VIEW ONLINE

16 February 2021
Hello Voornaam,

Steinhoff's shares rallied yesterday after the embattled retail group said Deloitte had agreed to contribute to a settlement with aggrieved shareholders who are suing them both following the collapse in Steinhoff's share price in late 2017. Deloitte was its auditor at the time. While it didn't pass the company's 2017 financial accounts, shareholders claim that it failed to spot the glaring inaccuracies in previous years' numbers. An application to appoint a restructuring expert to Steinhoff's holding company was also dropped, contributing to yesterday's positive move.

Investors took an operational update from Shoprite in their stride, with the retailer's shares almost unmoved despite a decent rise in first-half earnings. As expected, sales were impacted by the government's ban on liquor sales for part of the period.

More on those stories to follow in today's newsletter, along with updates from Sibanye-Stillwater and Momentum Metropolitan, results from Transcend Residential Property Fund and the latest on Huge's bid to buy Adapt IT.

If you haven't yet listened to the latest Magic Markets podcast, in which The Finance Ghost and Mohammed Nalla (Moe-Knows) discuss the VIX index and how investors and traders can use it to time their market entries and exits more effectively, you can access it for free here or in today's newsletter. They also touch on the recent earnings boom among local mining companies such as Sibanye-Stillwater.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect


The latest from Ingham Analytics

The Hong Kong market was closed yesterday so Tencent and newly listed Kuaishou Technology were not traded. Kuaishou had a bumper few days after listing. You can read all about this video-sharing mobile app and what earnings to expect from its largest corporate shareholder Tencent on "Kuaishou bounce". Other popular notes include in "Stop the Game - I want to get off", "All that glitters?" and "Elevator to the stratosphere?"


Todays Latest Headlines

Shoprite held back by alcohol ban
The supermarket group says its LiquorShop business lost out on 79 trading days due to lockdown restrictions.
SHARE THIS STORY
Deloitte settles with Steinhoff shareholders
The auditing firm did not in any way admit liability for the losses incurred by Steinhoff and its stakeholders.
SHARE THIS STORY
PODCAST: Magic Markets Ep12: VIX, not Vicks
The Finance Ghost and Mohammed Nalla discuss some of the macro ratios that can be used in assessing whether the market is experiencing a general feeling...
SHARE THIS STORY
Sibanye-Stillwater mulls K4 development
The mining company has reported a big increase in platinum group metal reserves, partly due to the inclusion of K4.
SHARE THIS STORY
Adapt IT hires Nodus to evaluate Huge bid
The software and digital services group has cautioned shareholders to sit tight until an independent opinion has been published.
SHARE THIS STORY
Momentum Metropolitan raises provisions
The insurance group says first-half earnings will be down as much as 50 percent after it increased its Covid-19 reserves.
SHARE THIS STORY

Company Notices and Announcements
RBFT Investments Proprietary Limited
SHARE THIS STORY
CORPORATE ANNOUNCEMENT BY: TRANSCEND RESIDENTIAL PROPERTY FUND LIMITED
SHARE THIS STORY
CORPORATE ANNOUNCEMENT BY: Adapt IT HOLDINGS LIMITED
SHARE THIS STORY

View All Company Notices And Announcements

This email was sent to [email protected] on 2021-02-16
INCE - A trusted brand in investor
communications for almost 100 years.
SUBSCRIBE | UNSUBSCRIBE
Powered by Ince (Pty) Ltd | 42 Wierda Rd W, Wierda Valley | Sandton | Gauteng | 2196 | South Africa