Mr Price falls for ninth session

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Mr_Price

Independent Newspapers

Mr Price retail store. Photo supplied.

South African retailer Mr Price falls more than 2 percent, stretching its rout into the ninth straight session, dragging down other retailers on growing worries the sector is priced for more than it can deliver.

Mr Price, which reported a 10 percent quarterly sales growth on Thursday that failed to impress investors, is down 2.14 percent at 118.65 rand, bringing losses so far this year to nearly 16 percent.

Retailers have been investor favourites for more than a year in a rally that many analysts say has pushed shares to unjustifiable levels.

Shoprite, Africa's top grocer, is down 1.83 percent to 182.61 rand and rival Woolworths is off 1.96 percent at 62.62 rand. - Reuters


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