In Friday’s trading session in the local markets, the Top 40 closed the day down by 0.19% and the Resources 10 sector went down by 0.46%, the Financial 15 went down by 0.06%, the Industrial 25 went down by 0.21%. The rand traded at R17.12 against the Dollar, R21.26 against the Pound, and R18.65 against the Euro. In Friday’s trading session, Mr Price's share price dropped by more than 7 % following the release of a weak trading statement for the three months to the end of December 2022.
The Group’s Apparel segment reported retail sales growth of 49.3%, while the Home segment's retail sales declined by 3.5%. Excluding the effect of a recent acquisition (Studio 88), retail sales only increased by 2.2%, and total unit sales excluding Studio 88 declined by 4.8 (up 3.9% including) amid negative pressure on consumers from rising inflation, rising interest rates and negative real wage growth.
Graph: MRP Intraday Shre Price Chart (Source: Infront)
Locally, there are no major corporate earnings expected this week, while in the United States companies like Microsoft, Tesla, LVMH, and H&M are expected to release their respective quarterly earnings.
On the economic calendar locally, the South African Reserve Bank is expected to announce its first interest rate decision of the year.
In the Asian markets, the Chinese market is closed to observe the Chinese New Year.
Market Moves (20 January 2023)
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