Johannesburg - Shares of The Foschini Group (TFG) gain 2.9 percent to 118.42 rand after the clothing retailer says cash sales have increased by 21 percent in the first five months of its financial year, as it continues to cut its exposure to the troubled consumer credit market.
Retailers such as TFG have been on a push to scale back their sales on credit, as souring consumer debt in Africa's most developed economy has squeezed both banks and retailers.
Last month South Africa's central bank was forced to bail out troubled lender African Bank Investments after the bank was ravaged by rising bad debts.
TFG, the biggest seller of Adidas and Nike products in South Africa, also says it expects to continue to benefit from strong growth in cash sales. - Reuters