Retail sales surprise but confidence plunges

RETAIL sales grew faster in April than economists expected, Stats SA data showed. Retail sales grew 1.5% from the same month last year, continuing a rebound of 0.9% in March, which was revised up from a previously reported 0.8%. THE Agricultural Business Chamber and the Industrial Development Corporation Agribusiness Confidence Index for the second quarter of this year declined only a marginal one index point to 56 points. FINANCIAL services group Peregrine cushioned its shareholders from a 14% drop in annual after-tax profit by maintaining its dividend at R1.55. After-tax profit declined to R703-million, it said. SPECIALISED real-estate investment trust Stor-Age grew its annual dividend 10% after a strong trading performance across its portfolio and the acquisition of Storage RSA. The total dividend amounted to 88.05c. BUSINESS confidence is at its lowest level since the 2009 recession. The RMB/BER Business Confidence Index plummeted 11 points to 29 in the second quarter of this year. Business confidence has hovered between 32 and 42 index points in the past year. SOUTH Africa joined the global crackdown on the rising cost of cancer treatments by starting an investigation into drug companies including Roche Holding, Pfizer and Aspen Pharmacare for allegedly charging excessive prices. MOODY’S slashed the ratings of South Africa’s five largest banks and four insurance companies one notch to bring them in line with the country’s sovereign rating. It said it expected sub-zero GDP growth this year. SEVEN beef suppliers were raided by the Competition Commission in a probe into price-fixing. The commission said it suspected them of fixing the prices they paid farmers for calves and subsequently for meat.