Woolies continues bull run
IOL Business - Dec 9th 2011, 08:50
South Africa's Woolworths continues its bull run, jumping 2 percent to 40.84 rand.
The retailer of clothing and high-end food has surged 52 percent this year, making it the best performing stock on the Top-40 index.
Woolworths, similar in style and products to Britain's Marks & Spencer, has benefited from renewed optimism about the outlook for retailers, which were hit hard by a 2009 recession and sharp drop in consumer spending.
South African retail sales data on Wednesday showed that sales grew 7.4 percent year-on-year in October, although that was slightly below the market expectation of 7.7 percent.
Woolies, as the company is known, has also been helped by its inclusion in the benchmark Top-40 index in September.
However, some investors have cautioned that its recent run may be at an end. Shares of Woolies are trading at a PE that is just shy of 19, making it one of the most expensive stocks on the Top-40. - Reuters
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