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Spar rises as talks begin

Johannesburg - Spar gained the most in three months after the South African food and liquor retailer said it’s in talks that may affect the share price.

The stock climbed as much as 3.4 percent, the most on an intraday basis since May 8, and traded 2.8 percent higher at 127.51 rand as of 4:12 p.m. in Johannesburg.

About 1.3 million shares traded, or more than triple the three-month daily average.

“Shareholders are advised to exercise caution when dealing in the company’s securities until a full announcement is made,” the company said in a regulatory statement today, without providing further detail on the nature of the talks.

Net income rose 9.4 percent to 642.9 million rand in the fiscal first half, the Durban-based company said May 21.

Chief executive Graham O’Connor said the company has been enticing customers with regular discounts as consumers battle higher unemployment, increasing household debt and rising interest rates. - Reuters

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