Funds can gain indirect exposure to the rest of the continent by investing in FTSE/JSE-listed companies such as Shoprite which earns 12 percent of its earnings from its rest-of-Africa operations.
JOHANNESBURG – The Shoprite Group continues to defy tough market conditions after it grew its trading profit and market share by almost 12-percent.
The retailer’s local sales, which make up over two-thirds of its business, was up by 8-percent for the year ended in June.
Africa’s largest grocery chain added over 6,000 jobs and opened 51 new stores outside South Africa.
Shoprite has reiterated its focus on the middle-and lower-income market by subsidising basic food prices.
The group says it now considers volatile, difficult trading conditions as standard and no longer exceptional.