Gingerly, I typed "EOH" and "SNH" into Google after the markets closed yesterday. It was definitely a prettier sight than the day before.

EOH closed at R6.84, flat for the day and down around 20% this year. Steinhoff jumped with a vengeance, up 21% for the day but still 13% off last week's levels. Steinhoff is up 70% this year.

As I've written before, you need a strong stomach for this stuff. I hold both.

It's also really important to remember that if a stock decreases 20%, it needs a subsequent 25% jump to get back to where it started. For example, a drop from R100 to R80 is a 20% decrease. To get back to R100, a 25% increase is needed (R20 / R80).

Steinhoff is in InceConnect again, with Hamilton (of the non-F1 variety) electing to withdraw its appeal in Holland. That may sound like good news at first blush, but Steinhoff has much bigger legal issues in South Africa to worry about.

Harmony is the largest gold producer in South Africa by volume and released an announcement confirming that it has met its strategic targets for the latest financial year. To have achieved production goals despite Covid disruptions is impressive.

As a follow-up to the Attacq and Equites deal announcement yesterday, Equites pulled off a R1bn book build on the JSE to raise capital for that deal as well as developments in the UK. It never ceases to amaze me how South African institutions will throw money at property funds, even when they are trading at a premium to net asset value.

Finally, there's another property-related article. Schroder is a fund focused on Western European regions, listed in London and on the JSE. Despite posting a loss, the fund has announced an increase in its dividend as well as the prospect of two special dividends in the next 12 months, as the fund sits on a substantial cash pile.

Good luck in the markets today!

The Finance Ghost