Telkom surprised the market with a trading statement ahead of the release of its interim results. While it has already prepared investors for no dividend as it preserves capital, it has managed to grow earnings at a decent rate despite the impact of Covid-19 on the economy. It didn't disclose much detail so investors will have to wait until next week for more.

With the market already in risk-on mode as the US elections got underway and investors put their money on a Joe Biden win - and more fiscal stimulus for the US economy - Telkom rallied more than 17%. At the other end of the spectrum, Consolidated Infrastructure Group lost two-thirds of its value after saying power infrastructure subsidiary Conco was applying for business rescue after negotiations with its funders for a voluntary restructure were unsuccessful.

Also today, a second forensic probe into procurement irregularities and misappropriation of funds at Delta Property Fund has wound up and Mazor has announced plans to buy out minority shareholders and delist.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

The latest from Ingham Analytics

Top trader Andrew Kinsey warns in "Buckle up?" that the potential for volatility to ratchet up has elevated in recent days. The Japanese yen crosses have been a good leading indicator of stresses which may be building up in the global financial system.

The share prices of Prosus and Naspers have given a soggy reaction to the $5 billion share repurchase. The outsize discounts to the see-through value of the Tencent stake aren't going away and as Ingham Analytics say there is more risk of a widening (see "Ant's away").