Tiger Brands, MTN news weighs on JSE

Top movers Graph of the day

FTSE/JSE Africa Index Series

STOCKS were on the back foot yesterday as skittish investors holding stock in Tiger Brands and MTN Group were unnerved by bad news from both companies.

Overall, blue chip firms ticked lower with the JSE Top40 index down 0.31 percent to 47 994.24. The wider all share shed 0.25 percent to 54 192.07.

lost 4.53 percent to R295.10 after saying executives at its Kenyan business had tinkered with figures to reflect a rosier picture of the operation. The company also reported flat half-year earnings as a currency devaluation in Nigeria caused foreign exchange losses at its unit there.

Tiger Brands

As with many local companies, Tiger Brands has been expanding into other African countries hoping to tap into a vein of growing incomes on the continent.

Telecoms provider also had its own share of troubles as 2 000 unionisable employees went on strike for better pay. It lost 2.95 percent to R228.83, its biggest daily percentage decline in about two months.

The gold producers’ index fell 2.6 percent, its lowest in two months, as spot prices struggle to break out of a $1 175 (R13 962) and $1 125 an ounce range they have been stuck in since February.

Gold Fields

MTN

declined 3.8 percent to close at R41.75.