Top retailers coining it in virus panic buying

JOHANNESBURG – The country’s top retailers yesterday took full advantage of consumers’ panic buying on escalating fears of the spread of the coronavirus, pushing retail stocks 0.62percent higher to 3787.7points.

Shoprite rose 13.63percent to R117.13; the Spar Group inched up 11.34percent to R117.13; Pick * Pay rose 8.56percent to R53.23; and Woolworths rose 8.25percent to R31.49.

Pharmaceuticals also rose, with Clicks gaining 9.09percent to R239.46, while Aspen surged 7.36percent to R58.46.

Clicks confirmed that the high demand had thrown the industry into recovery mode.

Chief commercial officer Rachel Wrigglesworth said South Africans were stocking up on essentials.