Flash Briefing: IMF drops SA growth rate; Debenhams; S&P; Richemont; Brimstone; SA retailers

The International Monetary Fund yesterday cut its forecast for South Africa’s economic growth in 2019 to a pedestrian 1.2% and a modest 1.5% in 2020, both down 0.2% from projections made six months ago. Debenhams, the 241 year old British retailer whose initial boost came from dominating the sale of family mourning clothes during the strict Victorian era, yesterday attended to its own funeral. One of the world’s big three rating agencies S&P yesterday left South Africa’s credit score unchanged at two levels below investment grade. South African share prices lost a little ground yesterday with the JSE’s overall index closing a quarter percent lower. It was dragged down by a 4% drop in the price of heavyweight Richemont after analysts at Credit Suisse downgraded the stock to “underperform”.