Steinhoff's shares plunge after report on retailer's ex-CEO

Steinhoff's shares plunge after report on retailer's ex-CEO

Steinhoff's shares fell more than 9 percent on Thursday to a near two-month low after Bloomberg reported that the retailer's former CEO advised friends to sell the firm's stock days before the shares collapsed.

FILE PHOTO - Steinhoff's former Chief Executive Markus Jooste appears in parliament to face a
FILE PHOTO - Steinhoff's former Chief Executive Markus Jooste appears in parliament to face a panel investigating an accounting scandal that rocked the retailer in Cape Town, South Africa, September 5, 2018. REUTERS/Mike Hutchings

JOHANNESBURG: Steinhoff's shares fell more than 9 percent on Thursday to a near two-month low after Bloomberg reported that the retailer's former CEO advised friends to sell the firm's stock days before the shares collapsed.

Citing a mobile phone text message, Bloomberg said the message sent around Nov. 30 to at least two people, told recipients there was impending, unspecified bad news coming.

Steinhoff's shares traded 8.07 percent lower at 2.05 rand by 0734 GMT, their lowest since August 17.

(Reporting by Nqobile Dludla; Editing by James Macharia)

Source: Reuters

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