The JSE's recent rally has fizzled out in thin pre-holiday trade with the All Share index edging lower yesterday, paring gains for the year to just over 8%. That's despite optimism of an imminent trade deal between the US and China, which supported the rand and other emerging-market currencies.

There was little response to positive news on the disposal front. AngloGold Ashanti has finally sold its Sadiola Mine in Mali as it focuses on longer-life projects with the potential to deliver better returns, while European shopping centre owner intu sold one of its Spanish malls as it battles to reduce debt. Meanwhile, Anglo American reached a significant milestone after receiving the licence it needs to boost its Minas-Rio iron ore mine in Brazil to its full potential. Its shares also pulled back.

News from Sebata Holdings, the company that was previously known as MICROmega, was less positive. It has swung to a first-half loss due to a dearth of work from the government. While it claims its hands are clean, it says there has been increased scrutiny of all public sector spending as the government tries to reverse endemic corruption.

Finally, Ingham Analytics expects Anglo subsidiary Kumba Iron Ore to end the year with a strong financial performance, driven by higher average realised iron ore prices. However, there is a caveat. Click herefor access to their latest research.

This is your last newsletter for 2019; I'll be back with more on 6 January. Until then, I hope you have a good festive season and, whether you're staying at home or travelling, stay safe.

All the best for 2020.

Stephen Gunnion

Managing Editor, InceConnect