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Shares in SA's largest food producer Tiger Brands initially slumped nearly 8% on Thursday after it flagged a steep decline in first quarter volumes after weaker-than-expected Black Friday and festive season trading.
Group revenue for the four months ended 31 January declined by 1% year-on-year, driven by volume declines of 8%, offset by price inflation of 7%, said the maker of brands such as All Gold tomato sauce, Tastic rice, and Albany bread.
But its shares, which fell to as low just over R190, later pared back some of these losses to trade close about 3.6% lower at R202.91. They have given back just under 10% in the past year.
