It's not just the spread of Covid-19 that has been slowed by the wearing of face masks, home schooling and other lockdown restrictions: fewer South Africans have caught the cold or the flu this winter. While Clicks says this has affected sales at its pharmacies, it has still had a strong year and plans to stick to its dividend policy for the year.

If you're a shareholder in a local bank, don't get your hopes up. Some have already advised they won't be paying a dividend this year following guidance from the Reserve Bank's Prudential Authority due to the stress that Covid-19 could place on the financial system. While FirstRand and Absa both stressed the soundness of their respective balance sheets yesterday, they have warned that earnings will be significantly lower as credit impairments rise.

Meanwhile, Harmony Gold Mining is just the latest gold mining companies to illustrate how it has benefitted from the rising gold price. Despite lower production as a result of Covid-19, it says it will report strong operating cash flows as a result of the higher bullion price.

Also in today's newsletter, Peregrine still has some hurdles to overcome for its private equity buyout to proceed and Redefine Properties is disputing a structured financing transaction that it entered back in 2013.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

Recent notes of topical interest from Ingham Analytics

Iron ore 62% Fe hit $119/t yesterday. At an intraday high of R418, BHP is at its highest this year. Ingham Analytics expect BHP to report a strong 2020 result on the 18th with EBITDA of $22bn, with iron ore contributing 64% of the total, up from 48% last year and 59% in H1. Is there more juice to squeeze for traders and what about a special divided? Read the latest in "Iron ore up, all else down".

Sasol retreated yesterday following the dire trading statement but Ingham Analytics caution in "Going, going for a song" that shareholders should prepare themselves for a potentially hugely dilutionary rights issue.

On the topic of Sasol and thus oil, with Brent at $45/bbl, watch out for top trader Andrew Kinsey's latest note on Friday - oil, higher or lower, and what about continued volatility?