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Twenty-eight female guards were unfairly dismissed by a security company because the client‚ Metrora.

Poor will be hardest hit by Mboweni's announcement

By unknown | Apr 11, 2008 | COMMENTS [ 0 ]

Robert Laing

Robert Laing

Bank and retailer shares suffered a bloodbath after Reserve Bank governor Tito Mboweni announced interest rates are going up 0,5percent yesterday.

The market expects poorer families to suffer most, making Mr Price's and Capitec Bank's shares the worst casualties.

Fewer families able to afford home and car loans at the new prime lending rate of 15percent knocked the FTSE/JSE bank index down 4,4percent to an intraday low of 32089.

Clothing and furniture retailers selling on credit also suffered on fears new business will slow and they will struggle to recoup existing loans.

Mr Price tumbled over 9percent to an intraday low of R17,50. The share later recovered to R18,40 per share.

Fashion chain Truworths fell over 6 percent to an intraday low of R26,61, followed by rival Foschini which lost nearly 5percent to R38,73.

JD Group, which owns furniture and consumer electronics chains, was knocked down over 5,4percent to R37,35.

Capitec, a banking group which pitches itself at low income families, plummeted nearly 7percent to an intraday low of R32,10 per share.

The rich are seen as the next biggest credit risk, sending Investec's shares down more than 4percent to an intraday low of R57,90.

The rand, which yesterday morning weakened to flirt with R8 to the dollar, bounced back to around R7,80 after Mboweni showed he remains committed to fighting inflation.


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