| As the country enters a 21-day lockdown this morning, a number of listed companies have outlined some of the implications of the period of inactivity. Mr Price, for example, won't sell a single item locally. Over the same three-week period last year sales reached R1.2 billion. The trouble is, when the virus brought China to a standstill a month or so ago, it made alternative arrangements to keep supplies coming. Now they will pile up. Alcohol sales were brisk this week as consumers stocked up ahead of the lockdown. But wine and spirits group Distell will be left dry for the next few weeks - including its ability to export alcohol to its operations elsewhere on the continent. The good news for Growthpoint shareholders is that, unlike some of its peers in the sector, it is going ahead with the payment of its interim dividend. However, it has withdrawn guidance for its final payout later this year. While banks were amongst the biggest gainers as the JSE continued its tentative recovery yesterday, their performance this year is also uncertain. In recent months, Ingham Analytics has raised the red flag over the increasingly difficult conditions local banks face. Now the coronavirus pandemic has worsened the outlook for our financial institutions, coming on top of last week's 100 basis point interest rate cut. Ingham Analytics has suspended earnings forecasts for the sector due to the murky conditions that lie ahead but its latest report, "COVID-19 coup de grce for banks", is a must read if you are invested in the sector or plan to take a punt. As we all settle in for the duration of the lockdown I hope you are comfortable and safe. I'll be back on Monday morning. Stephen Gunnion Managing Editor, InceConnect
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