| Solid but not exceptional. That's how analysts described a trading update from Clicks yesterday. And with its shares trading at a lofty price-to-earnings multiple, they declined on the first glimpse of its performance this year. AVI's shares were also sold down after it warned of lower profitability for the first half of its financial year. While its food and beverages business have done okay, shoes aren't selling quite as well in a tough consumer environment. And December's load shedding didn't help either. Anglo American Platinum has also been affected by load shedding, which cost it 38,000 ounces in production of platinum group metals last year. Together with Kumba Iron Ore and parent company Anglo American, it reported fourth quarter production numbers yesterday ahead of their full-year results in February. Meanwhile, ArcelorMittal SA has warned a big loss following what it says was the worst year for the world steel industry since the global financial crisis. It's responded by reviewing its operations and cutting jobs. More on all those stories in your final newsletter of the week, as well as all the latest mergers and acquisitions news from DealMakers. Finally, in case you missed it, we've been running a series of articles on Section 12J investments and the benefits they provide through tax incentives. Today, Jaltech Fund Management brings you the A-Z of Section 12J. You can find it here. I hope you have a good weekend. Stephen Gunnion Managing Editor, InceConnect | 