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Pick n Pay plummets on profits warning

Oct 05 2012 15:21
Reuters

Company Data

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 217
Change 0
% Change 0
Cumulative volume 1929190
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

PICK N PAY STORES LIMITED [JSE:PIK]

Last traded 62
Change 0
% Change 0
Cumulative volume 327868
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLOGOLD ASHANTI LIMITED [JSE:ANG]

Last traded 134
Change 4
% Change 3
Cumulative volume 2503398
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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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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