Steinhoff stunner. Largest shareholder takes the reins

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Annis Carter
5 years ago
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1 Steinhoff stunner Largest shareholder takes the reins Tuesday night CEO of Steinhoff, the South Africa based Frankfurt listed retail conglomerate which owns Poundland in the UK, resigned with immediate effect because of accounting irregularities. Chairman Christo Weise, its biggest shareholder and one of a handful of the nation s richest men, will take charge temporarily while PwC investigates criminal and tax issues dating back to Shares in the firm slumped by 72 per cent at one point yesterday, Bloomberg reports. They also say that 800 million 2025 bonds issued by the firm dropped from 90 cents in the euro at the beginning of this month to a low of 42 cents yesterday. The European Central Bank owns rather a lot of these. A Survey by the British Institute of Directors found that 83 per cent of young entrepreneurs were upbeat about prospects for 2018, City AM reports. Aware of challenges to the economy and from government policy, not forgetting trade deals with the EU, it prompted its director general into saying, our start up founders are demonstrating that the British entrepreneurial spirit is alive and well. Nicole Elliott

2 DAX 30 Took a peek below and got rather a fright so scarpered all the way back to where we started. This hanging man type doji candle underlines the slightly precarious current situation. SHORT TERM TRADER: Short at 12960; stop above First target POSITION TAKER: Square ii

3 FTSE 100 Tried the downside, then the upside, and decided it s not quite sure what to do. MACD only marginally bearish SHORT TERM TRADER: Short at 7470; stop above Target POSITION TAKER: Square iii

4 S&P 500 Pausing for breath as the commodity channel turns down. SHORT TERM TRADER: New tiny short at 2631; stop above Target POSITION TAKER: Square iv

5 BRITISH POUND/US DOLLAR Cable clinging on despite waning bullish momentum and one-sided demands for EU deadlines to be met. SHORT TERM TRADER: Long at ; stop below Target POSITION TAKER: Long at ; stop below Target v

6 EURO/US DOLLAR Losing traction thus turning momentum bearish. SHORT TERM TRADER: Stopped out of my long position on yesterday s dip below the trend line. POSITION TAKER: Square vi

7 GOLD Bearish momentum increasing as we consolidate below the bottom edge of the symmetrical triangle yesterday. At its widest the triangle is $56 high making the measured target from Tuesday s break $1213. SHORT TERM TRADER: Short at 1281; stop above Target POSITION TAKER: Will sell on a weekly close below $ vii

8 Nicole Elliott is a long-standing Member of the Society of Technical Analysts and has taken over the IC s trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting. The Financial Times Ltd Investors Chronicle is trademark of Financial Times Ltd. "Financial Times" and "FT" are registered trademarks and service marks of the Financial Times Limited. All rights reserved. No part of this publication or information contained within it may be commercially exploited in any way without prior permission in writing from the editor. Material (including tips) contained herein is for general information only and is not intended to be relied upon by individual readers in making (or refraining from making) any specific investment decision. Appropriate independent advice should be obtained before making any such decisions. Financial Times Business Limited does not accept any liability for any loss suffered by any user as a result of any such decision. Do remember, particularly if you are new to stock market investment, that the prices of shares and other investments can fall sharply. You may not get back the money you originally invested. Past performance is not necessarily a guide to the future. In comparing the investments described in this publication, you should bear in mind that the nature of such investments and of the returns, risks and charges differ from one investment to another. Smaller companies with a short track record by their nature tend to be more risky than larger, well-established companies. The investments and services mentioned in this publication will not be suitable for all readers. In some cases (for example, but without limitation, where an investment or service is provided by a party who is not authorised by the Financial Services Authority) you would not be protected by the investor protection measures required under the Financial Services and Markets Act 2000: for the sake of illustration only, you might not be able to claim under the Financial Services Compensation Scheme. Provision of the investments or services mentioned on this website may be restricted by law depending on the jurisdiction in which you are resident, and on what type of investor you are. If you have any doubts about the suitability or legality of any investment or service, you should take appropriate professional advice. The views and recommendations in this publication are based on information from a variety of sources. Although these are believed to be reliable, we cannot guarantee the accuracy or completeness of the information herein. While we require our journalists and editorial staff to comply with the Press Complaints Commission Code of Practice, you should be aware that they may have interests in investments and/or providers of services referred to in this publication. viii

UK July budget surplus. Biggest since the year 2000

UK July budget surplus. Biggest since the year 2000 UK July budget surplus Biggest since the year 2000 Thanks to income tax receipts, especially from the self-employed, the government posted a surplus of 2 billion in July, double what it was at this point