2 Jul Rand remains volatile & Steinhoff finally reports results

The JSE closed the month 3.5% higher, with all the gains coming on the last trading day of the month! Our currency remains as volatile as ever, 13.82/$ and 18.10 to the Pound. Employment in South Africa‘s non-agriculture sector rose 0.6% in the first quarter of 2018 to 9 838 million people, compared with the previous three months.

We’re living through quite a spectacular chain of events, when it comes to the Steinhoff story. Now over 100 Tekkie Town executives and staff have walked out, and the founder is not only suing, but also giving notice on the shops where he owns the buildings. Wiese has sold another R3.9bn worth of Shoprite shares – it must be tough being a billionaire! And Steinhoff finally reports results.

Joffe’s Long4Life is buying Rage shoe store chain for R3.9bn, and Old Mutual’s “conscious decoupling” continues, as Quilter lists separately.
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