| Perhaps it was concern about today's budget speech by Finance Minister Tito Mboweni and talk of further VAT and personal tax increases that sent Shoprite's shares on a rollercoaster ride yesterday. After rising as much as 10.5% following the release of its interim results, its shares turned around and shot all the way back down, closing 2.2% lower. By all accounts, its results were solid, with a strong performance from its SA operations offsetting most of the impact of currency devaluations at some of its other African operations. Clearly, any increase in taxes will affect retailers and a VAT hike will impact those serving the lower end of the market the most. Curro also had a volatile day, toppling close to 15% in early trade before halving its losses. It has continued expanding despite the weak economy, resulting in weaker earnings. Still, it's hopeful that its investment will pay off in the medium to longer term. AECI said pretty much the same thing six months ago when business realignment projects weakened its interim earnings. Turns out it was right, with a stronger full-year performance from the chemicals and explosives group. More on those results to follow, along with full-year numbers from UK shopping centre owner Hammerson and Imperial Logistics' interim performance. Also, an upbeat trading update from food group Libstar. Watch out for results from Comair and Capital & Counties today. I'll have the details tomorrow - as well as some tidbits from Minister Mboweni's budget. Hopefully, it won't be all bad news. And if you're looking for ways to reduce your tax bill, Jaltech Fund Managers provides some tips for you to get the most out of your Section 12J tax advantages. Click here for quick access. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
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