| Invicta rallied to a four-month high yesterday after announcing the sale of four businesses as it tries to make a dent in its debt pile. Even after yesterday's close to 20% gain, the company's market capitalisation of R814 million is dwarfed by debt of more than R2 billion - some of it as a result of a settlement it reached with SARS over its taxes. Yesterday's share-price recovery will provide some relief to chairman and largest shareholder Christo Wiese, whose fortune has take a turn for the worse since the demise of Steinhoff over the past two and a half years. Meanwhile, Tsogo Sun Hotels is taking advantage of weakness in Hospitality Property Fund's share price to increase its stake in the group that owns many of the hotels that it operates. It will use its own stock to fund the acquisition of Hospitality shares from a number of fund managers. More on those stories to follow, along with Renergen's plan for the country's first auction of liquefied natural gas as it prepares to turn on the taps at its Virginia Gas Project in the Free State. South32, in the meantime, has pulled the plug at its Metalloys smelter in Meyerton, placing it on temporary care and maintenance. Finally today, Spur is looking within its ranks - and further afield - for a replacement as long-serving CEO Pierre van Tonder prepares for retirement. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
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Recent from Ingham Analytics During March through May 2020, US personal consumer spending dropped, disposable personal income was up, whilst personal savings increased by the equivalent of the drop in spending added to the increase in disposable personal income. Car and home sales have perked up. What's happening in the land of the free and the home of the brave? With the US the consumer driver of the world are there positive signals for rest of us? "US data provides a chink of light in Covid-19 gloom" provides fascinating insights. Ingham Analytics in their latest note posit that Barloworld may be in play - a possible takeover. In "Saudi Arabian stalking horse" they say it may come from a surprising source, a large Middle Eastern Caterpillar dealership that has built a 10% stake in Barloworld. Is there opportunity to be had for savvy investors? The Barloworld share price was up over 5% yesterday, well ahead of the market, which could indicate traders are already taking positions. "(I)n (M)y (F)ace.....and yours" is worth a read at this time of constrained government finances. Ingham Analytics in "Rating retreat" made a positive call on Capitec but with the stock now 8% higher they say new money may have to be patient. | 