PPC slips, weak volume growth

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Cement2 Independent Newspapers Picture: Simphiwe Mbokazi.

Johannesburg - Shares of South African cement maker PPC slide as much as 6 percent after reporting weak volume growth in key markets.

The company says cement volumes in South Africa, Botswana and Mozambique all faced pressure in the first quarter, with growth in South Africa in the low single digits.

However, PPC expects improved half-year normalised earnings, underpinned by major infrastructure projects expected in South Africa, Botswana and Zimbabwe.

Its shares are down 4.4 percent at 29.00 rand after sinking to 28.52 rand shortly after the announcement. - Reuters

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