| The JSE rose for the first time in four days yesterday, recovering early losses, while the rand strengthened after Finance Minister Tito Mboweni's annual budget proposed spending less on public sector wages rather than hiking taxes as was expected. The Banks Index jumped 6.2% and retailers also rallied. Shoprite climbed 9.8% after ending lower on Monday despite sold half-year results. Unsurprisingly, National Treasury has cut its growth forecasts due current weakness in the economy - one of the reasons why it avoided raising personal taxes. Some economists believe the measures outlined by the Finance Minister may be enough to stave off any further ratings downgrades, at least for now. I've included some of the details in your newsletter today, along with results from Motus, which has bucked the trend in the auto sector by selling more cars - although it says consumers are veering more towards entry-level models and pre-owned vehicles. As warned, Comair has swung to a loss due to a number of headwinds it faces, including the grounding of its Boeing 737 MAX 8 aircraft and a loss allowance it made after SAA went into voluntary business rescue before paying it money it was owed. Also today, latest numbers from London property owner Capital & Counties and Grindrod Shipping. Finally, Jaltech Fund Managers, explains the A to Z of Section 12J investing. Follow this link to find out more. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
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