Mr Price leads slide as retail sales slow

Top movers Graph of the day

FTSE/JSE Africa Index Series

STOCKS fell yesterday led by retail group Mr Price, which said it expected trading conditions to worsen due to cash-strapped consumers.

The benchmark Top40 index fell 0.61 percent to 46 464.28 points while the broader all share index lost 0.63 percent to 51 654.54 points.

Shares in the no-frills clothing retailer, fell 5.52 percent – the most in a month – to R202.19 as it gave a glum outlook despite first-half profit rising by 16 percent. However, profit growth had slowed on weaker consumer spend.

Data showed consumer inflation

Mr Price,

ticked up to 4.7 percent last month, while growth in retail sales slowed to just 2.7 percent in September.

bucked the trend, rising 3.36 percent to R103.50, the most since August 25, as revenue advanced by 18 percent on the back of increased clothing and food sales. Africa’s biggest bullion producer

slipped 2.59 percent to R91.94 as the spot price of gold languished around 10-year lows on the likelihood of a US rate hike.

Other decliners included which shed 2.99 percent to R138. It has appealed against a fine of 2.3 billion Ugandan shillings (R9.77 million) ordered by a Ugandan court.

Woolworths Holdings

AngloGold Ashanti

MTN,