| Perhaps Woolworths' annual results weren't quite as bad as expected - or perhaps shareholders were reassured by the measures new CEO Roy Bagattini is implementing to improve the profitability of the retailer's local clothing division and its David Jones department store chain in Australia. Despite reporting a significant decline in earnings, and predicting a continuation of challenging and uncertain trading conditions, its shares rose 6.6% yesterday, reversing some of this year's sharp losses. Another share that did particularly well was Hyprop, owner of shopping centres that include Hyde Park Corner and Rosebank Mall in Johannesburg and Canal Walk and Capegate in Cape Town, as well as a number of other office and retail properties. To me, it was unclear how and when it plans to pay its distributions for the year - including the interim distribution it held back in March. Perhaps there will be more clarity when it releases its annual results on Monday. Meanwhile, OneLogix isn't paying a final dividend so it can safeguard its cash. That's despite a pretty resilient performance for the year. And Blue Label has reached a deal to sell its Mexican business so it can focus more on its local operations. It's Friday, so DealMakers also has all the latest merger and acquisitions news. Enjoy your weekend. Stephen Gunnion Managing Editor, InceConnect
The latest from Ingham Analytics Ingham Analytics has just released "BA(D) 900 news?" which analyses the July 2020 BA900 returns for the South African banking system. You may wish to read this in conjunction with their note in June entitled "BA900 isn't a British Airways service to Jo'burg" which is just as relevant today - and with a forecast of what was to come. They are on record as advising to stay clear of investing in the big four South African banks even before Covid-19. Is this not the time to rethink? What about a V shaped economic recovery, are there signs in the depths of the banking system, or not? For mining investors their note this week entitled "Steel yourselves" will be of interest, especially for those exposed to Anglo American and pure iron ore plays Kumba, BHP, Fortescue and Rio Tinto. With US tech selling off again yesterday "The devil incarnate, Softbank?" will continue to be of relevant interest. | 
