| EOH's shares staged a remarkable turnaround yesterday after news of a resilient second-half financial performance offset the JSE's maximum fine for publishing false and misleading financial statements under previous management a couple of years ago. Given its close to R1 billion market cap (it was a lot higher before the market go wind of its financial shenanigans) and its improving financial position, the R5 million it will ultimately have to pay isn't particularly significant. Hopefully, it's the end of the episode for the company. While EOH says it has returned to a stable position notwithstanding the negative effects of Covid-19, other companies are revealing the impact the pandemic will have on their performance. Standard Bank says first-half headline earnings will be down by as much as 50%. Meanwhile, Sasol is continuing to build its defences against Covid-19 and a low oil price with another asset sale. More on those stories to following, along with results from AECI and Accelerate Property Fund and the reduced price Grand Parade Investments will fetch for its stake in Burger King SA. Finally, while the impact of Covid-19 is being felt by everyone, the poor and vulnerable are particularly affected. You can help to make a difference. See more about the iHIVE initiative down below. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
WHERE DOES THE BUCK STOP? As we're all too aware, the effects of Covid-19 have been devastating to the world. The pandemic has laid bare exactly how fragile our human systems are and it has destroyed the notion that humanity can live in protected silos. Our wellbeing is directly linked to the plight faced by the most vulnerable amongst us. This has been acutely felt through the escalating hunger crisis in the wake of the pandemic. Food insecurity has a direct impact on national development and personal safety for all of us and Covid-19 has brought a stark warning to everyone that we're responsible for each other. iHIVE, a product of partnership between InceConnect, Bridge Capital, and www.acumen.zone, is trying to make a difference and you can help. Find out more here
Latest note from Ingham Analytics - "Forever blowing bubbles..." The Swiss franc has been appreciating - against the US dollar - and the US dollar index has been under pressure since a brief spike in late March as Covid-19 gripped the world. Ingham Analytics make an analogous point that central bankers are all fans of West Ham United - referencing the West Ham anthem "I'm Forever Blowing Bubbles". Currency volatility has risen, the dollar and other major units of account are vulnerable, and the financialisation of world equity markets has reached extremes unrecorded in modern financial history. The note includes fascinating stats. To quote the anthem, bubbles, like dreams, fade and die. | 
