{"id":15391,"date":"2012-10-09T05:39:01","date_gmt":"2012-10-09T03:39:01","guid":{"rendered":"http:\/\/www.myza.co.za\/10\/s-african-retailers-suffer-as-rand-hammered\/"},"modified":"2012-10-09T05:39:01","modified_gmt":"2012-10-09T03:39:01","slug":"s-african-retailers-suffer-as-rand-hammered","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-african-retailers-suffer-as-rand-hammered\/","title":{"rendered":"S.African retailers suffer as rand hammered"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Rand at 3-1\/2 yr low<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Retailers sold off, mining recovers<\/p>\n<p><span><\/span><\/p>\n<p>By Helen Nyambura-Mwaura<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, Oct 8 (Reuters) &#8211; South African shares edged<br \/>\nlower on Monday after the rand weakened more than 2<br \/>\npercent, hitting retailers reliant on dollar-denominated imports<br \/>\nsuch as Mr Price, but rewarding exporters producing in<br \/>\nthe local currency.<\/p>\n<p><span><\/span><\/p>\n<p>Investors also punished AVI Ltd, a consumer foods<br \/>\nmaker that also sells designer brands such as Kurt Geiger and<br \/>\nCarvela shoes, pushing it 7.3 percent lower to 56.45 rand.<\/p>\n<p><span><\/span><\/p>\n<p>The rand tumbled to a 3-1\/2 year low on Monday, losing as<br \/>\nmuch as 2.4 percent to a low of 8.9950 per dollar, just shy of a<br \/>\nkey psychological level at 9.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;All the retailers that are importing are getting knocked<br \/>\ndown quite aggressively whereas all the rand hedges that are<br \/>\nproducing in rand and exporting in dollars are up today,&#8221; said<br \/>\nRobert Towell, a senior portfolio manager at Consilium Capital.<\/p>\n<p><span><\/span><\/p>\n<p>The Top-40 index shaved off 0.55 percent to<br \/>\n32,183.45 while the All-Share lost 0.69 percent to<br \/>\n36,337.39.<\/p>\n<p><span><\/span><\/p>\n<p>Clothing and home goods seller Mr Price plummeted 9 percent<br \/>\nto 116 rand. Grocers Pick N Pay and Shoprite<br \/>\nlost over 4 percent to 41.95 and 157.62 rand respectively.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Rand at 3-1\/2 yr low * Retailers sold off, mining recovers By Helen Nyambura-Mwaura JOHANNESBURG, Oct 8 (Reuters) &#8211; South African shares edged lower on Monday after the rand weakened more than 2 percent, hitting retailers reliant on dollar-denominated imports such as Mr Price, but rewarding exporters producing in the local currency. Investors also [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-15391","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=15391"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/15391\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=15391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=15391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=15391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}