| It's often called the mini budget and, with a lot less to play with due to the impact of the Covid-19 on tax revenue, that's just about right. There were no big surprises, TreasuryOne said in a note to clients, just that the economy will be funded with even more debt and the need for fiscal prudence. Whether this can be implemented is another story. The rand weakened, but so did other emerging market currencies as the dollar powered ahead. The JSE toppled 3.3%, following big downward moves in European and US equity markets as Covid-19 cases continued to climb across the globe, resulting in a new wave of lockdowns that will threaten any economic recovery. With the pressure already on the market, third-quarter results from MTN's largest business, MTN Nigeria, weren't well received. Its shares fell on news of a small decline in profitability for the nine months to end-September even though it showed strong gains in subscriber numbers. Construction and engineering group Wilson Bayly Holmes-Ovcon also fell after warning of a full-year loss. But digital technology company Etion's shares surged after it said it was in talks to potentially dispose of businesses to unlock value for shareholders. Also in your newsletter today, as A2X marks its third anniversary this month the alternative stock exchange says it has attracted 37 securities with a combined market value of over R2.1 trillion - as well as five of the country's top six brokers. It says its cheaper fees have also resulted in savings for investors. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
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