South African stocks rise, re­tailer Clicks touches all-time high

The Financial Daily - - NATIONAL -

JO­HAN­NES­BURG: South African stocks ad­vanced for a third straight ses­sion on Wed­nes­day, with health and beauty re­tailer Clicks Group hit­ting a record high pow­ered by higher sales over Christ­mas.

The Clicks Group, which in­cludes Body Shop and mu­sic store Mu­sica, said in a trad­ing up­date that sales for the 20 weeks to Jan­uary 2015 rose 14 per­cent to 8.2 bil­lion rand ($713 mil­lion).

Shares in Clicks closed 5.39 per­cent higher at 91.89 rand af­ter ear­lier ris­ing to a record 93.74 rand.

"Some of the other re­tail­ers are re­ally bat­tling but Clicks has ob­vi­ously cut costs. This trad­ing up­date looks very promis­ing for them," said Greg Davies, a trader at Cratos Cap­i­tal.

The bench­mark Top-40 in­dex added 1.06 per­cent to 45,002 points, while the broader All- Share in­dex gained 0.97 per­cent to 51,200 points.

Kumba Iron Ore J> was also among the top per­form­ers, ris- ing 3.64 per­cent as iron ore prices re­cov­ered on Wed­nes­day af­ter tum­bling a 5-1/2 year low on Tues­day.

Kumba's shares closed at 222.20 rand af­ter Africa's largest iron ore pro­ducer said pro­duc­tion had in­creased to 12.4 mil­lion tonnes for the quar­ter to the end of De­cem­ber, while ex­port sales in­creased by 23 per­cent to 11.7 mil­lion tonnes.

Turnover stood at 201 mil­lion shares, higher than last year's daily av­er­age of 183 mil­lion shares.-Agen­cies

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.