Massmart shares drop
|Published
170111 Massmart CEO Grant Pattison at shareholders meeting held in Sunninghill North of Johannesburg.photo Simphiwe Mbokazi 170111 Massmart CEO Grant Pattison at shareholders meeting held in Sunninghill North of Johannesburg.photo Simphiwe Mbokazi
Shares in Massmart Holdings drop more than 3 percent as the South African retail unit of Wal-Mart Stores Inc undershoots analysts' estimates with its full-year earnings guidance.
Massmart is down 3.4 percent at 169.50 rand. It said headline earnings likely rose as much as 34 percent. Analysts were expecting a profit increase of 66 percent, according to a poll by Thomson Reuters. - Reuters