Capitec bounces back

2014-08-19 17:45

After its Moody’s downgrade over the weekend, followed by some pressure yesterday, Capitec’s shares bounced back today, gaining more than 4%.

Capitec has been dogged by fears, which were reinforced by Moody’s rating, that it could suffer the fallout of rival African Bank’s curatorship.

Capitec directors reacted strongly to the downgrade and even the Reserve Bank stepped in to offer support.

Yesterday, former chief executive Riaan Stassen (well, a company called Tembador 15, which is listed as his associate) ploughed in too, buying 5 000 shares for just over R1 million.

Today’s share price move shows there is some support for Capitec from investors. This is in contrast to African Bank’s 90% downward spiral on the JSE.

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