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South Africa’s Shoprite promises to hold down prices, shares slide

South Africa’s Shoprite promises to hold down prices, shares slide

SHARES in Shoprite Holdings slid 7% after South Africa's No. 1 grocer reported a lower-than-expected profit and a narrower trading margin while promising to hold down prices to keep attracting customers as they feel the inflation squeeze. The discount chain with stores in 11 African countries raised its final dividend to 3.67 rands ($0.21) per share, up from 3.53 rand, although one fund manager said it was still lower than investors had been looking for. "The dividend was probably expected to be higher, but we must keep in mind that consumer inflation is still high," said Gryphon Asset Management portfolio…
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