JD Group: Stock rises on plans to sell unit

SHARES of JD Group jumped 5 percent in early trade yesterday after the furniture retailer said it would sell its financing arm. Companies are scrambling to scale back credit to low-income consumers, who are struggling to repay loans in the face of the weak economy and rising food and fuel prices. JD Group, 86 percent-owned by furniture maker Steinhoff, said it would likely report a hefty full-year loss later this month. Shares of JD Group rose 2 percent to close at R22.90 on the JSE yesterday, while shares of Steinhoff were down 3.74 percent to R51.20. – Reuters