Pick n Pay's results yesterday were overshadowed by the news that it's buying Bottles, the online grocery service it's been in partnership with for the past couple of years. Bottles cannily repurposed its app at the beginning of the lockdown when alcohol sales were banned, quickly switching to grocery deliveries. That helped Pick n Pay grow online sales strongly in the first half of its financial year. However, as it warned in recent updates, overall sales and profitability were hampered by the lockdown.

With consumers still under pressure, Standard Bank also remains cautious due to the impact it could continue to have on disbursements and loan repayments. It released a nine-month update for the benefit of large shareholder Industrial and Commercial Bank of China yesterday, warning that new waves of Covid-19 infection, subsequent lockdown and further job losses remained a risk to its trading environment.

Meanwhile, Steinhoff's woes continue. As it tries to reach a settlement with shareholders who are suing it for the accounting shenanigans that resulted in the collapse in its share price almost three years ago, the JSE has fined it for misleading investors.

Also today, BHP Group is sticking to its production guidance for the year after a solid first quarter and Orion has resumed drilling for prospects near its Prieska project in the Northern Cape.

Finally, with many South Africans pushed to the edge due to Covid-19, Today's Trustee considers a DA draft bill that would allow pension fund members to raise loans backed by their retirement contributions.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

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