Consumers are borrowing again after a hiatus at the height of the lockdown. Nedbank says loan applications are back where they were before 27 March - although it's granting fewer than it did back then as impairments remain elevated.

While conditions appear to be returning to some sort of normality, the bank remains cautious due to the longer-term impact on the economy. And it's still guiding for a big decline in earnings this year.

Nedbank's voluntary update was released after the market closed yesterday so we'll see today whether investors viewed it positively or not. They did, however, welcome an update from Sibanye-Stillwater and results from AB InBev and Afrimat, sending their shares higher. AH-Vest, a smaller food producer that flies below the radar, also closed firmer - although in very thin trade - after it announced a maiden dividend following a strong year.

Also in your newsletter today, all the latest mergers and acquisitions news courtesy of DealMakers.

Have a great weekend.

Stephen Gunnion

Managing Editor, InceConnect

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The latest from Ingham Analytics

Tencent closed at HK$606 yesterday. Ingham Analytics believe it is benefitting from a buzz around Ant Group ahead of listing in Hong Kong and Shanghai. "Ant's away" follows on from further analysis of this in "Ant(icipating) a listing". However, if you're a Prosus or Naspers shareholder you're not sharing in the fun with the discount widening further.

Bank shares continue to sell off which "Sink or swim?" projected ahead of the damp squib of a medium-term policy statement.