Pinnacle slides after suspending dividendComment on this story
Johannesburg - Shares of South Africa's Pinnacle Holdings tumble after the small-cap IT firm says it will not pay dividends this year to preserve cash and bring down debt.
Pinnacle reported an expected 19 percent decline in full-year earnings, hit by write-downs in the value of some inventory that was becoming obsolete.
Pinnacle is down 13.6 percent at 11.60 rand, making it the biggest percentage decliner on the All-Share index.
Shares of the company rallied last month after prosecutors dropped charges of attempted bribery against one of its directors due to insufficient evidence. - Reuters