The shares of Christo Wiese’s industrial holding company, Invicta, surged by more than a quarter on Monday, after it said it managed to grow operating profits despite a year characterised by load-shedding, drought and Covid-19 uncertainty.

Invicta, which employed 3,000 people as of 2019, is looking to cut about a fifth of its workforce after swinging into a loss in its year to end-March amid writedowns that exceeded its market capitalisation...

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