The JSE dipped on Thursday, as the value of Steinhoff shares sank further, dragging down associated stocks.The consumer goods retailer has lost more than two-thirds of its value in two sessions, after CEO Markus Jooste quit amid accounting irregularity claims."Without clarity, markets tend to think of the worst possible scenarios," said David Shapiro, deputy chairperson at Sasfin Securities. "You can’t afford to be complacent, especially if you are managing people’s money."ICT group EOH, which was recently tainted by allegations of government tender irregularity before being subsequently cleared, fell nearly 20% on Thursday, its lowest level since July 2013.But other industrial stocks and resources rebounded from a recent sharp sell-off, a development that provided some cushioning to the blow in the local share market.Thus, the all share was off 0.24% to 57,872.70 points at lunchtime, with the top 40 shaving off 0.15%.Banks were down, in line with a weaker rand, but insurance stocks...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.