Absa continues slide, hits 8-month low

Comment on this story
absa_may 6 Independent Newspapers Photo by Simphiwe Mbokazi.

Shares of Absa Group tumble more than 3 percent to 137.04 rand, extending losses for a third straight session and hitting their lowest level since November.

Investors have hammered the South African lender since it warned on Tuesday that first-half profits were likely to fall as much as 10 percent, citing an increase in mortgage-related bad debts.

Absa, which is majority owned by Britain's Barclays, has since seen 13.4 billion rand ($1.6 billion) of its market value wiped out, according to Thomson Reuters data. - Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines