Battered Truworths leads South African stocks lower

South African stocks slipped on Thursday with retailers hit after Truworths reported slower sales, increasing investor concern about the health of cash-strapped consumers. Shares of Truworths tumbled 7.4 percent to 69 rand, marking its biggest one-day fall in nearly a year. The clothing retailer said sales had increased 4.7 percent in the 18 weeks to November 2, well below the 7 percent growth rate achieved in the same period last year.
The benchmark Top-40 index fell 0.2 percent to 44,306.55. The broad All-Share dropped 0.26 percent to 49,587.24. Other retailers followed suit, with discounter Mr Price dropping 2.6 percent to 223.99 rand. Woolworths Holdings, a high-end retailer of food and clothing, dropped 1.8 percent to 77.92 rand. Trade was average with 173 million shares trading hands, in line with last year's daily average of 176 million shares.