Johannesburg - Shares in Pick n Pay [JSE:PIK]
fall more than 6% as the food retailer says first-half profit likely declined by as much as 40% due to intensified competition and poor availability of stock from suppliers.
Pick n Pay, which named former UK head of Tesco, Richard Brasher, as its new chief executive this week, is down 6.16% at R43.99.
Meanwhile, miners surged on bargain hunting, with shares of Anglo American [JSE:AGL]
and other resource companies leading the gainers on the JSE.
A weaker rand and higher metal prices added to bullish sentiment as local mining companies benefit from a weaker rand because they sell commodities for dollars but pay most costs in rand.
Anglo shares rise 3.25% to R257.81 while shares in platinum producers add more than 2% even as labour unrest continues to close operations.
Harmony Gold [JSE:HAR]
is 2.3% higher at R68.44 and AngloGold Ashanti [JSE:ANG]
adds 2% to R290.54 as the weaker rand and higher dollar gold price push bullion priced in rand to record levels.
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