Tiger Brands Ltd., a South African food producer, dropped the most in more than 16 months after saying trading conditions continue to be challenging.
The stock slid 4.2 percent to 297 rand at the close in Johannesburg trading, the most since October 2011 and snapping three days of advances. Almost 640,000 securities changed hands, 27 percent higher than the three-month daily average, according to data compiled by Bloomberg.
“The domestic trading environment continues to be challenging, characterised by constrained consumer spending, intense competition and rising input cost inflation,” the company said in a statement today. These factors, which have been further stoked by volatile commodity prices and the rand’s weakness “have affected the group’s performance and are likely to persist for some time,” the company said.