Once again it’s important to note that not all of these declines are necessarily directly due to Steinhoff. It has, however, played a major role.
The total value wiped out of the market in just these 14 counters in seven days of trade is R295.4 billion. In context, that is about 8% of South Africa’s GDP.
Apart from the overall value destruction, what stands out is that Steinhoff International now has a market cap that is significantly lower than Shoprite’s, and smaller even than Star’s. Compared to other retailers on the market, it is now a smaller company than Mr Price, or Woolworths.
Just ten days ago, it was five times larger than either of them.
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