MARKET WRAP: JSE gets a boost from binning of the Shoprite and Steinhoff deal
The JSE ended Monday in positive territory as the end to merger negotiations between Shoprite and Steinhoff spurred significant rises in their share prices. The rand had a relatively quiet day due to US markets being closed for President’s Day. The Steinhoff-Shoprite potential marriage was called off after shareholders scuppered the deal first proposed in December. The parties "could not reach agreement on the exchange ratio that would apply to the share exchange", said the statement issued on Thursday morning. The rand spent most of the day weaker, but it recovered slightly in early evening trade as the dollar softened against the euro. At 6.27pm the local currency was at R13.0523 to the dollar from Friday’s R13.0785. The benchmark R186 bond was last bid at 8.76% from 8.68% previously, having earlier weakened on the softer rand. The JSE all share closed 0.64% higher at 52,558.60 points and the blue-chip top 40 rose 0.96%. Food and drug retailers added 3.01%, industrials 1.18% and r...
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