Famous Brands drops 15% since reaching record
Shares of food and retail outlet Famous Brands have lost 7% on the JSE this week‚ bring total losses since reaching a record high on 17 January 2014 to about 15%.
The retail group‚ which is home to fast-food chains such as Steers‚ Debonairs and Fishaways‚ has rallied hard in the past couple of months‚ with some analysts pinning the downturn in the stock to a general pull-back.
Others believe the stock's retreat is in line with general market activity‚ with the all share index down 5.27% since touching a record 47‚348.48 points on 23 January‚ after further cuts to US monetary stimulus triggered an emerging-market sell-off that has seen foreign investors reduce their exposure in the region.
At 3.30pm‚ Famous Brands was down 2.28% at R90.88‚ valuing the company at 9.019bn.