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Shoprite surpasses all-time high

30 Aug 2012

Shares in supermarket chain Shoprite (SHL) on Wednesday at 4.11pm‚ had surged R5.67‚ or 3.42%‚ to R171.40‚ surpassing its all-time high of R168.85‚ reached on August 7 this year‚ on the back of its continued aggressive expansion plans in SA and into Africa. Its intra-day high was R172.24.

Shoprite plans to open 149 stores by June next year and had already confirmed 21 opportunities in Angola and nine in Nigeria‚ CEO Whitey Basson said at the presentation of the groups's year-end results last Tuesday.

"Investors are positive about the company going forward and are optimistic about the retailer's aggressive expansion plans in SA and into the rest of Africa. The counter has been climbing since the release of its year-end results last week‚" said Michael McLeod‚ researcher at Avior Research in Johannesburg.

The company last week reported a 19.6% rise in headline earnings per share to 607.04 cents for the year ended June this year from 507.6 cents a year ago.

Diluted earnings per share were up 19% at 590 cents from the corresponding period in 2011. It declared a final dividend of 194 cents‚ a 17.6% increase from the 165 cents last year.

Source: I-Net Bridge

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