The renewed sell-off of shares in stablemates Resilient Reit, Nepi Rockcastle, Fortress and Greenbay in recent days on the back of what some believe is an attack by short sellers has prompted the JSE to review trading in the group’s shares since the beginning of the year. Shaun Davies, director of market regulation at the JSE, told the Financial Mail this week that several parties had expressed concern about share price volatility in the Resilient stable. Before the recent sell-off, the group’s four listed entities made up as much as 40% of the SA listed property sector’s value and were widely held by pension fund managers such as the Public Investment Corp. Davies said once the JSE had completed its review to identify any suspicious trades it would pass its findings to the Directorate of Market Abuse at the Financial Services Board, which would consider whether to investigate further. He could not say how long it would take for the JSE to complete its investigation. Since the begin...
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