Discovery’s share price rallied to a 10-month high even after the insurer again withheld dividends as it continues to monitor the impact of Covid-19 lockdowns on its Chinese operations while pushing ahead with investment in new business initiatives.

The continuation of Discovery’s strategy of withholding dividends, which began with the arrival of Covid-19 in 2020, came after it said on Thursday that net profit attributable to shareholders fell 11% to R2.943bn in the six months to end-December 2022. Even so, the group’s share price still climbed as much as 4.4% to R148.56, the highest intraday level since May 5 2022, before paring gains to close at R145.35...

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