Investors were clearly encouraged by MultiChoice's announcement that French media group Canal+ has been buying its stock, sending its shares close to 10% higher yesterday. They are now trading at their best level since early January, having retraced most of this year's losses.

MultiChoice gave no reason for Canal+ Group's interest, other than saying that it regularly engages with its strategic partners and maintains an open dialogue with the investment community. With a 6.5% stake, Canal+ must surely be seen as such a partner. It was similarly tight lipped, adding that it was a long-term investment.

It wasn't the only share to shoot the lights out yesterday: Balwin Properties rallied following the high-profile launch of its Mooikloof Mega-City development by President Cyril Ramaphosa at the weekend. And Grindrod also rose after saying it was resuming its share repurchase programme.

Meanwhile, Growthpoint's shareholders will be pleased to hear that it's gone ahead with the declaration of a final dividend after holding back just a month ago due to Covid-related uncertainty. The lockdown is amongst the issues that have resulted in Afrimat applying to place Nkomati Anthracite in business rescue. Nkomati is owned by Unicorn Capital Partners, which Afrimat is in the process of taking over. It remains committed to the deal, despite Nkomati's troubles.

Finally, Sasfin has struck what appears to be a reasonable deal for the disposal of its stake in Efficient Group, which delisted from the JSE back in June.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

The latest from Ingham Analytics

Ingham Analytics will be updating their analysis on Sasol in due course but meantime reinforce their call that this is one for the traders to play on stock volatility - only ultra-deep value optimists, they say, would consider Sasol a long range buy and hold. The sale of 50% of Base Chemicals operations for $2bn is a forced sale and at a discount of at least 30% to what it has cost (excluding Performance Chemicals). There remains an overhang concern around a rights issue. Here's a stat - write-offs over three years are double the current market cap.

Recently issued notes include "Outsized Big Five" and "Uh-ho!" (US markets focused), "Ant(icipating) a listing" (Prosus, Naspers and Tencent focused) and "All that glitters?" (update on the gold market).