Shoprite shares drop as growth slows

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Shoprite

INDEPENDENT NEWSPAPERS

Shoprite has opened its first outlet in northern Nigeria, defying wider concerns about security in the region. Photo: Leon Nicholas.

Johannesburg - Shares of Shoprite slide 3.7 percent to 137.87 rand after reporting a slow down in earnings growth in the first half.

Africa's biggest grocer said headline earnings grew by 8 percent in the six months to end December, slower than the 12.5 percent expansion posted a year earlier.

Shoprite shares are down more than 15 percent so far this year, compared with a gain of nearly 3 percent rise by the Top-40 index. - Reuters


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