| The economy is back in a recession - something that a number of companies currently reporting their 2019 results are feeling intensely. GDP fell 1.4% quarter-on-quarter in the final quarter of last year following a revised 0.8% contraction in the third quarter. That has resulted in growth of just 0.2% for the year as a whole. For Nedbank, that's translated into waning demand for credit and rising defaults. It doesn't expect much of an improvement this year either. Building and infrastructure group Wilson Bayly Holmes-Ovcon is feeling it too, as is building materials retailer Cashbuild. Nedbank and WBHO's shares declined after they reported results yesterday but Cashbuild's rose as it maintained its interim dividend thanks to strong cash flows. RBPlat also reported back and hinted at a future dividend as its Styldrift project ramps up and it generates strong cash flow too. Delta Property Fund is unlikely to pay a dividend if a trading statement released yesterday is anything to go by but its shares improved by a third after it said a merger with Rebosis was off. More on these stories in today's newsletter, along with results from another property fund, Attacq. Finally, Ingham Analytics' latest note - "2020 budget - backdrop to an outrageous prediction" - which continues the JSE-listed banks theme following the Tito Mboweni budget, is raking in orders. If you enjoyed "Saxo's electrifying message" dated 6 January, which generated the highest number of downloads, you'll like this latest analysis too. Find out why Ingham Analytics believes you should be very cautious when it comes to putting money into the big four banks. Follow this link for more. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
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