Stocks up as Steinhoff surges-continued

February 23, 2012--South African stocks rose 0.38% on Thursday as shares of Africa's largest furniture retailer Steinhoff surged after it said it expects sharply higher H1 earnings and plans to list its European unit.
Shares of FirstRand, South Africa's second-largest bank, shot up 3.3% after it said it expects an increase in first-half earnings, further lifting sentiment about corporate earnings in Africa’s largest economy.

"Steinhoffs had a significant impact on trade," said Investec head of stockbroking in Johannesburg Bernhard Grobler.

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Source: FIN24

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