The JSE ended March on the front foot, with the All Share Index gaining 2.5% yesterday. That reduced losses for the month to 13%. Year-to-date, the local market is down 23%. There were cynical suggestions that yesterday's gains may have been driven by fund managers and institutions applying a little 'window dressing' to their first-quarter performance.

Top trader Andrew Kinsey points out that fund redemptions in the past month and other calls (margin calls on leveraged fund positions) have had a pernicious effect on liquidity, forcing even the strongest hands into the market to dispose of good, and bad assets. Why should this be so? How long does liquidity take to recover? What lessons can we learn from the 2016 Brexit referendum result today? Can we rely on central banks? This being 1 April, are we to be fooled by the slight recovery in the All Share or is there volatility ahead still? Click here to read "The Market's Twin Towers" on the Ingham Analytics website.

Among the biggest winners yesterday, Sasol jumped 17% after saying it had hedged a large portion of its oil production for the next three months at $32 a barrel, which is about a third higher than the current price of Brent crude. Sanlam also rose after announcing a number of top management changes that will take effect over the next six months, including the appointment of former Old Mutual executive Paul Hanratty as its new CEO from July.

Also in your newsletter today, Harmony says its local production will fall by about three quarters for the duration of the lockdown after it closed all its underground mines and RMB Holdings(RMH) says it is trying to get the timing right for the unbundling of its stake in FirstRand to shareholders. Remgro still plans to go ahead and distribute its stake in RMH to its shareholders though. Find out more here. Meanwhile, Capital & Regional, the UK owner of community shopping centres, says about half its tenants are behind on their rent payments. And the latest annual results from Trencor.

Finally, Chris Gilmour looks at what he Covid-19 pandemic means for your personal finances.

Have a good day and stay safe.

Stephen Gunnion

Managing Editor, InceConnect

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