JSE softer as Steinhoff falls and market braces for rand volatility
A series of looming risk events put the JSE under pressure on Friday morning, with the Steinhoff saga and the ANC elective conference expected to provide a steady flow of news. Analysts expect extreme rand volatility at the weekend, with the ANC conference coinciding with a number of global political events. Steinhoff International fell 9.75% to R8.05 after news late on Thursday that billionaire Christo Wiese, the chairman and largest shareholder, was stepping down from the supervisory board following the accounting scandal that has engulfed the retail giant. The company also informed the market on Friday morning that various banks providing funding to the entity had enforced their security rights, selling about 98.4-million shares. Steinhoff has had two positive and two negative trading sessions this week as it battles to stay afloat after more than R160bn in shareholder value was wiped off the books following the resignation of CEO Markus Jooste last week. Banks and retailers were...
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