S.Africa's Woolies gains as profit beats forecast

Upscale retailer Woolworths beats analysts’ forecasts with a 24 percent rise in full-year profits, which helps boost the share price by over 2 percent to 56.80 rand.

Woolworths, which also sells clothes in South Africa and Australia, says profit was helped by share buy backs and resilient demand for its high-end grocery products.

Its shares are some of the best performing on Johannesburg’s Top-40 index having gained over 40 percent this year, compared with a 10 percent rise by the benchmark index.

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