Capitec ends year on a high
But Standard Bank is analysts’ stock pick for 2018
Capitec’s share price blazed past those of its competitors in 2017 and was heading for the R1,000 mark on by Thursday. It last came close to this level on December 5. Capitec briefly overtook Nedbank as the largest bank by market capitalisation in September, shortly after the latter’s shares sank after the release of its interim results for the half-year to June, which reported its first contraction in earnings since the global financial crisis. As Capitec reached nearly R892 per share for a market value of R103bn, Nedbank’s shares were at R205 for a R102bn market value. In September, analysts at JP Morgan said Capitec remained one of the few growth stocks in the local financial services universe, lifting their projections for the share to R950. This is based on a 10% total return JP Morgan expects from the bank for its 2018 financial year as its credit card offering gains traction and launches new products. But the share has since surpassed that and was trading at about R958.47 on ...
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