There's nothing like a bit of intrigue to set Twitter abuzz. Zeder Investments' late evening announcement that CEO Norman Celliers had resigned as it reconsiders its strategy did just that. It wasn't clear from the statement whether Celliers was departing due to the potential changes or because his job was done following the recent disposals of its stakes in Pioneer foods and Quantum Foods, with the latter sold at R5 a share in June ahead of a rally in the poultry group's share price to almost R10. He'll be replaced by CFO Johann le Roux for now but @smalltalkdaily analyst Anthony Clark has his money on someone else getting the job.

There were no surprises with Aspen's annual results after the pharmaceuticals group prepared investors for the numbers in advance. It also reduced gearing in line with its guidance, which will provide comfort to those who were concerned about its debt pile.

Growthpoint Properties, Momentum Metropolitan Holdings and Sabvest Capital also reported yesterday and you can find more detail on their numbers in today's newsletter, along with an update from Alviva, the technology company formerly known as Pinnacle Holdings.

Finally, with dividends drying up due to Covid-19, Rand Swiss can guide you on how to make the best investment decisions. Rand Swiss is an authorised financial services provider and currently ranked South Africa's #1 Stockbroker, Best Advice Broker and People's Choice Award Winner by the Intellidex/Financial Mail Top Stockbrokers Survey.

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I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

The latest from Ingham Analytics

In the recent US tech market gyrations, the name Softbank has cropped up to take on the role of villain of the piece. It turns out that Softbank has been the buyer of enormous quantities of leveraged call options on US mega-tech shares. The result? A distortion of the usual internal dynamics of the equity markets. The mechanics are complicated and Ingham Analytics explain them in "The devil incarnate, Softbank?" The consequences of the role Softbank has played in engineering a fractured tech market has yet to fully play out. Will it be the devil incarnate? If you are physically invested in US tech you'll want to read this note - and think about taking out some derivative protection.

Capitec went up again yesterday to close at R961. Ingham Analytics latest analysis on Capitec entitled "Looking for dips" has been well timed. Since they made their call in "Rating retreat" the stock is up 20%.