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Richemont shares fall

Companies

Johannesburg-listed shares of Richemont fall more than 6 percent after the luxury goods retailer reports disappointing third-quarter sales figures and says the near-term outlook for its Asia-Pacific business is unclear.

Sales in the three months to the end December failed to meet expectations, rising 5 percent at constant exchange rates and 9 percent at actual rates.

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People walk past a jewellery store offering watches of Swiss luxury watchmaker International Watch Company (IWC), which is part of Swiss luxury goods group Richemont at the Bahnhofstrasse in Zurich.

Richemont shares are trading 6.7 percent lower at 70.35 rand, compared with a 0.7 percent fall in the JSE Top-40 blue-chip index. - Reuters

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