Retail stocks index drops to three-week low
Retail shares came under selling pressure on Friday‚ with FTSE/JSE general retailers index falling to its lowest level in three weeks‚ giving credence to caution some analysts have made that the sector might be overheating given the strong run it has had in the last while relative to other areas of the stock market‚ such as resources.
Clothing retailers led the downside‚ with Trueworths (TRU) losing more than 5.5%‚ followed by The Foschini Group (TFG)‚ down 4.32%‚ at 2.30pm local time. There was no specific newflow on the sector on the day.
At 2.30pm‚ the index was down 3.52%‚ the lowest level since 27 July 2012.