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Massmart shares rise on sales growth

Johannesburg - Retailer Massmart [JSE:MSM] largely met consensus with a near 10% rise in full-year sales on Wednesday, sending its shares up as much as 4%.

Massmart, majority owned by Walmart Stores, said sales rose 9.7% to R72.2bn in the 53 weeks to December 29, broadly in line with a 9.4% growth estimate by 10 analysts polled by Reuters.

Shares in the company surged as much as 4% shortly after the news.

By 09:11GMT, the stock was up 2.6% at R128.26, outpacing a flat JSE All-share index.

After lunch, Massmart shares climbed 4.93% at R131.16.

South African retailers were among the worst performing stocks last year amid fears high household debt, tentative economic growth and job losses would hit consumer spending.

Industry-wide retail sales grew 1.3% year-on-year in October, official data showed on Wednesday, slightly above a 1.2% growth economists polled by Reuters had expected.

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