The JSE weakened on Wednesday, as rand-sensitive stocks showed signs of profit-taking after a recent surge, while miners benefited from firmer prices for some commodities. Corporate scandals continued to hit individual shares on the local bourse, while market heavyweight Naspers helped offset losses. Embattled global retailer Steinhoff International fell 34% to R4.62, after German law firm TILP announced earlier it was seeking what could be billions of euro in damages from the company on behalf of investors. Echo Polska Properties plunged 20.1% to R13.95, after Polish anti-corruption authorities arrested non-executive director Przemyslaw Krych. Echo Polska said the investigation of Krych did not appear related to company activities. Banks‚ retailers and other stocks that track the performance of the local economy and are sensitive to the rand have been well supported over the past two sessions. This was as a result of the rand’s rally following the election of Cyril Ramaphosa as the...
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