Steinhoff closed 4.5% higher
ended in negative territory under the weight of some mining stocks, says BDLive
. This is the second day in a row the local bourse has closed in the red. The market lacked direction in a day of “mixed global markets”.
Putting in a good performance was Steinhoff, which ended the day 4.5% higher at R58.49, reports Fin24
. This followed news of a deal to take over Pepkor
Shares in Brait took a hammering
The deal includes Brait Securities selling its Pepkor holding to Steinhoff, notes BDLive
. Investors took this part of the deal badly, with shares in Brait closing the day “18.83% down at R71.79”.
Head of research at Imara SP Reid, Stephen Meintje, said that he’s confident in Brait over the long-term investment wise, adds BDLive
. But he added that “for sceptical investors Brait is a sell now”.
Portfolio manager, Reuben Beelders of Gryphon Asset Management says Steinhoff already moves “low margin products in high volumes” with its furniture, says MoneyWeb
. It now has access to do the same with “clothing, footwear and household goods” by taking over Pepkor.
At the end of the day, the Top 40 Index was down 0.38% at 44,909. The All Share Index was down 0.43% at 50,508.
Of the poorly performing shares, Omnia shed 11.23% taking it to R191.50, says Fin24
. This came after the fertiliser company “posted a 5% decline in first-half profit”.
It was a busy day on the market with nearly 300 million shares traded, notes MoneyWeb
. That’s “almost double last year’s daily average of 176 million shares”.
So a mixed bag of performances by stocks on the JSE. Time will tell if the JSE can break its days of losses.
*********** Hot off the press ************
Revealed: Fast moving SA small-caps that could make you 200% or more
Top small-cap expert, Francois Joubert wants to offer you the chance to get in early on some of the fastest moving shares listed in South Africa today...
Shares with such extreme potential they can shoot up by 200%... 300% or even 500% in as little as two years.
Quite simply, he’d like to help put you in the running for the kind of profits most investors never even get a whiff of!
To discover the tiny companies behind these explosive stock stories click here