Massmart slides 11% to multi-month lows on trading update

Massmart (MSM) lost about R3bn of its market value as investors sold the stock following its weak trading update.

In a terse statement, the retailer said it expected headline earnings per share in the six months to June to drop by between 22.4% and 29.8% from a year ago.

The sell-off left the mid-cap share at about R113.80 - its weakest point since February last year.