| MTN's decision to suspend its final dividend for 2020 as it prioritised repaying debt didn't go down well with investors yesterday, sending its shares as much as 4.5% lower. That was despite a strong operational and financial performance from the network operator as it grew its subscriber base and benefitted from a surge in data usage due to the Covid-19 lockdowns. Polish retail landlord EPP has decided to be prudent by withholding a final distribution too, but Growthpoint Properties is going ahead with an interim dividend, saying it will stick to its obligations as a real estate investment trust by paying out at least 75% of distributable earnings. UK wealth manager Quilter has also declared a dividend following a resilient performance last year, sending its shares much higher yesterday. All those results in today's newsletter, along with Master Drilling's latest acquisition as it taps into new technologies to grow its business. And Ascendis Health's creditors have made their intentions clear: they want stakes in its underlying businesses in return for reducing its debt. January's manufacturing data is due for release today. After recovering in the fourth quarter of last year, economists will be keen to see whether the recovery in the sector continued through to 2021. In the latest in the Isibani Webinar Series, managing director Zanele Salman spoke to Philippa Rodseth, executive director of the Manufacturing Circle, about the factors that have contributed to the sector's resilience. Follow this link to find out how manufacturers have fared throughout the Covid-19 pandemic. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
The latest from Ingham Analytics Here is a shocking statistic - Sasol's market capitalisation in 2006 was $26bn, today it is barely $9bn. Estimated adjusted earnings this year, say Ingham Analytics in "A fifteen-year gulf", will be 77% lower in USD than in 2006 and even in 2022 they estimate earnings in USD will be 44% lower. And with bond yields rising sharply central banks are now in a policy dead-end, as analysed in "Now what do they want?" | 