| The JSE enjoyed its best day in almost a month yesterday as it played catch-up with other global markets following Tuesday's Youth Day holiday. Leading the large cap gainers was Aspen Pharmacare after it confirmed it had the distribution rights for dexamethasone in a number of countries, including SA. The anti-inflammatory drug has just been through a trial by a team at Oxford University and was found to reduce the risk of death for Covid-19 patients requiring oxygen or ventilators. Ascendis Health also rose strongly in morning trade - although it pared most of its gains. A quick Google search revealed that its Remedica business in Cyprus also makes the steroid treatment. Massmart rose as well, despite the retail and wholesale group warning of even steeper losses due to restricted sales of its products during the lockdown. One of the big culprits was the prohibition on alcohol sales. While it's now allowed to sell liquor Mondays to Thursdays, it's still impacted by the ban on tobacco sales. Meanwhile, Tongaat Hulett continues to chip away at its debt pile with the sale of its sugarcane estate in eSwatini. And Impala Platinum has declined its option to take a majority stake in the Waterberg platinum group metals project, partly due to a cloudy outlook caused by Covid-19. Also in your newsletter today, a sales update from Italtile and latest results from Hosken Consolidated Investments. Finally, InceConnect has joined up with Bridge and www.acumen.zone to launch iHIVE, which uses a cloud-based voucher delivery system to provide relief to the most vulnerable amongst us as a result of Covid-19. Vouchers are delivered directly to the handsets of beneficiaries based on the data provided by the well-known non-profit organisations we've partnered with and are redeemable at retailers around the country. Click here to find out more about this initiative. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
The latest from Ingham Analytics. For shareholders in Kumba (and Anglo American, which is the largest shareholder in Kumba at 69.7%) the latest Ingham Analytics note will be of interest. Cryptically entitled "Kumba, qaphela!" it sounds a note of caution. They unpack latest drivers in the iron ore and Chinese steel market, which are behaving diametrically opposite to what most people would expect given Covid-19-induced disruption. Fundamentals for now remain robust but is there any more juice left to squeeze for traders? Also, recent notes entitled "Illusory value", "South African banks' balance sheets surge", "What are volatility traders afraid of?", "What do the currencies say?" and "Henry sends a message" remain popular downloads. Sasol regained some footing yesterday, having sold off sharply with Ingham Analytics calling time to take profits last Monday - expect more volatility they say but know your levels. | 