Pepkor had a rough day on the market on Tuesday following clarification of a rather garbled trading statement released by the company last week. It wasn’t entirely Pepkor’s fault that Friday’s trading statement revealed nothing about how it traded during the six months to end-March. The JSE has very specific regulations about what must be disclosed in a trading update and in an effort to stick within these regulations, Pepkor ended up providing information that was more misleading than instructive. Tuesday’s weakness — down by as much as 4.6% at one stage — followed reports that the actual trading profit for the six months to end-March might have fallen by up to 4% or increased by up to 6.7%. This is at the low end of market expectations and means the share price was on a rather demanding rating. And that’s without considering the huge shadow cast by its controlling shareholder Steinhoff, which holds 71% of Pepkor.The Pepkor stake is without doubt Steinhoff’s most valuable investmen...

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