SABMiller: Stock hit by Unilever data, strike
IOL Business/ Bloomberg - Oct 14th, 10:30
SABMiller suffered its biggest weekly decline in more than two years last week as a strike at its South African beer operations continued and Unilever said sales growth slowed in emerging markets.
The stock closed 0.27 percent lower at R486.66 earlier this month. That extended its decline for the week to 5.5 percent, its biggest weekly slide since August 5, 2011.
SABMiller, the second-largest brewer, said a strike over wages at its South African Breweries division was in its fifth day. “The strike action combined with the Unilever report is weighing on this stock,” Henre Herselman, a derivatives trader at Nedbank Private Wealth, said on Friday. “The local stock remained under pressure today because of the stronger rand against the pound.” Unilever, the second-largest consumer goods maker, said after the JSE closed on September 30 that sales growth weakened in the third quarter amid a further slowdown in emerging markets.
SABMiller fell 2.3 percent the following day. “SABMiller is always going to be the kneejerk stock when it comes to news like this as it’s got over 70 percent exposure to emerging markets,” Melissa Earlam, an analyst at UBS, said. © Independent On-line 2013. All rights reserved.
Uchumi workers to close shop over pay
31/10/2013 - 08:23
Uchumi supermarkets could grind to a halt next Wednesday if employees make good their threat to down their tools. The Kenya Union of Commercial Food and Allied Workers has issued a strike notice dated October 9 to pressurise the supermarket chain's management to meet workers' demands for higher pay.
SA lacks international business brand
28/10/2013 - 09:00
Cape Town – The persistent weakness in the perception of SA in international media coverage is the under-representation of SA’s business sector and the difficulty to identify a business leader or leaders “representative" of the country.
Customers reward a better, stronger and clearer Pick n Pay
23/10/2013 - 10:54
In an extremely competitive market, customers have responded positively to decisive action by Pick n Pay to improve the shopping trip. In the first six months to 01 September 2013, the company delivered an improved financial performance over the previous period, growing Group till sales (owned and franchise stores) by 8.1%.
Manufacturers’ sentiment index jumps to 36,61 in third quarter, Namibia
23/10/2013 - 10:12
The manufacturers’ sentiment index jumped to 36,61 in the third quarter of this year from the -14,89 recorded at the end of the previous quarter, Simonis Storm Securities (SSS) said in a report released earlier this month.
Shoprite operating normally, license intact - minister, Zambia
22/10/2013 - 09:30
Minister of Labour and Social Security, Fackson Shamenda, says Shoprite is operating normally and its operating licence is still in force.