Italtile: Rise in earnings is expected

Listed retailer Italtile rocketed as much as 8.6 percent on Friday after the group issued its latest trading update. The company announced that its basic earnings a share from continuing operations in the six months to December would be between 36.3 cents and 36.9c, a rise of between 27 percent and 29 percent compared with the previous corresponding period. Italtile shares rose to R11.40, the stock’s highest level since October 2007, before closing unchanged at R10.50 on Friday. Headline earnings a share will be between 35.5c and 36.1c, an increase of between 27 percent and 29 percent. – Nompumelelo Magwaza