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

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