File Picture: MICHAEL BRATT
File Picture: MICHAEL BRATT

A collapse in the Steinhoff share price continued on Thursday, with the local bourse ending the day little changed after gains by Naspers and miners.

Steinhoff plunged 43.21% to R10, with companies within Christo Wiese’s stable also under pressure. The global clothing and furniture retailer is facing allegations over accounting regularities, and its shares have dropped 82.08% this week.

Banks and retailers tracked the weaker rand, while miners were lifted, also bolstered by better-than-expected mining data for October. Mining production increased 5.2% compared to the same month in 2016, compared with a consensus forecast of a 4.1% increase.

Mining production figures on their own have very little impact on the Reserve Bank’s monetary policy decisions, and even if they did, the future path of interest rates remains murky given the many political and policy uncertainties facing the economy, said Nedbank Group Economic Unit analysts.

The all share closed little changed at 58,013.2 points while the top 40 gained 0.16%.

The property index lost 2%, general retailers 1.93%, banks 1.03%, and financials 0.81%. Platinums gained 2.2%, resources 0.93%, and gold miners 0.85%.

Kumba Iron ore added 5.23% to R346 and Exxaro 3.33% to R144.66, while Assore lost 3.3% to R278.

Steinhoff Africa Retail dropped 10.53% to R17 and Shoprite 2.57% to R217.38.

PSG shed 2.86% to R268.50 and Brait 5.21% to R40.02.

Woolworths shed 3.35% to R58.27.

Capitec lost 2.79% to R949.75.

PPC fell 2.9% to R6.69, after earlier informing shareholders that it had been jilted by one of its three suitors‚ Dublin-based CRH.

Technology group EOH plunged 34.67% to R45. The company was recently tainted by allegations of government-tender irregularity before being subsequently cleared‚ and has fallen nearly 20% since July 2013.

Naspers gained 2.52% to R3,532.02, tracking gains in Hong Kong listed Tencent, of which it owns a sizable chunk.

Comair gained 5.45% to R5.80.

Shortly after the JSE closed, US markets were firmer, with the Dow up 0.16% to 24,180.55 points. European markets were mixed, with the FTSE 100 off 0.1% but the DAX 30 up 0.17%.

Gold had fallen 0.73% to $1,253.90 an ounce and platinum 0.34% to $900.23, while Brent crude was up 0.8% to $61.70.

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