It didn't take long for Omnia to reach a decision on the disposal of its Oro Agri business, which it had grand plans for when it bought it two and a half years ago. Given the debt that accumulated following its expansion, and the R2 billion it was forced to raise in a rights issue last year, it seemed the right thing to do - particularly given the premium it's receiving for the AgriBio business. Shareholders will benefit from a special dividend, share buybacks, or both.

Omnia's shares rose a muted 1.8% yesterday but have gained close to 15% since it announced the proposed deal last Tuesday. The gain paled next to the 24% rise in Europe Metals' share price after it said it was given a sizeable grant by Spain's government to continue with the research and development of its Toral project in north-west Spain - although admittedly it retraced some of yesterday's strong advance.

Read on for more on those stories, as well as interim results from Combined Motor Holdings and Calgro M3, both of which have been severely impacted by the Covid-19 lockdown. Oasis Crescent Property Fund also expects to report weaker earnings but says it has been shielded by the quality of its portfolio. South32 is sticking it its guidance, however, and says it will also resume its share buyback programme.

Finally, as expected, Afrox's shares spiked yesterday following the after hours announcement on Friday that majority shareholder Linde plans to buy out minorities and delist it from the JSE. They closed over a third higher at R23.90.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

The latest from Ingham Analytics

At the Diggers & Dealers conference last week in Kalgoorlie, Western Australia, dubbed the gold mining capital of Australia, senior mining executive Eddy Haegel gave a presentation on nickel. There is good reason for this - as Ingham Analytics mention in "Nickel for Elon?" Elon Musk of electrical vehicle Tesla fame is promising a "giant contract" to a mining company, subject to a couple of caveats. This nickel themed note checks out what's driving interest in a metal better known for its use in stainless steel.