MARKET WRAP: JSE weakens on gold and platinum shares, and as Steinhoff plummets
The JSE closed weaker on Wednesday on platinum and gold stocks, and as Steinhoff took a big hit following the resignation of CEO Markus Jooste.Steinhoff finally admitted to some accounting irregularities that has kept its share price on the back foot for the past few months. In an unprecedented sell-off, Steinhoff lost about R140bn on the day. It closed at R45.65 on Tuesday, with a market value of R216bn, but ended Wednesday worth a substantially less R76bn at R17.61 a share, a drop of 61.42%.Platinum and gold stocks were sharply lower on depressed metals prices and a weaker rand. The platinum price shed 1.52% to $901.99 an ounce. Gold was flat at $1.264.97.The all share closed 1.64% lower at 58,010.20 points and the blue-chip top 40 dropped 1.6%. The gold index shed 4.14%, platinums 4.01%, industrials 2.28%, food and drug retailers 1.45%, and resources 1.06%. Property added 0.04%.Anglo American dropped 1.21% to R245 and BHP 0.94% to R242.29.Sasol was 0.08% off at R416.44 as Brent c...
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