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From The Dealing Desk 07-12-17
7 December 2017 | Stephan Maritz
 


Steinhoff – Where is it going?

Continued panic selling has resulted in Steinhoff dropping another 21.6% this morning, this on the back of losing 61% yesterday. SNH is currently trading at R13.80 at the time of writing this article.  Steinhoff’s demise has had a knock-on effect on Steinhoff Africa Retail (SRR), Shoprite (SHP) and KAP Holdings (KAP).

Another fact to be mindful of is that the JSE has decided not to suspend the listing of SNH or halt trading in its shares. This can however change. The JSE has requested SNH and its sponsor for details regarding the “accounting irregularities” as a matter of urgency. According to Viceroy Research, the accounting irregularities may be related to “at least 2 off-balance sheet, undisclosed related-party entities”.

Please take care and account of all facts when considering whether to trade Steinhoff.

 

What to watch today

Local

  • Aspen AGM

  • Gross and net reserves

  • Mining production

  • Manufacturing production

Europe & UK

  • No events

 Asia

  • No events

 US

  • Initial jobless claims

  • Challenger Job Cuts Survey

  • Quarterly Services Survey

  • Consumer Credit

 


Stephan

Stephan Maritz
Head of Trading and Portfolio Analyst 

Stephan heads up Sharenet’s trading desk and is a full-time trader and portfolio analyst, also responsible for equity research across industries. Stephan developed his passion for the markets while working in the Stockbroking division of Standard Bank and is especially passionate about CFD trading. Stephan studied at the University of Stellenbosch and completed a BComm Honours (Business Management) with a focus in Portfolio Management and Bonds. He has also passed the JSE Equity Trader’s Exam, RE5 (Representative) and RE1 (Key individual) Exams as well as the Registered Persons Exams (RPEs) in order to give advice on equities.
 


Disclaimer:
The information contained in this article is for informational purposes only and must not be regarded as a prospectus for any security, financial product or transaction. It is neither to be construed as financial advice nor to be regarded as a definitive analysis of any financial issue. Investors should consider this research/article as only a single factor in making their investment decision. We recommend you consult a financial planner/advisor to take into account your particular investment objectives, financial situation and individual needs.

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