AFRICAN BANK IN­VEST­MENTS LIMITED

Finweek English Edition - - INVESTMENT -

SELL

Fol­low­ing a re­cent t rad­ing up­date from the group, stock­bro­ker­age Imara SP Reid has up­dated its view on the JSE-listed f inan­cial ser­vices group. Stephen Mein­t­jes, head of re­search at Imara, told clients that the trad­ing up­date was worse than ex­pected af­ter African Bank had pro­vided earn­ings guid­ance in Au­gust 2013. He told clients: “Con­se­quently, while the prospects of im­prove­ments in the sec­onld half of FY 14 may yet ma­te­ri­alise, the stock is cur­rently fully val­ued (down­graded from Add) ahead of the rights is­sue de­tails of which have yet to be an­nounced.”

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