Absa continues slide, hits 8-month low

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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

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