Shares in Nedbank fall over 9% as it withdraws 2020 guidance over COVID-19

Shares in South African lender Nedbank fell over 9% at market open on Wednesday, a day after the lender withdrew its financial guidance for 2020 and put some key targets under review due to the COVID-19 pandemic.

The decline in the bank’s stock, which was trading 9.61% lower by 0717 GMT, compared to a 5.5% fall in the Johannesburg Stock Exchange’s banks index.