March 11 (Bloomberg) -- Clicks Group Ltd., a South African beauty and pharmaceutical retailer, climbed the most in almost seven months as food and drug retailers continued to recover from an early-year slump driven by slower consumer spending.
Shares in the Cape Town-based company climbed as much as 6.4 percent to 62.79 rand, the biggest intraday gain since August, and were 5.4 percent higher at 4.20 p.m. in Johannesburg. The four-member FTSE/JSE Africa Food & Drug Retailers Index added 0.6 percent, after climbing 2.6 percent last week.
“The retailers were smacked too hard and we’re seeing them coming back,” Ferdi Heyneke, a trader at Afrifocus Securities Ltd., said by phone today. “Clicks didn’t rise in line with the likes of Shoprite and Spar last week and is catching up.”
Shoprite Holdings Ltd. rose 3.3 percent last week, while Spar Group Ltd. climbed 4.1 percent.
South African retailers suffered share price declines earlier this year after trading updates showed slower sales growth amid rising unemployment and lower consumer spending.
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