Global markets took a breather from their recent beating yesterday, clawing back some of Monday's steep losses on hopes that stimulus measures by some of the largest economies will stave off a global recession. The JSE recovered as much as 3.5%, before retracing some of its gains to close 1.3% higher. London's FTSE 100 index and the CAC 40 in Paris erased early gains as investors remained unconvinced. In the US last night, the main indices all gained close to 5%, recovering from their worst daily decline since the global financial crisis.

As expected, Assore's shares rallied following the announcement late on Monday that the mining holding company planned to buy out minority shareholders at a big premium. It led the gainers, with an 82% rise, taking it close to the R320 the company has proposed buying them out at.

FirstRand led the banks higher after reporting a 5% rise in first-half earnings - although it has warned that its second half may not produce quite the same result.

Sasol continued its fall, dropping below R70 at its worst yesterday. Is there a bottom? The shock news of the Saudi-Russia oil price war, which collapsed the price of oil by 30%, came the day after Ingham Analytics issued their note "What a gas" on Thursday 5 March - it was prescient and gave timely forewarning that all wasn't necessarily well for Sasol's finances - despite a small silver lining for the Lake Charles Chemicals Project. Follow this link to access the report.

Also today, Brimstone isn't paying a final dividend for 2019 but has proposed a capitalisation that will see it distributing N shares to its shareholders. And Texton Property Fund has reduced its payout as it endures tough conditions in SA and the UK.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

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