Steinhoff shares crash

Investors are shell-shocked after the market witnessed a stunning crash today. Shares in the biggest retailer in Africa, Steinhoff, went into free-fall and fell by more than 61% as the JSE opened – plunging from R45.64 to around R17.50. The company fell even further during the day. This means that more than 130 billion was wiped off the company’s market capitalisation or value in one day. And R180 billion was wiped off all related companies combined.

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