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JSE closes weaker as Capitec sell-off continues

Share prices on the Johannesburg Stock Exchange (JSE) closed slightly weaker on Wednesday as rand hedges and miners came under pressure while retailers and banks gained on a stronger South African rand.

The local unit edged higher supported by local developments. On Tuesday the African National Congress’s national working committee had been working on the modalities that will facilitate President Jacob Zuma’s smooth exit.

The rand was bid at R11.84 to the U.S dollar from R11.96.

Market is still focusing on Capitec and Steinhoff, as both companies continue to battle the fallout from the allegations made in Viceroy Research reports covering both companies.

Meanwhile, Capitec has reported its former chief executive Markus Jooste to South Africa’s police over suspected corruption.

Capitec has reported that its loan book has grown 47.22 percent since 2013, but nonperforming loans are only up from 5.8 percent to 6.3 percent of loans advanced.

The all share was 0.07 percent off at 59,506.12 points and the top 40 lost 0.16 percent.

Capitec was down 12.11 percent to R805 and Steinhoff rose 0.59 percent to R6.84. Naspers was off 1.54 percent to R3,382.48. Impala Platinum added 5.98 percent to R36.35. Enditem

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