Shoprite up as broker upgrades rating

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CorporateBusiness

Johannesburg - Shares in Shoprite rise more than 2 percent, making it the biggest gainer among blue chips, as brokerage house Absa Capital upgrades its rating on the stock to “overweight” from “equal weight”.

Shoprite and other domestic retailers have been under selling pressure in recent weeks on worries they are priced for more than they can deliver after a slew of sales updates that failed to excite.

The stock is up 2.2 percent at 173 rand, outpacing a slightly higher blue-chip JSE Top-40 index. - Reuters


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