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Retailers hit by valuation concerns

Jan 15 2013 11:38
Reuters


Company Data

MR PRICE GROUP LIMITED [JSE:MRP]

Last traded 154
Change 0
% Change 0
Cumulative volume 647660
Market cap 0

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

SHOPRITE HOLDINGS LIMITED [JSE:SHP]

Last traded 198
Change 1
% Change 1
Cumulative volume 1256163
Market cap 0

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

WOOLWORTHS HOLDINGS LIMITED [JSE:WHL]

Last traded 63
Change 0
% Change 0
Cumulative volume 3869028
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 of Mr Price Group [JSE:MPC], Woolworths Holdings [JSE:WHL], Shoprite Holdings [JSE:SHP] and other blue-chip South African retailers fell, hit by concerns they were overbought after months of aggressive gains. 

The five biggest decliners on the Top 40 - (Tradeable) [JSE:J200] Index were retailers. 

Sentiment may be souring after Shoprite, Africa's top grocer, on Monday reported first-half sales that fell short of market expectations, sending its shares down nearly 6%. 

"There's a switch from the retailers into the mining stocks. There's recognition that these sectors (retailers) are way overbought in this market at the moment," said Bruno van Eck from Thebe Stockbroking. 

Mr Price was down 3.9% at R128.11, while Woolworths dropped 3% to R64.38. Shoprite was down 1.9% at R184.53.   

Woolworths gained 80% last year while Shoprite notched up 50% of gains in 2012.

"They've seen some massive profits. It's good to see something coming off the table. Markets have got to be flattened out, you can't have one sector just flying, some kind of bubble will start to appear," van Eck said.  

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