| There were some bizarre moves on the JSE yesterday that helped propel the All Share Index 3% higher. intu Properties jumped 52% despite issuing a notice saying rental collection would fall by more than a third this year. Another dual-listed UK property group, Hammerson, climbed 37%. Sasol ended trade 16% firmer as the price of Brent crude oil flirted with the $40 dollar a barrel level. Tsogo Sun Gaming rose 60%, while Sun International added 55% and Tsogo Sun Hotels gained 15% with no apparent news driving the strong gains. Investors also appeared to take bad news in their stride as optimism about easing lockdown restrictions and the reopening of the global economy sent markets higher. Mediclinic's shares improved despite the private hospital group withholding a final dividend due to the uncertainty that lies ahead. Imperial Logistics, meanwhile, advised shareholders that its full-year earnings would be more than 20% down from last year. Comair, currently suspended as the airline is in business rescue, says it will report a loss. Let's hope there is something around the corner to back up the current optimism. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
Take a look at the latest Insights and sector reports From Ingham Analytics. Banking sector: "South African banks' balance sheets surge" The South African banking sector has already experienced tumultuous impacts from the Covid-19 lockdown fallout, with dramatic volatility in the currency market and derivatives markets reflecting panic. The question is, can South African banks weather liquidity challenges? What about future loan losses? Should you as a customer or shareholder be worried? Can traders profit from short-term market gyrations that have sent banks' share prices down sharply? Top trader Andrew Kinsey gives his insights in the latest Ingham Analytics note "South African banks' balance sheets surge", which paints an interesting picture of how dramatically different the collective balance sheet looked at the end of March compared with February. Prosus/Naspers/Tencent: "Illusory value" On a different subject, if you're a shareholder of Prosus (or Naspers or indeed Tencent) then the latest Ingham Analytics note entitled "Illusory value" will be of interest. This drills into the huge discount of Prosus and Naspers to the market value of the biggest asset Tencent, quantifying just how much. The double holding company structure is a problem as are the loss-making assets other than Tencent. Any chance of this changing with Prosus listed in Amsterdam? What is the outlook for Tencent and fair value? What do you do to make a turn if you're a short-term trader? In which entity should long term money be invested? | 