Bidvest is viewed by some as a barometer of the economy due to its broad interests across a number of sectors, from cleaning services and trading to aviation and pharmaceuticals. A trading statement from the group coincided with the release of May's Purchasing Managers' Index, which showed flat factory activity last month following April's decline.

It's no wonder then that businesses like Bidvest are feeling the pressure of the lockdown, which exacerbated an already dire situation for the economy. It is now planning a strategic review of all its businesses due to the structural changes that are likely to result from the Covid-19 pandemic, which could result in job losses. Standard Bank is also preparing for tougher times and has warned that credit impairments could surpass levels recorded during the global financial crisis. Like a number of other SA banks, it has warned that first-half earnings will be more than 20% lower than last year.

Meanwhile, London real estate group Capital & Counties has taken advantage of weak property prices to buy a significant stake in Shaftesbury, which owns property near its prime Covent Garden estate. However, Covid-19 has also ended European investment fund Arise's plan to buy a stake in Sasfin.

More on those stories to follow, along with results from Sirius Real Estate and Capital Appreciation. So far, both companies are relatively unscathed by the global pandemic.

I hope you have a good day. Stay safe.

Stephen Gunnion

Managing Editor, InceConnect

Take a look at the latest Insights and sector reports From Ingham Analytics.

If you're a shareholder of Prosus (or Naspers or indeed Tencent) then Ingham Analytics has issued a timely Trader note entitled "Illusory value". Prosus today trades at a significant discount to its share of Tencent and the discount within Naspers is even greater, says Ingham Analytics.

A problem, other than loss making non-Tencent assets, is a double holding company structure. Naspers holds the majority share of Prosus and in turn Prosus is a holding company which has shares in Tencent. We have two holding companies in a related structure, leading to value leakage with assets other than Tencent valued by the market at less than zero. Can this change, is the listing in Amsterdam a magic bullet? What is the outlook for Tencent and fair value? What is an interesting trade if you're a short-term trader and where should long term money be invested? The title "Illusory value" therefore has a clue.