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absa group Downgrades deal blow to shares

June 29 2012 at 05:00am
By Bloomberg

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Absa Group plunged further to its lowest levels six months yesterday after analysts at Investec Securities and HSBC Holdings downgraded the stock. Shares in South Africa’s third-largest bank, which is controlled by Barclays, slid as much as 2.4 percent to R138.10 before closing 1.77 percent lower at R139. The bank slumped 8 percent on Tuesday, when it said first-half headline earnings declined as much as 10 percent in the six months to June after bad loans increased. The stock was downgraded to sell from buy at Investec, with a 12-month price target of R145. HSBC cut the stock to neutral from overweight. UK parent Barclays slid as much as 18 percent yesterday after being fined for fiddling interest rates. – Bloomberg


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