Embattled Steinhoff reports major losses.
McCurrie also added that risk buyers were also pushing the volatile share price up. “If you’re a trader, you go in there, the share goes up 20% you’re out of there. So I don’t think anyone is buying this for the long term, they’re just buying it for the potential trade.”
South Africa’s biggest corporate scandal has all but wiped out shareholders’ equity and led to several resignations, including former Chief Executive Markus Jooste, who was instrumental in putting Steinhoff on investors’ radar screens.
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