Investors cheer resurrected Abil as it returns to the JSE
The share price of the salvaged portion of African Bank Investments Limited (Abil) jumped 77% to 55c from the 31c it lasted traded at before the share was suspended in August 2014 when it resumed trading on Wednesday morning.
The company has changed its name to African Phoenix and its share code to AXL.
Following the separation of the group’s "good bank", which has retained the brand African Bank, and "bad bank", named Residual Debt Services Limited, the listing’s remaining operating asset is insurance company Stangen.
On Tuesday, Abil issued a trading statement saying its headline earnings per share (HEPS) for the six months ended March was expected to be at most 2.95c.
Its separation from African Bank would translate into an at least 90% decrease from the HEPS of 29.5c reported in the matching period in 2015, the trading statement said.