Steinhoff International brushed off gains by general retailers on Monday morning, eating into the gains made last week when it reported it would release restated financial results within four months.Steinhoff’s share price fell 13.5% at one point on Monday, but by 9.30am it had recovered slightly and was at R2.53, down from Friday’s close of R2.80. At the same time the JSE’s general retailer index was performing strongly, up almost 2%.The group’s share price rose 25% on Wednesday last week, when it informed parliament it would release restated 2017 results by the end of December, and 2018 results by the end of January.The results will be closely scrutinised as the market attempts to gauge how much value is left in a company that continues to battle to repay creditors, and is facing the prospect of class-action lawsuits from shareholders.Steinhoff’s share price slipped slightly on Friday, despite the company releasing a trading update for the nine months to end-June.The group reporte...
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