Investec’s share price falls 5.2%
CAPE TOWN –
Investec’s share price fell 5.2 percent to R86.90 on Friday morning after it released a trading update that predicted headline earnings per share would fall by 15-18 percent for the six months ending September 30, 2019.
Investec’s share price fell 5.2 percent to R86.90 on Friday morning after it released a trading update that predicted headline earnings per share would fall by 15-18 percent for the six months ending September 30, 2019.
The earnings decline was largely the result of costs from actions taken to simplify and focus the business in the face of weaker investment banking performance in the UK, in line with its peers, and uncertainties caused by Brexit, joint CEO Fanie Titi said.
The management actions included closing the Click & Invest operations that were part of the UK wealth management business, closure and run down of the private equity direct investments business in Hong Kong, sale of the Irish Wealth & Investment business and restructure of the Irish branch as a consequence of Brexit.
Source: iol.co.za
