Embattled Steinhoff continues trading: JSE

WEB_PHOTO_STOCK_MARKET_SHARE_TRADING_26092017

The JSE reopens on Tuesday after a long weekend to gloomy global markets.

The JSE reopens on Tuesday after a long weekend to gloomy global markets.

WEB_PHOTO_STOCK_MARKET_SHARE_TRADING_26092017

The JSE reopens on Tuesday after a long weekend to gloomy global markets.

The JSE reopens on Tuesday after a long weekend to gloomy global markets.

 

 

 

JOHANNESBURG – Scandal-hit company Steinhoff will continue trading as normal, the Johannesburg Stock Exchange (JSE) confirmed on Thursday.

READ: Government pensions to be hit hard by Steinhoff scandal

The German-based South African international retail company continued trading normally in Frankfurt too.

 

 

 

 

The JSE said it had considered all facts available at its disposal in coming to its decision.

The stock exchange, which is Africa’s largest, said it would continue to monitor developments to ensure the integrity of the local market.

Steinhoff, which owns popular retailers Pep, Ackermans, HiFi-Corporation and Incredible Connection amongst others, could face a probe by the Financial Services Board, according to the JSE.

The share price of Steinhoff dropped sharply after company CEO Marcus Jooste announced his resignation amid accounting irregularities.

READ: Steinhoff CEO quits over accounting irregularities

Jooste was at the helm of the company for around two decades. 

Steinhoff’s shares plunged over 60 percent on Wednesday alone with an over 30 percent dive by midday Thursday.

READ: Steinhoff shares plunge 60% after CEO quits

South African billionaire Christo Wiese takes over as CEO on a temporary basis.