These former market darlings were down over 40% last year

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On the JSE last year seven former market darlings – all of which had market caps in the billions (during '22) – saw decreases of over 40%. Many were midcaps. Moneyweb investment

It really is remarkable just how far some ‘household name’ shares on the JSE have fallen. In years past, they were all favourites among fund managers and retail investors. Steinhoff is perhaps the best example, with the share down over 99% from its all-time high in 2016. In April that year, shares traded very close to R100. The collapse of the house of cards has been well-documented. Today, the share price is little over 50c.

Trading in the first six months of its 2023 financial year has been particularly tough, with it reporting a headline loss due to its operations in Zimbabwe. Excluding these, the group remains profitable. PPC shares ended last year 56% lower. Read: New Eskom director identified as source of PPC market-sensitive media leaks [Nov 2022] ArcelorMittal SA Shares of this steel maker are up over 20% over the last five years but ended 2022 down 47%.

 

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