SA stocks fall as Steinhoff plummets, rand weakens

JOHANNESBURG – South African stocks fell to their lowest in more than a month on Wednesday after Steinhoff shares plummeted when the company announced an investigation into accounting irregularities and its chief executive officer resigned. The rand retreated.

The benchmark Top-40 index weakened 1.6% to 51,572 points while the All-Share index dropped 1.64% to 58,010 points.

Steinhoff , which is listed in Johannesburg and Frankfurt, shocked investors when it said late on Tuesday that “new information has come to light today which relates to accounting irregularities requiring further investigation.”

The household goods retailer also said CEO Markus Jooste had quit as CEO after …read more