Capitec Rebounds as Investors Query Concealed Losses Allegations
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Capitec Bank Holdings Ltd. ended the worst four-day rout in 16 years on Thursday after S&P Global Ratings said its assessment on South Africa’s largest unsecured lender is unaffected by a report that it may be concealing losses.
The stock gained as much as 8.7 percent, after sliding 25 percent in the previous four days. Chief Executive Officer Gerrie Fourie also said that he bought 1.5 million rand ($126,000) of securities on Wednesday because they were “good value,” while saying that customer numbers have remained stable and clients “very supportive.”