| The JSE was carried along as news of a possible vaccine for Covid-19 lifted global equity markets, sending shares in banks, property funds, and tourism-related companies higher. Sasol rallied 24% as the oil price benefitted from the risk-on trade. Gold shares fell sharply as bullion lost its safe-haven allure. Multinational pharmaceutical group Pfizer and German biotech firm BioNTech are developing the vaccine, which has proved to be more than 90% effective in a large-scale trial. That's given rise to hope that the global economy can return to more normal conditions sooner than previously expected. It's hard to say how the market viewed news from Harmony Gold Mining, which announced it could be in a net cash position by the end of March. It toppled along with the rest of the sector as the gold price pulled back close to 5% and the rand strengthened. A trading statement from MultiChoice ahead of results later this week was welcomed by investors. It will report a strong rise in earnings as it narrows losses at its operations outside SA. Raubex also rose after announcing an interim dividend despite reporting a first-half loss. More on those stories to following, along with updates from Spur Corporation and Imperial Logistics, as well as interim results from Luxe Holdings. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
The latest from Ingham Analytics Ingham Analytics say that balances on Ant Group's lending platform are 2.2 trillion Chinese yuan or $330 billion. Alibaba owns 33% of Ant, whose listing was pulled last week. In their note on Alibaba entitled "White-Anted" they point out that Ant only recorded 2% of its lending on balance sheet last year whereas new regulations require at least 30%. They say that Ant would be rated more in line with a bank rather than a pure fintech internet play. The note gives details on the new regulatory dispensation and implications. | 