Shares in Capitec, which reached a record high last week, were trading 4.1% down on Monday afternoon after the banking group said earnings in the year to end-February would increase by no more than 20%.
It was possible that “some corners of the market” had expected earnings growth to accelerate, which probably explained the share’s decline, said Jan Meintjes, a portfolio manager at Denker Capital.However, Meintjes said he did not share that view. But Meintjes said TymeBank was disrupting the market with lower fees, which was a risk to Capitec, given that its transactional banking clients are price sensitive.
The bank’s shares reached a high of R1,306.21 on Thursday last week, defying a scathing report from short-seller Viceroy Research which was published in early 2018.
Why would the shares fall if they are making more profit?
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