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Steinhoff at best level since November 2012

29 Aug 2013

Steinhoff International shares rose more than 7% on Wednesday (28 August) to their best level since November 2012 after the company said it expected to increase its profits.

The furniture retailer said it anticipated earnings per share and headline earnings per share for the year ended 2013 will rise by between 20% and 25% compared with last year.

"What they are showing is well ahead of expectations‚ almost in line with what people expected them to earn in 2014‚" Investec Asset Management analyst Rob Forsyth said.

On Wednesday (28 August)‚ Steinhoff's shares were up 5.07% at R29.21‚ valuing the company at R53.63bn.

Source: I-Net Bridge

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