Investec’s shares take a hammering after Ninety One demerger

DURBAN – The shares of Investec plc and Investec Ltd plunged more than 49 percent yesterday following the completion of the Ninety One demerger in line with a 11.64 percent decline in the JSE All Share Index.

Investec plc shares fell to R36.61 a share yesterday afternoon from Friday’s close of R64.57, while Investec Ltd dropped to R37.66 from R64.99 recorded on Friday.

Ninety One Ltd’s share price closed at R32.90 following an opening of R55 during its listing.

Vestact portfolio manager Michael Treherne said the drop was a direct result of the Ninety One spin-off.

Treherne said while the stock fell, they were bound to bounce back to add back the value of those new shares to get the true price of Investec.

Source: iol.co.za