| Investors seemed happy enough with an update from Woolworths yesterday, in which it details the measures it's taking to deal with reduced trading due to lockdown conditions in SA and New Zealand and restrictions in Australia. It can only sell food locally and can't keep up with demand for online sales. In Australia, its larger format David Jones stores remain open and it's seen a boom in online transactions. Notably, its executives have agreed to a 30% pay cut for the next three months so it can keep paying the rest of its staff, with extra for those who remain part of its essential workforce. All companies are being forced to adopt extraordinary measures due to Covid-19. Grindrod, a freight, logistics and financial services group, believes it will emerge stronger. Hopefully other do too. Those with a strong online capability will be glad of it now. One company that may also come out stronger is pharmaceuticals group Ascendis Health due its portfolio of international pharmaceutical products. Chris Gilmour takes a closer look at Ascendis and asks whether fortune could favour the brave investor in this sold-down share. In "The JSE All Share isn't alone, and neither is the rand" Ingham Analytics make the sobering observation that the JSE All Share Index is down 40% in US dollar this year (more since the note was issued last Thursday) and that this hides the fact that many stocks have been hit far worse. A shaky start to the year has turned into a nightmare of unmitigated proportions due to Covid-19. But they give helpful context, on both currency and stock markets, taking Norway, Australia and Brazil as examples. They also share some refreshingly sober and unemotional findings from Moody's, the ratings agency, that may just lift your spirits. Click here to read. Finally, following on from his initial report, "The Market's Twin Towers" Part 1: Liquidity, top trader Andrew Kinsey explains why volatility is often overquoted and substantially misunderstood. You can find the new report here and also in today's newsletter. Stay safe. Stephen Gunnion Managing Editor, InceConnect
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