COMPANY COMMENT: Lewis investors may still bounce off couch
In the next few years, the group’s major challenges will continue to be consumer act-related regulations and a weak economy
The Lewis share price has had a roller-coaster few days, up 6% on Monday, then down 6% on Tuesday. Wednesday was calmer, trading slightly weaker in line with the market. It is at a five-year low. The erratic movement in the share price may have more to do with the news that Canadian asset manager Invesco has increased its holding in Lewis to 20% than the just-released interim results.There are trading updates, and then there are updates by Consolidated Infrastructure Group (CIG). Three worsening updates in just three months is likely why the market has reacted with nervousness not experienced since Abil found itself on the ropes, notwithstanding that CIG is not — yet — making losses. And it’s not yet clear who among its top-10 shareholders has decided enough is enough — although the rapid decline in its fortunes will not sit well with its biggest investor, the mysterious Pinecourt International, which as recently as May upped its stake in CIG to more than 14%. Initially, on August 3...
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