Despite being halfway through December, the volumes have not dropped, on Friday alone $4.4bn traded – no surprise really as the Steinhoff drama is not over; still lots of short covering and on Thursday Christo Wiese alone had a R1bn margin call. Naspers hosted their first Investor day in NYC on Tuesday, it hasn’t really satisfied the market; the share closes at R3310 on Friday; lots of “non-talk” about how to unlick the 40% discount the share is now trading at. Neil Froneman has gone shopping again… now Sibanye-Stillwater is buying Lonmin. PPC has rolled over as the last bidder, Lafarge/Holcim withdraws its bid. Standard Bank has a new CEO for the South African business, and as expected, the US raised interest rates by 0.25%.

 

The Steinhoff drama isn’t over yet

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