JSE remains weaker as property rout calms after Resilient’s resilience
The JSE was weaker at midday on Thursday, as property stocks came back from a sharply weaker opening, but sentiment remained cautious. After losing about 6% at one stage, the property index pared losses to about 1% following a trading update from Resilient that it expected its interim dividend to end-December to rise between 13% and 13.5%. It provided no further detail on rumours that Resilient and companies in the group were the subject of a pending negative report from Viceroy Research. Viceroy confirmed in a tweet dated December 29 that it would release a report on a "South African name", but it would not disclose any "fuller details" on the company until publication. Market rumours were that the report could affect Greenbay Properties and Nepi Rockcastle, two of Resilient’s important subsidiary investments. Nepi Rockcastle was down 20% at one point in frenzied selling, before recovering lost ground. A similar report on Steinhoff in December sent Steinhoff shares down 90% and led...
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