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.