The tanking of the FTSE/JSE Africa-listed property index, with some shares falling nearly 30percent in the morning, comes in the same week that Africa’s biggest pharmaceutical company, Aspen, was hit by similar market speculation on the JSE that it might be a target of Viceroy Research, sending its shares south.
Viceroy Research exposed Steinhoff’s accounting shenanigans last year.
Greenbay Properties led the rout in the morning by losing almost 30percent, but recovering later and closing 5.33 percent lower on the JSE at R2.13 a share. A similar fate befell Fortress Reit A, which closed eventually 0.44percent down at R17.95, while Fortress Reit B fell 1.98percent to close at R35.20. Nepi Rockcastle closed 5.15percent at R150 a share, after being down almost 30percent in the morning.
The JSE’s director of market regulation, Shaun Davies, said yesterday that as part of the JSE market regulation division’s routine surveillance procedures, it was reviewing the trading activity in the shares due to the material price movements in recent days that appear to be unrelated to any information disseminated by the relevant companies.