment numbers are likely to be on the light side.

Storage is now even tighter as demand remains collapsed and the supply taps remain turned on. Eventually supply has to decrease because demand is a long way from booming again, but nobody wants to be the first to blink and exit so instead each is hoping somebody else blinks and markedly cuts production first. The latter means less government and oil industry money and that'll lead to lay offs and less income generally.

All this means poorer people who have less to spend on data and voice. This makes sense, the Capitec stake is worth more than the PSG market cap essentially valuing their other assets at a negative value. This defeats the point of being listed which is largely capital raising which one would never do at such a discount. In fact PSG are fairly smart at issuing new shares when they trade at a premium to their holdings. Further, the Capitec dividend flow has been very useful for PSG over the years, but with that dividend now cancelled for at least two or more years, now's a good time to do the transaction.

PSG also states that "new legislation may potentially deem PSG as a material shareholder in Capitec to be a financial conglomerate" and that would increase compliance costs for PSG. Lastly depending ow much they unbundle it may well leave Capitec without a reference shareholder which is very useful in times of stress, but most of our big four are in the same boat so no train smash.

Well done gent. Then a fascinating report on how Morgan Stanley is tracking the industrial recovery in China. They're measuring air quality and if it is returning to normal seasonal levels. Lastly, we fall out of world government bond index today delayed from end March as we're now full junk. This means we'll see selling pressure on our bonds and likely also our Rand. How much pressure? No idea and as I record on Wednesday afternoon, the Rand is stronger at Going BIG 0.

Simon Shares Day 28 of lockdown. Oil, negative pricing? I Tweeted about it. Short version, don't now suddenly decide you are an oil trader. Staff have essentially been given termination letters for end April by the business rescue practitioner, payment subject to the sale of assets and this is the worst time ever to be selling airline assets. But here's the fun part, while the minister and government is insisting no new money, the business rescue practitioner actually has less power than usual.

This is because the Public Finance Management Act applies and this gives the minister a final say on major decisions and the sale of assets or a liquidation would certainly be considered a major decision? While providing for bad debts on a forward looking basis, they specifically said " virus related stress had to a large extent not emerged yet and bad debt provision raised were based on best estimates.

ETF: Same index, different price? But it not all real money, some of it is soft loans, others tax relief in delayed payments. The monies will still need to be repaid, but it helps cash flow over the next few months. This is an easy and quick win directly into mid size and smaller businesses and banks have the processes already in place with just a few tweaks needed. R60billon left over and actual new spending is some Rbillion.

The R60billon we can cover that from the IMF easy enough. Now sure, we're not the US and we don't have their balance sheet nor is the ZAR the worlds reserve currency. But we're trying to save a country here. But firstly if all countries are doing the same, we're all in the same boat and it becomes moot? We have a new administration, this is not the Zuma government, sure still the ANC - but markedly different.

Secondly, what's the alternative? Let people starve? Thirdly, as per above grants are pretty much corruption free, except for the actual process now managed by the Post Office. Lastly, there is actually little hard cash, some billons to municipalities for water, but not that much in real Randelas. MarketStandard 20 April 0. Lockdown day 25 22million unemployment claims in US in 4 weeks entire saw only 8. Oil price.. Hello junk 0. I am also seeing reports that they'll extend lockdown to after Easter, which is bad news for us.

First quarter moves; Top40 - But overall, it was pretty much priced in, now government needs to get us out. Hard, but necessary 0. How do we pay for it? Will Moodys downgrade us on Friday? Will lockdown be only three weeks? Have we hit bottom yet? What's happening to dividends? What am I buying? Any good news? Will local interest rates drop further? Crisis of leadership A number of political leaders being exposed. Should the JSE close down? Everything collapsing, even gold 0.

They hope to be able to avoid this by selling assets, finding a partner for Lake Charles and cutting costs. In other words, a horror rights issue. Price will be weaker until those details and issuing of the rights. I am NOT buying, that may change when the rights issue hits.

But not before. Big ouch for Sasol. Good news for petrol prices. I am seeing a flood of people wanting to get into the market, because it has fallen. On the one side, this is commendable. Yes cheap is best tine to get in. But this volatility is the worst time to try and start trading. If you want to start trading we have two series for traders, Boot Camp and Master Class.

But frankly as always, ETFs the best place to start, especially in troubled times. Everybody asking about gold, yes it is going down. When crisis hits everything goes down. Gold is great when one is worried about the future, but when that worrisome future arrives people want cash so gold gets sold like everything else. MPC rate cut announcement this afternoon. No more 0. And very lastly, stay safe. Social distance and wash your hands.

Sasol crushed 0. Sasol has not hedge the oil price. They usually hedge about a third pf production, but currently they only have ethane and ZAR hedges in place. Massive debt burden of some Rbillion, now some 3x more than their market cap. This is spooking the market worried about a potential rights issue at current levels. I'd add that a right down on Lake Charles is surely a given and in time Sasolburg as well. Watch: COVID-9, markets in trouble Recession is fast becoming a certainty as regions and entire countries shut down, people stop going to work or out at all so no spending and no production.

Another recession 0. Simon Shares Recession, surely nobody surprised? Growth lower for longer. The budget is certainly designed to help, but the Rbillion cut from pubic sector wage bill is not going to be easy. Likely we'll also now get at least 2 rate cuts this year, each 0. Last week of February was the worst week for global markets since It was violent and it's not going away.

COVID marches on. Of note, 94k sick but 3. Are markets ready for the spike in sick? We'll find out but the Fed is not waiting. Negative US rates in my life time as the Fed panics and cuts by 0. Fed can influence demand with rates, but that does nothing to the supply side. At the post rate cut press conference; "the risks to the U. Budget review, a great surprise 0. You want to own single commodity miners when price has already boomed and underlying commodities are flying.

We have both here and if prices hold they'll print money for the rest of this financial year ending June. I'll add on the fifteen day EMA and hold for as long as it runs. So is the deal off? Officially it is not and it seemed to me to be a fairly low risk deal.

So a panicked seller who needed cash? No idea. But current offer is c and assuming the deal happens that's a potential 55c profit by mid year when I would expect the deal to conclude. But it still remains very much contained to China with million people on some sort of travel restriction. Apple has also announced production issues out of China albeit the rumoured low cost iPhone is apparently still on track for March. More reports coming about a good maize crop locally this year, even after late rains and hence planting.

But prices not as low as one would expect, seemingly Zimbabwe shortage is seeing them buying our maize and keeping it higher. But here's the question. Which purchases are simple deferred and which never happen? Point is, the money to be spent will surely be spent. Don't shoot the messenger 0.

This is a mess and preference shareholders are in a real bind. If you hold any, contact your lawyer. But it remains very much contained to China. Reports are it will already take 0. Service delivery protests show strength of democracy. SAA business rescue. Public sector wage bill. Cabinet reshuffle. Members are aging and youth are unemployed. Secret strike ballot. Manufacturing is very productive, second only to financial services and this offers an opportunity. But the nuance is in the data.

SA population growth is 1. GDP growth has to exceed this for people to be getting richer. Lack of rental inflation is a big driver of low inflation overall. No VAT increase in the budget. The law of large numbers 0.

Большое essentials of investments 9th edition solution manual супер

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Although Black Friday and the December holidays are historically the peak trading period for the industry, consumer spending remains unpredictable. Diversification pays off for Adapt IT. Astral refines earnings forecast. The poultry producer will report a decline in full-year earnings as a result of ongoing water supply costs, land shedding and Covid Cover pushes Finbond into a loss. The mutual bank and microlender says increased business activity is needed to support an economic recovery.

Merafe reports dwindling ferrochrome production. The Glencore Merafe Chrome Venture reopened three of its smelters last month following the easing of lockdown restrictions. Stenprop on track with portfolio conversion. TFG hit by second wave. The retail group says it will post an interim headline loss but is well positioned for any economic recovery.

Massmart counts the cost of Covid The retailer and wholesaler lost billions of rand in sales due to restrictions during the lockdown. The shopping centre owner says the restrictions have been imposed for an initial two weeks when the situation will be reassessed. Datatec cushioned by work-from-home trend. The technology group says its businesses provide many of the products and services needed in a remote working environment.

Altron rallies on Bytes listing plan. The technology services group has proposed listing its UK business and unbundling it to shareholders. Clicks shakes off Covid Sasol gets Lake Charles back on track. The energy and chemicals group will ask shareholders to approve the sale of a stake in the project, which is recovering from Hurricane Laura.

Anglo reports production recovery. The diversified mining group says production has recovered as its operations return to almost normal capacity. Long4Life positioned for the new normal. The lifestyle investment company says its portfolio of brands is aligned to serving post-pandemic growth sectors. Libstar says sales are recovering.

The branded food producer remains cautious as the full impact of Covid on consumer spending remains unquantifiable. Stor-Age enters UK joint venture. The self-storage property fund says the partnership with Moorfield will hep it meet its medium-tern growth objectives in the UK. Cashbuild recovery continues. The building materials retailer has reported a strong rise in sales as it bounces back from the impact of the lockdown.

Quilter reports improved fund inflows. The wealth manager says current challenges include the economic slowdown, the move to a new investment platform and Brexit. Nu-World gloomy on retail sector. The consumer electronics group says wholesalers are geared up for Black Friday and year-end sales.

Pick n Pay buys Bottles for online growth. Although first-half sales were held back by Covid, its partnership with the delivery app helped online sales double. BHP sticks to guidance. The diversified resources group says first-quarter production was supported by its metallurgical coal and iron ore operations. Steinhoff fined for dodgy accounts.

The retail group has received the maximum permissible fine by the JSE for publishing incorrect, false and misleading financials. Standard Bank remains on high alert. Orion resumes drilling for new prospects. The exploration company says any new discoveries near Prieska in the Northern Cape will benefit from the infrastructure it is already developing.

Europa Metals rallies on grant award. The grant from the Spanish government will be used for research and development at its Toral lead, zinc and silver project. Omnia to wipe out debt with Oro Agri sale. The fertiliser and chemicals group says the disposal gives it the opportunity to de-risk its capital structure and return cash to shareholders.

Calgro positioned for growth after Covid-related loss. The housing developer has streamlined its business and says it is positioned for a return to profitability once conditions normalise. CMH earnings stall on Covid The automotive group is paying a dividend of c a share as its business returns to some form of normality and predictability.

South32 sticks to guidance despite Covid setback. The diversified mining group says it will also deliver immediate value to shareholders by resuming share buybacks. Oasis Crescent warns of lower distribution. The property fund says it has been cushioned by its high-quality tenant base and debt-free balance sheet.

York Timber finally out of the woods. Following a big turnaround in earnings, the forestry company is establishing its first soft citrus crop as it diversifies its business. Metrofile takeover hampered by Covid The document storage company says a private equity consortium is still keen to acquire it but is hampered by Covid Renergen narrows its losses as it prepares to pump its first gas.

The emerging helium and natural gas producer said earnings last year were impacted by once-off transactions costs. Afrox receives takeout offer. Controlling shareholder Linde says the company is more suited to an unlisted environment due to the poor tradability of its shares.

RDI reports improved rent collections. Adcorp bounces back. The recruitment and training company will report improved earnings and says its made good progress in strengthening its balance sheet. PSG declares ad hoc dividend after Capitec unbundling. The group reported a headline loss following a decline in the share prices of its listed investments. Mediclinic remains cautious despite recovery. The private hospital operator expects to report a 5 percent decline in first-half revenue, weighed down by its SA operations.

Pepkor warns of Covid hit on earnings. The retail group said it was impacted by lost sales, higher provisions and the likely impairment of goodwill and assets. Cartrack revs up dividend despite Covid. The company says continued investment in its business and high barriers to entry should support future earnings. Coronation lifts assets and earnings. Sky News reported that a British businessman reached a deal to buy the upmarket burger chain through a pre-pack administration.

Montauk targets Nasdaq listing. The renewable energy company says conditions are now favourable to implement the proposed listing in the US. Hulamin gets off lightly with new US tariffs. The aluminium products manufacturer says a number of countries have had higher anti-dumping duties imposed on them.

Anglo reports improving sales by De Beers. With buying increasing ahead of the holiday season, De Beers says it is too early to call a sustained recovery in trading conditions. Ascendis hires new finance boss. Brikor warns of interim loss. The brickmaker closed most of its operations at the height of the lockdown, with it coal mining operation running at reduced capacity. Cartrack rallies ahead of results. Alviva cautions on possible Tarsus takeover.

The ICT group has already conducted due diligence on its rival and a deal could affect the price of its shares. Omnia close to a deal on Oro Agri. The fertiliser and chemicals group is in final negotiations after receiving an offer for the business this year. Equites benefits from online shopping. The property group says Covid has resulted in increased demand for prime modern logistics space. Jubilee rallies on record quarterly earnings.

The metals processing company will soon add copper to the mix as it prepares for its first production. Balwin comes through on dividend. The property developing is paying its final dividend for alongside its interim dividend due to higher cash resources. Murray rises on Clough contract win. The publishing and printing group says the businesses need focused shareholders to take them to the next level.

PPC loss exceeds its market cap. Covid has added to a torrid time for the cement producer, which it taking urgent steps to reduce its debt. Exxaro still negotiating Black Mountain sale. The diversified resources group says it will apprise the market as soon as a transaction has been concluded. Steinhoff progresses with settlement. Jaded Sasol shareholders likely to approve Lake Charles deal. Shareholder activist Theo Botha says the transaction will probably go ahead as Sasol battles to reduce its debt.

Spur people recover their taste for life. The restaurant group says the recovery has exceeded its expectations given the tight consumer environment. Raubex sees more road ahead. The construction and roadbuilding group will report a first-half loss but is encouraged by new infrastructure projects.

The lifestyle investment company says all three division have been negatively impacted by the pandemic. Confident PSG Konsult declares dividend. The financial services group says the payout reflects its strong financial position and confidence in its prospects. No dividend as Zeder reconsiders strategy. The agricultural investment company is maintaining a cautious stance but says conditions for its underlying businesses are improving.

Datatec flags lower earnings. Despite resilient businesses, the technology group says it was impacted by currency movements and the effect of a tax credit last year. Afrimat supported by iron ore prices. The open-pit mining company says its businesses have recovered from the impact from the impact of Covid Tobacco and alcohol bans cost Pick n Pay.

Apart from lost sales during the lockdown, the retailer faced additional costs to improve hygiene and safety and reward front-line staff. Tsogo makes firm offer for Hospitality. Minority shareholders are being offered the same terms that fund managers agreed to in July for their Hospitality shares.

Sirius reports increased demand for rentals. The German-focused real estate group says it collected almost all rent owed to it in the first half of the year. VCP grows Net1 stake. The investment company says Net1 is an attractive investment trading at a discount to the cash on its balance sheet. BHP oils up its portfolio. Despite a sharp fall in the oil price this year, the resources group believes that the fundamentals for oil will be attractive for the next decade.

Renergen strikes supply deal with Logico. Logico will transport liquefied natural gas to Total filling stations between Johannesburg and Durban. Newpark to report lower distribution. The real estate investment trust granted some tenants short-term cash flow relief due to Covid French investor says oui to MultiChoice. No comment as the French media company acquires a sizeable holding its biggest competitor on the continent.

Balwin rallies after President opens Mooikloof Mega-City. Grindrod to resume buybacks. The freight and logistics group says it will resume repurchases following sustained cash generation from its continuing businesses. Growthpoint to pay final dividend. The real estate investment trust delayed the declaration of its full-year payout due to the uncertainty caused by Covid Sasfin recovers value from Efficient sale.

The open-pit mining company says it cannot provide additional funding to the mine on an unsecured basis. Sasol sells Lake Charles stake to trim debt. The energy and chemicals group may still resort to a rights issue to get comfortably within its debt covenant thresholds. Insimbi dented by Covid lockdown. The metals recycling company says second quarter earnings bounced back after it lost several weeks of trading in the first quarter.

Unicorn Capital Partners narrows its losses. The company, which is likely to be taken over by Afrimat, faced a number of issues on top of Covid Finbond warns of interim loss. The mutual bank and microlender says advances were heavily impacted by the Covid lockdown, resulting in a big increase in surplus cash.

Sibanye-Stillwater bolsters executive after strong growth. Business development vice president Richard Stewart has been promoted to chief operating officer from 1 December. Metair cancels its dividend. The auto components and energy storage company says paying the dividend would imperil its solvency and liquidity.

Covid puts Ellies' going concern status at risk. The consumer and commercial electronics manufacturer says the continued onslaught of the Covid pandemic has rendered its prospects for growth challenging. Spur dishes up new executives. Wiese is retiring from the position he has held for close to three decades at the annual general meeting next month.

Capitec takes a whack from Covid. The bank almost tripled its credit impairment charge as it provided for the full impact of Covid on its credit book. PPC picks up more errors in its accounts. The cement producer has delayed the release of its results by another week as its sorts out prior year accounts.

Covid pushes Sasfin into a loss. The bank says increased credit provisions and private equity devaluations were behind the big decline. Adapt IT rallies on trading statement. The software and digital services provider says the resilience of many of its businesses has likely resulted in a rise in full-year HEPS. Nampak jumps on new supply deals.

New large contracts are expected to boost earnings next year and close the gap caused by the impact of Covid Barloworld starch acquisition will stiffen resilience. The industrial group says Tongaat Hulett Starch has been resilient during Covid, as have its equipment businesses. EPP remains cautious despite recovery. The Polish property group has held back on an interim dividend and may dispose of assets to strengthen its balance sheet.

Ascendis steps up asset sales. The pharmaceuticals group has appointed advisers as it accelerates the disposal of asset to reduce debt. Calgro warns of wider loss due to Covid After returning to profitability in the second half of last year, the property developer says Covid impacted its performance this year. Netcare adopts more nuanced Covid approach. The average length of stay for Covid patients requiring a critical care bed has fallen to about six days after peaking at CMH dented by Covid impact.

The car dealership and rental group says its operations were closed at the height of the lockdown as they were not essential services. AMSA to restart blast furnace. EPE presents gloomy outlook. The private equity investor took a stake in Brait just before Covid resulted in the closure of gyms and non-essential retailers.

Liberty Two Degrees reports improving conditions. The mall owner says footcount at its Eastgate shopping centre is almost back to the same level as last year. Remgro feels the impact of Covid The investment holding company says the pandemic impacted the earnings of the companies in its portfolio. Alviva supported by home workers. The ICT company has seen healthy demand for its products and services due to remote working requirements. Hammerson wraps up capital raise.

The London and JSE-listed property development and investment company says the vast majority of shareholders took up their rights. RMI holds back on dividend as insurance. The investment holding company says its position will be dynamically assessed over the coming months. Famous Brands writes off the rest of GBK. The group will report an interim loss due to operational losses and the final impairment of its GBK burger investment.

EPP may sell assets to reduce debt. The Polish landlord is not paying an interim dividend and is planning disposals to bring down its loan to value. Ailing Advanced Health to sell hospitals. Investec Property Fund goes ahead with dividend. The fund is in a stronger position after selling Belgian properties and an interest in its Pan-European logistics portfolio. Texton mulls new distribution policy.

The property fund says it will take advantage of a two-month extension before deciding on its final payout for the past year. Resilient Fairvest sticks to distribution. The shopping centre owner says its focus on lower-LSM markets in non-metropolitan areas shielded it from the worst of the lockdown. Covid scuppers Grand Parade. The investment group says the pandemic eroded all the gains it achieved in the first half of the year.

Trellidor encouraged by sales recovery. The security gate, shutter and blinds company says it lost an entire month of sales during the Covid lockdown. Attacq brakes on dividends due to Covid impact. The real estate investment trust says it will consider a final dividend next year, conditions permitting.

Sweet outcome for Tongaat Hulett. Independent expert Rothschild and Co. Ascendis flags narrower losses. Results for last year have been restated after the sale of Remedica fell through but it has continued with its disposal programme. Adcorp takes a cut in Dare disposal. The staffing and training group has sold the Australian business for a fraction of what it paid five years ago. Sasol still shaken by Hurricane Laura.

Much of the Lake Charles area has been without power since Hurricane Laura made landfall late last month. Hulamin dented by falling beer and car demand. The aluminium products manufacturer says turnaround action taken last year has softened the blow.

AngloGold reinstates guidance, albeit lower. The gold producer has lowered its full-year forecast after some mines in Argentina, Brazil and SA were closed during the lockdown. Arrowhead makes progress with disposals. The real estate investment trust says its sales programme has beaten expectations, as has the collection of rentals in arrears.

Caxton swings to a loss due to Covid. The publishing and printing group says due to an uncertain trading future, its board has yet to decided on an annual dividend. SPAR trading under surreal conditions. The wholesaler and retailer has benefitted from strong sales in Switzerland and Ireland and the weaker rand. Investec flags lower earnings. The banking group has faced reduced economic activity, volatile markets, declining interest rates and a weaker rand.

Telkom reports mixed impact from Covid The telecoms group says demand for mobile data has helped push it into number 3 position in the mobile market. RMH expects property sector to remain tough. Due to the uncertainty around the duration of the Covid pandemic, it cannot forecast the impact on the value of its property investments. Hulamin to report biggest losses due to Covid The aluminium products manufacturer says local and export sales declined due to the pandemic, while its factories were also affected.

EPP still considering interim dividend. The Polish real estate group says interim distributable income will be up to two-thirds lower as it remains focused on retaining maximum liquidity. Woolworths expects no respite for now.

After a tough second half, the retailer says the trading environment will remain challenging and uncertain for the foreseeable future. Hyprop guides on lower earnings. The shopping centre owner says it is considering different options to settle its interim dividend and the declaration of a final distribution.

OneLogix holds dividend as profit declines. Blue Label bids adios to Mexico. The company is selling its non-controlling interest in Mexico as its focuses on its local distribution businesses. Discovery reveals the impact of Covid The financial services group has held back on a dividend and says payments will only resume when appropriate. Motus withholds dividend as car sales stall. The automotive group says it will reassess the resumption of payouts this year depending on its trading results.

Record dividend as Pan African cashes in on higher gold price. The mining company has beaten full-year production guidance despite the impact of Covid on its operations. Brait receives Iceland cash. The investment group says members are returning to its Virgin Active gyms while food group Premier has had a strong first half.

Mpact declares force majeure at Springs operation. The paper and packaging group says the impact on earnings remains uncertain as it waits for power to be restored to its paper mill. Harmony targets higher production. The gold miner says the acquisition of the Mponeng mine will help lift production in the year ahead. ARC Investments plans rights issue. Funds raised will be used to pay for existing and new investments and settle an outstanding fund management fee. Remgro flags profit decline.

The investment company says most of its underlying investments have been affected by the Covid pandemic. Covid dents Transaction Capital growth record. The company will report a decline in earnings but says the taxi industry has rebounded and it expects benefits from WeBuyCars. PPC falls as adds asset sales to a possible rights issue. Its shares fell sharply after it said asset sales are also on the cards as its battles to reduce debt.

Load shedding proves a drag on TFG. Adding insult to Covid injury, the retail group has lost about 15, trading hours due to load shedding. Bidvest delivers credible performance. Metrofile increases dividend after resilient performance. The documents storage business, which is the target of a proposed takeover, says it has benefitted from annuity income streams.

Astral claims limited Covid impact. Operating profit and headline earnings will be lower due to additional costs and the impact of the lockdown on chicken prices. Harmony gets green light for AngloGold mines. Jubilee Metals gets Zambian licence renewed. The metals processing company says it will be in the position to produce its first copper concentrate within three months.

RMH devalues property investments. The investment company says Covid has had a big impact on valuations of its property in SA and Europe. Afrox cushioned by stable healthcare demand. The gases and welding products group has reported lower volumes after sales were impacted by the Covid lockdown. Sasfin to report a loss due to provisions. The bank and financial services group says it has focused on ensuring a strong balance sheet to withstand further shocks to the economy.

Anglo sees sparkle return to De Beers. The diamond producer has reported a recovery in demand for diamonds as sentiment improves and lockdown conditions ease. Net1 refocuses on SA business. The fintech and payments group says it has begun reinvesting in its SA operations, with demand returning since the lockdown was eased. Bidvest warns of Covid impact. The industrial services and trading group has booked a number of impairments and additional charges as it right-sized its operations.

FirstRand takes Covid credit knock on the chin. The banking group says activity levels are expected to remain muted for now, but it is positioned for a recovery when things normalises. Most challenging period for Sanlam. Harmony to report a loss despite higher gold price. While sales benefitted from the higher rand gold price, the weaker rand impacted dollar borrowings and the value of its gold hedges. Balwin impacted by construction lockdown. The residential property developer says it lost about three months of construction activity as a result of the lockdown.

Zeder CEO quits amid strategy shift. Norman Celliers, who was instrumental in rationalising its investment portfolio, leaves at the end of the month. Cautious Growthpoint holds back on dividend. The REIT deferred its decision on a final dividend until later this year as a precautionary measure to provide additional financial flexibility.

Momentum Metropolitan misses target due to Covid The insurance group maintains its Reset and Grow strategy has placed in it a better position to manage the impact of the pandemic. Sabvest fares better than expected. The investment company expects a recovery in most of its underlying investment companies next year if there are no further lockdowns. Alviva warns of lower earnings.

The ICT products and services group says it has focused on maintaining and improving equity to ensure its sustainability. No dividend as Aspen gets debt down. Mustek relatively unscathed by Covid The ICT group says there was increased demand for its products and services as more people worked from home.

Shoprite beats the recession blues. Aspen rallies on European thrombosis sale. The pharmaceuticals group says the deal supports its strategy to earn more of its revenue in emerging markets. Impairments push Merafe into a loss. The company has held back on an interim dividend to focus on capital management and cash preservation. Labat feeds its growing weed business. The investment group is negotiating to buy a cannabis cultivation operation in the Eastern Cape as it grows its medicinal cannabis business.

AVI benefits from snacking during lockdown. Due to healthy cash generation and an expected recovery in businesses affected by the lockdown, the company has declared a final dividend. Metrofile rallies on trading statement. The documents storage business will post a strong rise in headline earnings but a basic loss for the year to June. Capitec warns of Covid earnings hit. The bank has been impacted by rising credit impairments and a decline in transaction volumes as a result of the lockdown.

Brait marks down Iceland price tag. The investment group is giving the buyers a rebate in return for full payment almost two years ahead of schedule. Kibo acquires new power project. The energy group is acquiring power plants to take advantage of the fast growing reserve power market in the UK.

Covid takes a heavy toll on Bell. The equipment maker and distributor has also announced changes to its arrangement with shareholder John Deere. Luxe Holdings flags narrower loss. The company, formerly called Taste Holdings, attributes the improvement to dilution following a rights issue in February.

Putprop increases dividend as conditions deteriorate. The property investment company says trading conditions will remain challenging, constraining capital and dividend growth in the sector. Due to the current level of uncertainty, the shopping centre owner says it will not resume dividends until market circumstances improve. Encouraging support as MC Mining receives funding. The company is making progress in securing the balance of Phase 1 funding for its Makhado Project following lockdown delays.

Telkom scotches rumours of rights issue. The telecoms operator says an amendment to its resolutions was not an expression of its intention to issue more shares. Big dividend as Implats posts record earnings.

A strong operational performance combined with rising metals prices helped offset the impact of Covid Santam counts the cost of Covid The insurer has reported a decline in its underwriting margin due to Covid related claims, partly offset by benign motor claims. Truworths pays dividend despite Covid losses. Despite more hefty impairments, Truworths is providing more funding to Office and says it is committed to turning the UK chain around. City Lodge withholds dividend after challenging year.

With almost all its hotels closed, the group earned practically no revenue in the final quarter of its financial year. Eating in supports Libstar. While the group missed out on restaurant trade during the lockdown, consumers bought more of its products to prepare food at home. RDI cuts retail exposure with German disposal. The real estate investment trust says retail property now make up less than a quarter of its total portfolio.

Hammerson consolidates ahead of capital raise. The 24 for 1 rights issue will be highly dilutive for shareholders who do not take up their rights. Strong response to Renergen LNG auction. With registrations completed, the emerging natural gas producer says allocations will be made following the end of the bid process in October.

RMI outlines Covid hit. Covid has resulted in significant provisions at associates Momentum Metropolitan and Discovery. Old Mutual defers dividend following Covid hit. The insurer says it will revisit its decision at the end of the year once it has a clearer picture of the economy. Cashbuild pays dividend despite tough conditions. The building materials retailer says the hard lockdown cost it an estimated R million in revenue.

The gold company has raised its final dividend by 75 percent as it benefited from increased production and a higher gold price. Pan African Resources flags big profit increase. The gold producer says headline earnings will be almost double those reported last year thanks to the higher gold price. Transpaco unpacks earnings surprise.

The packaging manufacturer says its plastics division beat expectations after suffering a three-month strike the previous year. Ecsponent probes misappropriated loan. The company says its ability to service the facility has been impacted and it is trying to renegotiate terms with the lender.

The private education and resourcing group says its schools division reported an improved performance due to measures taken before the pandemic. Diversified portfolio cushions African Rainbow. The mining company says higher PGM and iron ore prices made up for a decline in manganese and thermal coal.

Life Healthcare in recovery mode. The private hospital group says revenue has recovered as it prepares for the resumption of elective procedures at its facilities. Sasol reports limited damage from Hurricane Laura. The energy and chemicals group says it has insurance cover as its manufacturing facilities in Lake Charles remain closed. Sun International reveals big Covid loss. The hotel and gaming group says there will be no quick recovery to previous trading levels but it will continue to reduce debt.

Northam delivers record earnings despite Covid setback. The platinum producer says it has returned value to shareholders by buying back Zambezi preference shares. Steinhoff encouraged by recovery. The retail group says its main trading subsidiaries are poised to gain market share due to their resilient and defensive discount offerings. Grindrod Shipping navigates Covid storm.

The shipping group says the pandemic has exacerbated an environment that has been challenging and volatile for the last several years. MAS sticks to disposal plan despite Covid The European real estate company says while the pandemic hampered disposals, it is proceeding with the sale of Western European assets. Discovery hit by Covid, volatile rates. The insurer and financial service group says full-year headline earnings could be wiped out by the impact of Covid Distell displays Covid hangover.

The drinks group says it is working to make alcohol consumption safer as prohibition is a blunt instrument. With sales under pressure, the retail and wholesale group racked up additional costs due to the pandemic and an internal restructuring. Sibanye-Stillwater reinstates dividends on record earnings.

The company says the outlook for the second half of the year is extremely positive as its local operations achieve optimal production. Blue Label back in the black. The distributor of airtime, data and electricity vouchers says most of its products and services have been essential during the lockdown.

Grindrod remains resilient amidst pandemic. The freight, logistics and financial services group says its cash generation and balance sheet remain strong. Resilient comes through with dividend. The real estate investment trust says it cannot provide any guidance for the year ahead due to the ongoing uncertainty.

Adcock not dispensing a dividend. The pharmaceuticals group says it prefers to adopt a prudent cash preservation approach until the full impact of Covid is better understood. Stadio makes progress with branding strategy. The tertiary education group says Covid has created a shift in the perception and attractiveness of distance learning.

Murray hit by Covid impairments. The engineering and construction services group says its exposure to natural resources positions it well for a recovery. Bidcorp prepares for the new normal. The food services company says a majority of its customers emerged from hibernation and sales continue to recover. The drilling specialist says many of the 23 countries where it operates imposed restrictions due to Covid Lewis declares dividend despite Covid impact.

The furniture and appliances retailer plans to open 20 new stores this year despite the lingering impact of the pandemic. Italtile optimistic about its prospects. The tile retailer and manufacturer is paying a final dividend and plans to grow its store network in the year ahead.

Dis-Chem benefits from online shift. The discount pharmacy chain says Covid has matured the e-commerce environment and consumer adoption by three to five years. Imperial positioned for changing market trends. The logistics group has been impacted by Covid-related costs but says it is well positioned to capture new opportunities that arise. Absa battered by rising bad debts.

The banks says all its business units remain profitable despite the Covid impact on credit impairments. Old Mutual forecasts first-half loss. The group has booked a number of impairments in anticipation of rising death claims and the impact of Covid on the economy and its business. Aspen rises on potential Europe deal. The pharmaceuticals group has been selling non-core assets to reduce debt that has been worrying investors.

Famous Brands sells tashas back to founders. The restaurant group has not disclosed how much it received for returning the upmarket cafe chain to full family ownership. Bidcorp warns of lower earnings. The global food services business suffered a big decline in fourth-quarter sales and has racked up additional abnormal costs.

Tongaat fined again for accounting fraud. The FSCA says the restated financial resulted have highlighted the gap that existed between prior public statements and the financial reality. Sun International lets go of Latam Dreams. NEPI Rockcastle offers shares in lieu of dividend. The shopping centre owner wants to protect its balance sheet and liquidity due to Covid fallout. RCL suffers from restaurant closures.

The food group will report a significant decline in headline earnings and a basic loss for the year due to hefty impairments. Insimbi optimistic despite Covid challenges. The metals recycler says it lost 7 weeks of revenue in its new financial year due to the hard lockdown.

The fast-moving consumer goods group will report a decline in full-year earnings as the pandemic added to its costs. Covid crashes ARB's party. The group has booked some impairments as it may take two to three years to get back to pre-Covid levels of activity. Implats flags earnings bonanza. The platinum producer says a big increase in the dollar basket price for PGMs, together with the weaker rand, are behind the increase. Nedbank warns of elevated impairments. The banking group says its credit loss ratio will remain above levels reached during the global financial crisis this year.

The bank says risk remains high and should the outcome be worse than expected, additional provisions will be required. Mr Price rings up lower sales due to Covid The value retailer claims to have gained market share even as sales were impacted by the lockdown and the challenging economic environment.

Gold Fields benefits from new projects, rising gold price. Despite the recent rally, the gold producer says it continues to run and plan its business at lower gold prices. Excluding the impact of Covid, the mass retailer and wholesaler said its losses for the period would probably have been smaller. Santam to report lower earnings. The short-term insurer has been impacted by lower underwriting and investment results, as well as impairments.

Curro grows learner numbers despite Covid While there has been a decline in enrolments since January, the private schools group is still showing year-on-year growth in learners. Metair positioned for recovery. The group is focused on new model launches and has approved a big investment to support new vehicle projects.

Never a dull day at Office for Truworths. Following a big impairment last year, the retail group has written down UK chain by a further R2. Ralph Mupita has been CFO since and has played a critical role in developing and executing its strategy, capital allocation and financial performance. Grindrod to report wider loss despite resilient performance. The freight, logistics and financial services group says cash generation remains strong, as does its balance sheet.

Murray flags a full-year loss. After a strong start to the year, the engineering and construction services group says Covid contributed to a perfect storm. Sanlam warns of Covid impact. The insurer will book R7.

BHP braced for a challenging year. The diversified resources group says it should still generate returns due to its diversified portfolio of high-quality assets. PPC cements over cracks in its accounts. The cement producer has delayed the release of its annual results due to disruptions caused by Covid and after restating its numbers. Fortress warns of lower distribution.

The real estate investment trust is tweaking its model so it can pay out less to A shareholders due to Covid Balwin to report lower earnings. The residential property developer held off on a final dividend last year due to uncertainty about Covid Resilient expects reduced payout. The real estate investment trust says it will stick to its dividend policy despite the impact of Covid Northam snaps up more Zambezi prefs.

The platinum producer has now bought back close to half the preference shares issued to fund its empowerment deal. Libstar supported by robust retail demand. The branded food producer will report a decline in interim earnings after it incurred extraordinary expenses as a result of Covid Sasol to pursue rights issue as impairments result in losses.

The exact amount to be raised will depend on how much the energy and chemicals group gets from asset disposals. The group will dispose of its meat processing business in two separate transactions worth a total of R million. Momentum Metropolitan warns of earnings decline. The insurance group says there has also been a data breach following a cyber attack on one of its subsidiaries.

Afrimat bulks up on iron ore with Coza acquisition. The construction materials and bulk commodities producer will acquire a 25 percent stake in Coza from ArcelorMittal as part of the transaction. Master Drilling warns of lower earnings. Europa Metals rallies on new Toral estimate. The minerals exploration and development company has raised the resource estimate of its Toral project by 40 percent. Impairments to push KAP into a loss. The industrial holding company will report a basic loss after Covid and the weak polymer market resulted in impairments.

Sweeter results as Tongaat cleans up. The sugar producer and agri-business says the restructuring has better positioned it to ride out Covid Woolworths rings up lower earnings due to Covid. Apart from the impact of Covid, the retailer has also been affected by new accounting methodology. Sibanye-Stillwater flags surge in earnings.

After a strike at its gold mines last year, the precious metals producer will return to a strong profit thanks to higher metals prices. Jubilee rallies on chrome deals. The metals processing company has secured material for its Windsor recovery plant while increasing its processing capacity. Brait announces a new deal for New Look. The investment group said it is confident that a recapitalisation on top of steps taken by management will support the struggling fashion chain.

Record volumes and weak rand support Exxaro. The resources group has reported a strong increase in first-half earnings as a softer currency helped offset lower thermal coal prices. The cement producer is negotiating a more sustainable structure for debt in the DRC and may pursue a rights issue. The restaurant group says the board of GBK is reviewing options available to the business after it cut off further financial assistance.

Redefine declares dispute over Mall of the South put option. Property investment and development company Zenprop plans to exercise its option to sell Mall of the South Property Development. Eating out? Taking the Twitter example a step further, working from home means more virtual meetings such as Zoom and then it is a small step to less corporate travel as meetings or events that may required travel are now done virtually.

It'll be a long time before we get to the new post COVID reality, but it's not going to be a new normal, it'l be way more. A new reality and importantly we get to define what this new reality will look like. JSE Direct is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

So depending on your marginal tax rate, it cold be higher or lower than DWT. The company had some 33c per unit of distributable income due to investors but did not declare it rather saying they'd decide at yearend in August This is perfectly legal as this was an interim distribution and they only need to be paid annually.

There could be lots of options such as delaying the payment and maybe spreading it our over a number of years. But if they lose REIT status frankly the property companies would unravel as the tax advantage from that status is huge and how they operate.

Frankly their ability to actually pay anything and liquidity is a part of the companies act so is more immovable than the SARS REIT definition and allowances. This is the bind property stocks find themselves in. Debt that needs to be paid, income rentals under pressure and legal requirements to pay distributable income. There is going to have to be lots of clever thinking to get through this crisis.

Totally wild and now everybody wants to be an oil trader. But some caution before you jump in. Rbillion announced by the president on Tuesday evening. We await details from the finance minister, but some highlights. This is to run till end October, in theory - but we'll still be in the midst of a COVID pandemic then, so it will have to be extended.

Basically we have implemented a basic income grant BIG and it will be impossible to take that away any time. How do you say to poor hungry people, no more? Even when the pandemic has passed? Simple you can't and you don't. For those who think a BIG is communist or evil, go check the research. There is lots starting from the s in the USA and Canada, they work and they are cost effective.

How do you help a poor person? Give them money. How do you help a homeless person? Give them a home. Surely there is nothing anti-capitalist about caring about the deeply less fortunate and having a little less of our luxurious lifestyles to help them? And the concerns that they will 'waste or drink' the money is simple not true. Every research shows the incidence of waste is actually lower in groups receiving state aid. As for the theory that women get pregnant in order to receive the child grant, again research has disproved that every single time.

There is zero evidence to support that theory. Lastly on social grants, we have a world class system that is also one of the largest in the world and it works. Further theft is pretty much impossible as the recipient knows what they due and if it not there, hell to pay. Now sure as we saw with Cash Paymaster Services, charges and 'extras' can get messy. But not the actual hard process. It won't be enough, we'll have to do many more. But eventually we'll need well in excess of R1trillion, I think maybe some R2trillion to take us into the end of How do we pay for the Rbillion?

Well as per above, majority of this is not real money. But short answer is we borrow and print money, especially for the next rounds we'll have to do later in the year. Is that all a risk to the currency and inflation, indeed it is. Also understand inflation, it means every Rand a person has is worth a little less in terms of what it can buy. Now the rich have the most Rands so end up paying the most, and why not pay up a little to help save the country?

Certainly I happy with that as one of the rich. The president also promised 'structural reforms' and 'radical economic transformation' which is trying to work both sides of the fence. We'll see which side he really ends up on in the end, but don't forget Minister Mboweni, he not going quietly into any night. He did speak a bit on essentially a new way of doing things, on that he's right. Post COVID the world will be a different place and we as individuals need to give serious thought as to how we want this new world to look.

Then we need to start making it happen otherwise before we know it, we'll all be back to the same old same old. A concern is about the actual process and fears of looting of the monies. Not unfounded considering our recent past. But thoughts on this. This is massive and helps middle to upper LSMs with their prime linked debt. Unsecured debt of the lower LSMs is not linked to prime, rather it regulated by the usury act, but that's why the increased social grants.

Earnigs season kicks off in US this week, includes March so some sense of impact but not entirely. US jobless claims 6. Lots of lagging data, two issues here, one is data coming out at record worst, and even just a 1 month delay makes data largely useless. New weekly podcast in the RSS feed every Monday late morning.

So subscribe to the feed, it is here. Lockdown, day six as I record seven as you listen. They're now at three weeks of lockdown and are seeing daily new cases decline, but still at 4, a day. I am also seeing reports that they'll extend lockdown to after. Easter, which is bad news for us. Our new cases are minimal, but still likely to spike higher and come the end of three weeks surely we'll be winning but not wanting to let the virus back in the front door, so lockdown extended?

My thinking is extended to first weekend in May. It's after the two public holidays and means we'd have been in lockdown for 5 weeks. Longer term we're waiting for a vaccine, and that's at best, so even if lockdown gets lifted, heavy restrictions will be the norm and new lockdown periods very likely if the virus starts to spread with speed. Remember all data is two weeks old due to a 14 day incubation period.

Overall I agree with our governments response and think the president and health minister are doing a great job under unimaginable conditions. Hardest hit is without doubt small business. Closing for even just 21 days with zero revenue can kill a business, even a strong one. We also have extreme inequality in South Africa that makes lockdown frankly just not impossible for most South Africans.

It's easy in Bryanston, but impossible in Alex and add in poverty we have an entire extra layer of impossible. Questions is if the worst is behind us and the honest answer is that nobody knows. We've seen a massive rally in the last ten days, but that is more about liquidity as governments especially the US pump cash into the system. I also don't think the market is going to be able to ignore the horror data that will be coming out over the next many months.

The other issue is that markets try and price in the future, but our forward view is limited to days, maybe weeks. Markets want to price in the next months and we have zero visibility that far out. The data for the rest of will be bad, very bad.

But we have no real idea or reference as to just how bad. We're going to see a number of bankruptcies, large and small, local and global. Some are easy to spot; airlines, high debt companies, cruise companies. But a lot will surprise us. The outlook was negative and this is significant, means we can go further into junk status at the next review in October.

Ideally we don't want to slip too far down that status because it makes coming back that very much harder. The immediate response was the local market green, Rand weaker at R The yields are what matters. We issue new bonds every week to cover costs, so far his weeks auction was over subscribed and that's what I expect. Also with SARB buying in the secondary market we've got lots of liquidity. This will see selling in our bonds, also a lot of mandates don't allow junk bonds, so more selling.

The flip side is a lot of mandates only want junk bonds for yield albeit at higher risk. So in a way we've gone from a tiny fish in a giant pond to a large one in a large pond. Nice, but still not want any country wants. We'll also see the local banks downgraded to junk, when the sovereign is junk so go the banks. But it will potentially increase their borrowing costs and that will be passed onto consumers. Yes it absolutely will. Exactly how much we have no idea, but our economy is largely shutting down for three weeks at a minimum.

The impact too GDP, business small and large but especially small will be huge and right now is not quantifiable. We print money and take on state debt. Is this bad? Sure, under normal conditions. This is not normal conditions. This is a global emergency and it requires drastic measure. The extra and more expensive debt and more cash printed is all bad, but right now saving people and the country and its people takes priority over the economy.

I know a broken economy is going to hurt, but no country or no people would make an economy moot. One point is that if we print money and run our debt higher, we're not doing it alone as a country, so the impact may be muted as all countries end up with way worse debt to GDP levels and weaker currencies making it all moot. Probably, maybe? But at this point nobody cares.

Really, nobody does. The entire global economy is at risk of junk status. Also the local market and government bonds are way worse off than what a downgrade would have caused. Initially sure. But most health experts say that after the initial lockdown the economy opens again, the virus returns and we go into another lockdown and this process continues for months if not the rest of Pretty much everybody.

Especially those with debt and high fixed costs. Tourism and entertainment industries extra especially. No real winners but food retailers and to a degree food producers will remain operational but likely with higher costs from their implementing COVID restrictions and protective measures. And we'll be shopping less and spending less. Example; Shoprite to pay shop floor and distribution staff R million 'appreciation' bonus.

Commodity prices are flying as mines move onto care and maintenance. As such miners are also have a great few days. But if they don't get back to mining soon, they're only selling stock piles and that eventually runs out. I do not think so. Price action is moderately suggesting we have.

But I suspect the markets will get solidly spooked when we start seeing the economic data. We'll get data that will be the worst every recorded, it'll take a strong market to not freak about that. I think COVID will potentially remain a problem well into , we'll just be better at managing it. We've seen a number of companies delay their dividends by up to six months. They're protecting cash in very uncertain times.

At this point it has only been delays in payment, but at some point we may start seeing already declared dividends being cancelled. I have no idea how that process works, I assume the board has the right to reverse a decision they took early about dividend payment?

Further we're seeing results coming out and dividends being passed as boards protect their cash. I am happy with this, but I don't need the dividend income, many do. Sure lots is cheap, price wise. But is it offering value?

We can not know as we simple do not know how this plays out. I have made two purchases so far in March, doubling my usual monthly spend excluding tax-free. But I am not going in boots and all. There will be lots of time for buying stocks. We won't wake up one morning and suddenly everything is back to pre-crash levels.

It'll be slow and volatile with a recovery to the peaks maybe as long as 4 years, potentially as short as two. We've got lots of time to buy, don't panic buy. Staggering numbers, but the proposed US 'package', while large is not that seriously big in total terms. Our government is doing this right.

Not all countries are, some are doing a horror job. We're not. Load shedding is gone for now. With the economy shut down demand for electricity has collapsed and as such Eskom can cope with the reduced demand. The R is already 1. The SARB is essentially creating liquidity for those who want to exit their government bonds and receive the cash. How do they pay for this? They print money, that weakens the ZAR, but everybody is printing so that moot.

It may spike inflation, but ain't nobody shopping, so maybe that also moot. Perhaps the best time ever to print money? A number of political leaders being exposed. But also in business. We essentially had eight days of warning about the lockdown, and anybody looking at what was happening in Italy, China and the like should have seen lockdown coming a mile off. But now leaders are stuck in the headlights, no plan, no idea, putting staff at risk.

COVID, my presentation of just two weeks ago warning on the virus and resulting market melt down , is already totally over taken by the reality on the ground. It has flaws, but also has golden nuggets. If we manage this crisis well I still think the worst will be behind us by Q1 But the worst is going to be worse than I had thought, and if we do this well, well then it is a horror show of epic scale. So far government is doing a decent job lead by the NICD, President Ramaphosa the cabinet and especially the health department.

But what matters more than anything is to flattenthecurve. No large events, social distancing, washing hands, working from home if possible and limiting trips outside. Yip it sounds wild, but that is the only way to slow the spread and stop it completely overwhelming our health services. This of course means a massive hit to our economy and individual peoples financial well being, find our series on managing debt here. If you have debt and are worried about repaying, or if you're in default already - this is a must read.

Our market, and in fact all global markets, remain under severe pressure and extreme volatility not seen since I's not getting better any time soon. The global economy is grinding to a halt and there is no quick fix. So Q1 , at best. For investors, we continue to tread cautiously and I continue to buy my monthly ETF allocation and will double the monthly purchase amount.

But I am not whole sale buying stocks, because cheaper is very likely. Traders, as I have said before. Reduce position size, widen stops and be disciplined. From a personal perspective, start planing for the long haul, I don't expect this to all be resolved in a month when schools are due to go back.

As example, I've downloaded online monopoly to play with my niece and nephew in Durban and have proposed every few days or so one of us will present via zoom. It's going to be a very long school break house bound. Lastly, let me know if we can help. I have no idea what or how, not money or food or handshakes. But if you got ideas how Just One Lap or I can help you or the broader community, let me know.

Maybe it just something as simple as helping to set up Zoom. Send ideas. All in this is a total mess and coupled with poor management the market is not happy. COVID continues to create havoc with Italy shutting down the entire country of 60million people as deaths exceed and confirmed cases over 10k. But that still means some 20k cases they do not as yet know about.

Recession is fast becoming a certainty as regions and entire countries shut down, people stop going to work or out at all so no spending and no production. A huge concern is the USA who are not testing very well as South Korea did and may have tens of thousands of cases they don't know about. South Africa has 13 confirmed cases and so far it is being handled very well.

Identify the confirmed case and works backwards with who they contacted putting people into isolation. Testing is key as South Korea shows. But while we're very good at this sort of thing remember listeriosis it can very quickly overwhelm a struggling medical establishment. Global there are simple not enough ICU beds and we're likely far behind the global average. Bottom line is that this is getting worse and will continue to do so for a while no idea how long that while is.

No surprise markets are panicking and extremely volatile and my view is they'll go still lower. I chaired a panel discussion on the budget by Minister Mboweni and have included the audio from that panel. The biggie, which is not mentioned is that the annual tax-free allocation has been increased to R36k a year effective 2 March One of the issues surrounding the Coronavirus is lost revenue and hence lower profits. Apple is reporting supply constraints, Starbucks has closed the majority of their Chinese stores and so the list goes on.

Supposedly large ticket items such as an iPhone or white appliance will simple be bought later. So lost sales now come up later. Say your phone was lost. You need a new one now, not in a month so maybe instead of Apple you get a Samsung, or a cheaper Apple that is in stock.

With consumables the story is very different. If I don't have that coffee or lunch today, it doesn't get held over till tomorrow. That sale is lost. So Starbucks suffers more than Apple. Another point is for example the Mobile World Conference in Barcelona has been cancelled and this is not deferred.

The event supposedly brings in some Euromillion in spending over the three days. That money is gone, it'll be spent at home, so the city loses out. But if you don't buy your consumable today and have left over lunch at home, where does the 'saved' money go? Do we still see a surge later, but maybe in big ticket items if we've saved enough from deferred lunch dates an coffees?

Or does it get properly saved into a bank account? What about hourly paid workers? They will be hurt, albeit company will benefit as lower expenses while closed. Maybe different timing and maybe different product or location. But that money doesn't disappear.

So absent of the Coronavirus becoming a lot lot worse, any hit is merely short term and could be followed by an equally short burst of spending? Sure some spending will be lost, but not much? Any errors are mine, not hers. People are leaving small towns due to lack of services and this erodes tax base, making service delivery even harder. We're 84th but where under 50 when Zuma took over. Moody downgrade is very likely, but don't worry about that.

In a financial context, the law of large numbers indicates that a large entity which is growing rapidly cannot maintain that growth pace forever. Simple that the bigger you get the harder it is to grow and ultimately the growth slows to modest inflation or GDP adjustments. We see many companies fearing this rush out and make bad acquisitions - but that's another story. I want to focus on how this law can at times be broken when the underlying market fundamentally changes and the example is Microsoft Nasdaq code: MSFT.

It is up six fold in the last decade and in the decade before is was red. Broadly software as a service and cloud computing but the story is bigger, edge computing. Certainly the story is no longer Windows. Edge computing is the vast number of small devices that are invading our homes, offices and lives.

Examples are; streaming music and movies, smart bulbs, security systems and virtual assistants. This is just a few examples, but they're fundamentally changing our lives and the demands on processes and data storage and importantly the data is close to the device to ensure speed, requiring data centers everywhere.

Add to this the amount of data we create and need to store. For the first time in my life I have data that only exists in the cloud, simple because I have so much data. Now I am paranoid, so I keep it on two clouds, and wildy encrypted. Data storage or cloud computing was hardly even an idea a decade ago. All the talk was of slim clients with all processing and data in the cloud. Back then Google Nasdaq code: GOOGL was the leader, but it has exploded and Google now trails in third position and we never really got to slim clients Chromebooks the exception and services like Stadio newly trying.

The thing is one could have made a solid argument that even under new management Microsoft was largely ex-growth and a mature company. But then business models came along, they grabbed them with both hands and now they're growing faster then they have in over two decades. This growth changes the game for Microsoft, Amazon and others. I have no idea where it ends but this trend can go on for a lot longer and they can grow revenue by a bunch more and then, hello two trillion dollar company.

What is noticeable that this is a tech issue and that traditional brick and mortar companies, miners and the like do not have this potential. They do hit the law of large numbers, but computing and the internet has changed the rules for tech stocks.

This is going to take some 5 years and the logic is to reduce risk risk that I buy dogs and make my life easier. So easy solution. This is currently my largest holding after I was a large buyer between Christmas and New Year as some seller got aggressive in the market knocking the price down to c my lowest purchase was c. Then the biggie is my trading portfolio, essentially I'll be halving it's size so either I trade smaller size or I remove one of the two strategies.

My plan here is to discontinue the lazy ETF trading. It's a small percentage of my overall portfolio and it will then free my ALSI trading to carry on carrying on. The question then is what of the weekly lazy update I send every Sunday. In short it will expire in time, but send me thoughts. Thank you for asking, I had hoped someone would. We are in a similar albeit much, MUCH smaller situation, so we have thought about it.

A lot. Here follows a thread. Three wild and wooly predictions for the markets followed by a call on the Top40 and ZAR for the year ahead. We also chat a bit about Brexit and what it actually means; good, bad or ugly. Simon and Len delve into understanding risk and how it applies to your Exchange Traded Fund ETF selection, both as a basket of different ETFs you put together but also as to which individual ETF you may be buying for a tax-free or discretionary portfolio.

You have to be better than your best. You have to continually be getting better. There is no rest for traders. We have to be always improving. Trading is largely a zero sum game, you have to better than the others. It is a continual process of improvement and caution against believing our own hype.

So, what do you do in order to always be improving? The easy answer is a trading journal that you keep and a constant reviewing of your trades. For me personally I have a journal and track my perfect trades. But as I also only trade for about minutes after the 8. The review is not only checking to see if my entries were good exits are either at target or stop so automated and not important for this process. Did I get in timeously?

Or late or early? Am I missing information?

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