EXPORT FILLIP
Rand ‘will deter poultry imports’
The outlook for the local industry was also helped by the outbreak of Avian flu in Europe and a meat scandal in Brazil
10 May 2017 - 05:26
The weakness in the rand, following the credit downgrade, opened up opportunities for the country’s poultry industry by clamping down on imports and potentially lifting exports, Sovereign Foods CEO Chris Coombes said on Tuesday. He was speaking ahead of the release of his group’s financial 2017 results due out on Friday. They are expected to reveal a sharp drop in earnings. Despite the expected poor results, Sovereign’s share price surged 6.5% on Tuesday to a record high of R10.
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