| Nedbank has rounded off the current earnings season for banks, reporting a much improved second half but holding back on a final dividend for 2020. The move wasn't too much of a surprise as it said as much in a December update. There's no dividend from Curro either so that the private schools group can preserve cash and use any excess capital to fund its expansion. Fast-moving consumer goods group Libstar has maintained its final dividend thanks to stable cash flows last year. While trade to restaurants and hotels was hampered by lockdown restrictions, it made up for that with increased retail sales as more consumers bought its condiments and cheeses to eat at home. Meanwhile, Bytes Technology, which was unbundled by Altron last December, is preparing to release its first results since listing on the London Stock Exchange. And they're likely to be good thanks to a resilient trading environment for the software, security and cloud services specialist. More on those in today's newsletter, along with results from Rand Merchant Investments and a trading statement from investment group Remgro. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
The latest from Ingham Analytics Bond markets and events in central banking have been under the spotlight. "South African bond yields - COVID-19 infected?" has a local focus, analysing what is seen as an increasingly unsustainable situation with wider implications. With the US ten-year Treasury bond having hit 1.66% today "Rate accelerator" is particularly relevant - with a spill over to equity and a spur for capital flight from emerging markets such as South Africa. And "Is there a TARGET(2) on my back?" deals with Europe - find out why one euro is not the equal of another euro. And for those interested in Sasol "A fifteen-year gulf" is a must read. | 