The economy emerged from recession in the third quarter of the year as GDP jumped by an annualised 66.1% from the previous three months - when it shrank by 51.7% as a result of the Covid-19 lockdown. On a non-annualised basis, it expanded by 13.5% quarter-on-quarter.

The outcome was a little better than expected, helping the rand to a stronger finish yesterday - although emerging-market currencies were generally firmer all round.

PPC's interim results exemplify the recovery, with demand for cement improving between June and September as lockdown restrictions were eased and consumers bought more of its product. It says it's also starting to experience the positive impact of increased infrastructure spending. It's shares rose sharply yesterday after it said it was making good progress on a capital restructuring.

Sygnia's shares ended flat despite a strong set of annual numbers from the fund managers - though they jumped 19% last Tuesday after it issued a trading statement alerting shareholders to the improvement.

Meanwhile, Caxton is the latest company to embark on a share buyback programme, while Northam Platinum has continued to repurchase the Zambezi preference shares it issued as part of the funding structure for its 2015 empower deal with Zambezi Platinum.

Finally, AngloGold Ashanti has made former Absa and Transnet CEO and National Treasury director general Maria Ramos its new chair, replacing Sipho Pityana with immediate effect.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

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