INL has retraced sharply from resistance level identified on 20 Sept, primarily on the back of the an update from the company indicating higher costs associated with:

- management actions taken to simplify the business (spinning out of IAM ) - weaker investment banking performance in the UK
- uncertainties caused by Brexit,
- weaker corporate environment in South Africa
- A fall in HEPS

We currently trade at support, rebounding with a reversal candle today. Should we see a new print below 7620, it may be an opportunity to trade up to 7980c.