Steinhoff, Shoprite & the Paper Revival
Market update: we’ve had a nice little rally, up ½% on Friday bringing the week’s gain to 2%. But the Rand has suffered quite a blow this week, last trading at 13.47 to the US Dollar on Friday, partly driven by a stronger greenback after the US non-farm payroll numbers surprised to the upside. It looks like Wiese is not giving up just yet on combining his Steinhoff and Shoprite assets, they announced on Friday that Steinhoff is looking to take a controlling stake in Shoprite. Both paper companies, Mondi and Sappi, reported last week. Companies like Amazon, Takealot and Superbalist are reviving the industry with all the boxed home deliveries.