Concern over a new strain of coronavirus sent global markets lower yesterday, putting a firm end to the recent rally in equities. The UK imposed tougher lockdown measures over the weekend in response to the more virulent strain while European countries tightened restrictions - particularly for UK travellers.

Oil prices also fell sharply as the new restrictions cast doubt over a recovery in fuel demand. That resulted in a decline in Sasol's share price despite news that it has sold another asset as it continues to make progress with its debt reduction programme.

In the US, electric carmaker Tesla fell more than 5% as it debuted on the S&P 500 share index. Shares in the company, founded by South African Elon Musk, reached a record high of $695 on Friday, giving it a value of more than $650 billion. Tesla is the subject of Ingham Analytics latest Searchlight. You can find more details down below.

Also today, Hyprop is going ahead with the payment of this year's distribution - although it appears unhappy at the JSE's decision on how it has to be paid. And Dis-Chem is expanding its reach across the country with the acquisition of another pharmacy chain. Meanwhile, Woolworths has announced the sale of one of David Jones's landmark buildings in Australia to help reduce debt and Stenprop has sold another German retail property as it hones in on the UK industrial property market.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

The latest from Ingham Analytics

Monday, 21 December was a big day - for Tesla, as it was included in the S&P 500 Index. In "Credit where credit is due?" Ingham Analytics unpack the quirks of this listing. Astonishingly, Toyota is now number two in a key MSCI Index - behind Tesla. How much would Tesla earnings have to grow to match Toyota's rating? Vertiginous is the answer. And that's being generous, including automotive regulatory credits that make up most of Tesla profits. Also check out their latest note on Tencent entitled "Gaming for change".