South African News and Market Update: Steinhoff seeks listing from Mattress Firm in New York, and more

 South African News and Market Update: Steinhoff seeks listing from Mattress Firm in New York, and more

South African News and Market Update.

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Local stocks drifted into negative territory yesterday after a strong start to the day. The benchmark All-Share index fell marginally by 0.15% to close at 73,830 points, while the blue-chip Top 40 index slipped 0.2% to 67,114 points. Sibanye Stillwater was the best performer in the Top 40 index, up 4.18%. Richemont lost 3.15% and was the worst performer in the bluechip index. November manufacturing data will be released later today and could provide the best insight into the state of Africa’s most industrialised economy.

The rand weakened on Monday as the dollar gained as U.S. inflation data later this week will bolster the case for the Federal Reserve to raise interest rates. The rand ended the day R15.66 against the dollar, 0.29% weaker.

Gold prices were unchanged this morning as markets anticipated a faster rate hike on the back of key U.S. inflation data for December due later this week, while higher bond yields continued to limit gains. Meanwhile, oil prices rebounded today after two days of losses. Risk appetite returned as the market awaited hints from the U.S. Federal Reserve chairman on possible rate hikes and some oil producers continued to struggle to increase production.

Steinhoff seeks listing from Mattress Firm in New York

Steinhoff International announced Monday that its U.S.-based retail chain Mattress Firm has filed an application with the U.S. Securities and Exchange Commission (SEC) to list on the New York Stock Exchange. However, the group said that the number of shares to be offered and their price range have yet to be determined. Mattress Firm is the largest omnichannel mattress retailer in the United States. News of Steinhoff’s plan to list Mattress Firm on the NYSE was also well received by the local market. The JSE share price rose around 8% to R5.39 in morning trading on Monday, before ending the day up 1.8%.

CEO buys Prosus shares worth around R155 million

Prosus NVCEO , Bob van Dijk, has bought shares in the company on the open market for about $10 million, the company said in a statement Friday. The CEO’s purchases, which were registered with the Dutch Financial Markets Authority ( AFM), included 122,750 shares acquired at an average price of about 71.90 euros, Prosus said. “The purchase of additional Prosus shares reflects my personal belief that our business has exceptional momentum and that its value is not reflected in the stock at all,” Van Dijk said in a statement.

Mandy Nunes

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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