The JSE closed just about flat on Monday as banks and retailers retreated on the weaker rand, but Steinhoff recovered in volatile trade. Banks and financials were hard hit in risk-off trade ahead of a probable interest-rate increase by the US Federal Reserve on Wednesday. Global miners shrugged off mixed commodity prices, benefiting from a weaker rand during the course of the day, while Brent crude had lifted 0.9% to $63.9 a barrel by the JSE’s close. Steinhoff shares were in demand on Monday. This followed an announcement by the group that it was focused on safeguarding operational liquidity to continue funding existing operations throughout its subsidiaries. The group said it intended to get assurances from banks that entailed continued support for existing facilities from all its lenders, to achieve "an immediate stabilisation of the group’s financing". Speculation that the troubled group was set to sell Pepkor, or distance itself from Steinhoff Africa Retail to save the group, w...
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