Absa is probably relieved that the Reserve Bank held back on another interest rate cut yesterday, after slashing rates by a cumulative 300 basis points so far this year. While that's good for its customers and their ability to repay loans, it's costly for banks. Absa says its annual revenue is reduced by R250 million for every 50 basis point decline in rates.

While circumstances have improved in recent months after a very tough first half, Absa has guided shareholders not to expect a dividend at the end of the year. Investec, on the other hand, has declared an interim dividend - although it's only half the size of year's following a decline in earnings for the six months ended September.

Life Healthcare isn't paying a dividend so it can conserve cash, while Tsogo Sun Gaming is hardly in the position to after it reported a first-half loss following the closure of its casinos for a good part of the last six months.

More on those stories in your final newsletter of the week, along with an update from Woolworths, which is also still feeling the impact of Covid-19.

Ahead of expected ratings decisions by a number of credit ratings agencies this evening, which could impact the value of the rand, Rand Swiss portfolio manager Gary Booysen puts the currency's recent strength into perspective. And all the latest mergers and acquisitions news from our partners at DealMakers too.

Have a great weekend.

Stephen Gunnion

Managing Editor, InceConnect

The latest from Ingham Analytics

On Monday Ingham Analytics issued a macro themed note entitled "Did your seatbelts go to waste?" which warns that the potential for market volatility going into the end of year remains high and that gold's upward momentum has become exhausted. For tech watchers "What a drag" on Wednesday previewed the interim results from Prosus next Monday and contextualises the impact of Tencent relative to the rump. On a related theme "Anti-Trusted" is a popular download.