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Foreign investors sell SA apparel retail shares

Published: 11th Sep 2023

Author: Tony Dickson - S&V Editor

According to an article in Moneyweb on 05 September, foreign investors have “dumped” shares in entertainment business MultiChoice Group and apparel retailers Mr Price Group and TFG Ltd.

It said the catalyst had been a quarterly review of indices by US investment advisor MSCI Inc., which had led to “an approximate outflow of R7 billion (US$360 million)”.

In response to a request for comment by S&V, TFG CEO Anthony Thunström wrote: “The South African consumer remains under significant pressure as a result of high cost of living increases, elevated interest rates and the negative effects of ongoing load-shedding. These conditions are likely to remain for the rest of this year but should start to ease in the new year.”

Mr Price Director of Investor Relations & Stakeholder Engagement, Matthew Warriner, said the issue “has already been widely covered over the past few weeks as the MSCI index quarterly changes took effect”.

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