AVI Ltd. dropped the most in three months in Johannesburg after saying sales from its fishing operations suffered from low catches and high fuel costs.
The South African company with businesses including Frisco coffee and Spitz shoe shops slid 7 percent, the biggest drop since Oct. 8, to 53.30 rand in Johannesburg. Sales at its I&J fish and frozen food division declined 3.9 percent to 720 million rand ($82 million) on poor catches, ship repairs and fuel charges.
“I&J was the major driver behind the lower-than-expected sales growth,” Jiten Bechoo, an analyst at Avior Research (Pty) Ltd. in Cape Town, said by phone. “It’s a volatile business.”
More than 4.9 million shares were traded, almost 5.5 times the daily average in the previous 90 days. The company’s 30-day historical volatility, a measure of stock swings, increased to 27.7 from 18.5 yesterday. The FTSE/JSE Africa All Share Index’s 30-day volatility gauge was at 8.14 from 8.40 previously. A higher reading means an asset’s price can have bigger moves.