| Results season is in full swing and there have been some positive surprises so far - and some disappointments - despite the guidance given by companies in recent trading statements. It may be to do with their dividends. Woolworths' shares continued their decline yesterday after it reported lower earnings and trimmed its interim payout following a difficult period. Truworths has also found the going tough but its shares rose after it maintained its dividend for the first half of its financial year. Both companies have faced an increasingly competitive local market for apparel retailers due to the weak economy and both have been affected by load shedding. They have also experienced difficulties offshore: Woolworths in Australia and Truworths in the UK. Anglo American has also reported a mixed performance from its underlying commodities but has done well due to a restructuring over the past few years that has left it focused on its best quality operations, while becoming more efficient. It raised its full-year dividend by 9%, sending its shares higher yesterday. One of the big contributors to Anglo's earnings was subsidiary Kumba Iron Ore, which benefitted massively from higher iron ore prices last year. In its latest report, Ingham Analytics digs deeper to find out whether this is as good as it gets for the company. Follow this link for access to the report. Also today, interim results from Discovery, a bullish trading statement from Stadio, Anglo American Platinum's new CEO and all the latest from DealMakers. And, if you want to know how you can rebalance your retirement annuity using Section 12J investments, click on this link. I hope you have a good weekend. Stephen Gunnion Managing Editor, InceConnect
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