19/04/2010 A generic pic of the JSE board at Sandton JHB. Photo: Leon Nicholas
19/04/2010 A generic pic of the JSE board at Sandton JHB. Photo: Leon Nicholas

SA banks down, investors lock in profits

By Time of article published Nov 29, 2011

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Investors are selling off South African banks stocks to lock in profits after a recent run up in the sector.

Johannesburg's index of lenders is down 1.75 percent, after gaining over 3 percent in Monday's trade.

Standard Bank is down 1.8 percent at 95.00 rand, FirstRand sheds 2.1 percent to 19.48 rand, while Nedbank loses 2.7 percent at 135.99 rand.

Banks have been among the biggest percentages gainer among the Top-40 in the previous five sessions.

FirstRand 5.3 percent in the five days to Monday, while Standard Bank added 4.6 percent during the same period.

“They were up quite nicely yesterday. It is just consolidation,” says Ferdi Heyneke, portfolio manager at Afrifocus Securities, adding that US futures are pointing higher, indicating a firmer local bourse. - Reuters

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