| Standard Bank will be the first of the large local banks to release results that include the impact of the Covid-19 pandemic when it reports on Thursday. However, all the banks have already given an overview of what to expect in recent trading statements - and it's not good news. While Covid-19 and lockdown conditions have only affected part of the reporting period to end-June, banks are required to include the credit impairments they expect to incur in the future due to the accounting methodology they use. With rising unemployment, bad debts are also likely to increase. Combined with the big decline in interest rates this year, earnings will be under pressure. In The Week Ahead, Chris Gilmour lists some of the other companies reporting in the days to come, including resources giant BHP tomorrow and Truworths, also on Thursday. Meanwhile, Sibanye-Stillwater has outlined what shareholders can expect when it reports back next week - and it's mostly good news thanks to stronger prices for gold and platinum group metals. More on that to follow in today's newsletter, along with updates from Woolworths, KAP Industrial and Master Drilling, as well as full-year results from Tongaat Hulett. Its shares jumped 9% on Friday due to the positive impact a restructuring has had on its performance. I hope you have a good week. Stephen Gunnion Managing Editor, InceConnect
Recent notes of topical interest from Ingham Analytics "Rolling in the Deep....." will be of topical interest seeing as West Texas Intermediate and Brent oil are well above levels in March this year. Can this last? BHP reports full year results on 18 August so "Iron ore up, all else down" will be of interest - Ingham Analytics expect EBITDA of $22 billion for the group with iron ore contributing 64% of the total, up from 48% last year. Petroleum, copper and coal will all be down. Sasol will be in the spotlight for full-year earnings today so expect further forensic analysis from Ingham Analytics in days to come. | 