The JSE was a little higher at lunchtime on Monday, as big industrial stocks and resources recovered from last week’s dip. Steinhoff International recovered a fraction of its lost value, after the embattled retailer sought to calm market nerves in the wake of the accounting scandal that has led to the resignation of its CEO Markus Jooste. Steinhoff said it was focusing on safeguarding operational liquidity to continue funding existing operations throughout its subsidiaries. The drop in the value of Steinhoff shares had a ripple effect on other JSE-listed stocks, prompting some of them to issue statements about their exposure to the troubled company. Investec reassured investors that its exposure to Steinhoff International was negligible, with its loans to the group making less than 0.25% of its total R464.8bn credit exposure as at September 30. Late on Friday, PSG Group said Steinhoff exercised no operational or investment control over PSG. Steinhoff has a 25.5% interest in the inve...
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