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WATCH: 10 basic items now more expensive than a Steinhoff share

Apr 04 2018 14:03
Lameez Omarjee

Cape Town - Once a firm favourite among asset managers, Steinhoff shares have dramatically plunged in value since its former CEO Markus Jooste's shock resignation in late December.

The 'Ikea of Africa' was once among the top 10 most valuable firms trading on the JSE by market capitalisation. It is now at number 90. 

The retail group's shares were trading at about R46.24 in December 2017, before plummeting after Jooste resigned over accounting irregularities. 

The irregularities are still being investigated in a forensic report by PwC. 

The Stellenbosch-headquartered conglomerate's share price opened at R3.30 on Wednesday morning, before dipping to R3.09 by 10:15. This is over 90% down from the day before Jooste announced his resignation. 

Fin24 has compiled a list of 10 basic items more expensive than a Steinhoff share:

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steinhoff  |  markus jooste  |  christo wiese  |  retail  |  equities


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