PICK N PAY (PIK)
Food retailer Pick n Pay rose on heavier than normal volume following a trading update the previous day which showed it had contained cost-price inflation to 2.9%, whilst Group sales were up 5.2%. Competitor Massmart, which is 40% away from its 52 week highs (versus Pick n Pay's 8% away from its 52 weeks highs) also rose on heavier-than-normal volume on the back of the news. Shoprite hit a 52 week high. Morgan Stanley revised its overweight rating on Pick n Pay slightly higher, and now has a 12-month target price of 8300c, 45% higher than where the share closed yesterday.