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Shoprite triggers run in retail stocks

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(Gianluigi Guercia, AFP)
(Gianluigi Guercia, AFP)

Johannesburg - Shoprite [JSE:SHP] surprised the market with remarkably strong sales figures on Wednesday, triggering a run in retail share prices in morning trade with some of the biggest retail groups trading at new 52-week highs.

The retail sector helped counter a sharp drop in the prices of commodity shares and by mid-morning on Wednesday the major indices were mostly unchanged. Financial and industrial shares followed European markets higher, but resources stocks were more than 2% lower in response to a similar drop in the FTSE mining index in London.

The drop in resources shares was in response to the stronger dollar, which is trading close to a four-month high against a basket of currencies.

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ZAR/USD
16.68
(+1.45)
ZAR/GBP
21.56
(+0.98)
ZAR/EUR
19.56
(+1.56)
ZAR/AUD
11.95
(+1.17)
ZAR/JPY
0.16
(+1.35)
Gold
1895.79
(-0.05)
Silver
23.78
(-1.85)
Platinum
898.00
(+1.81)
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41.31
(-3.06)
Palladium
2318.00
(+0.78)
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54264.96
(-0.44)
Top 40
50042.44
(-0.55)
Financial 15
10071.85
(+0.68)
Industrial 25
73187.40
(-0.23)
Resource 10
53383.39
(-1.24)
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