| The JSE added to its recent gains yesterday - although with slightly less exuberance than Monday when news of a possible vaccine for Covid-19 saw a big shift into those shares that were pummelled during the lockdown. Many of those were the winners on the market again yesterday, including some of the retailers, banks and property funds. Telkom led the loser board, sinking 7.6% despite posting a strong rise in first-half earnings as its cellphone business continued to gain traction. Its shares jumped more than 17% last Tuesday when it released a trading statement alerting shareholders to the improvement so yesterday's decline may have been the result of profit taking, as well as concern some analysts have over its free cash flow. Life Healthcare's shares rose after it released a trading statement ahead of results next week. Although earnings will be down as a result of Covid-19, it says procedures at its hospitals and clinics are starting to return to normal. Services group CSG's shares bounced on news that it will report a first-half profit after problems at its security division left it with a loss last year. Omnia also released a trading statement as it prepares to sell its Oro Agri business in a move that will help it wipe out the debt that has been worrying investors. While that deal doesn't feature yet in DealMakers' analysis of mergers and acquisitions this year, it will soon. It has just released its third-quarter stats, which highlight Aspen Pharmacare's sale of the rights to its European thrombosis business to Mylan as the biggest local deal in the three months ended September. More on that in today's newsletter. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
The latest from Ingham Analytics Ingham Analytics have introduced a Securities Strategy themed analysis that follows on from the recently introduced Banks Monitor, Energy Monitor and Mining Monitor. They say in "US bounce" that Monday 9 November witnessed one of the largest ever market rotations between value versus growth. The losers were tech. Whilst the note points to several encouraging data there is a touch of caution as to a false dawn. | 