Capitec’s share price pushed to a record on Tuesday, having gained 77% from a low it reached in 2018 in the wake of a scathing report from short-seller Viceroy Research. The company has now shaken off Viceroy’s accusations that it was fudging the books, analysts say. The bank’s continued customer growth and forthcoming acquisition of Mercantile Bank are factors behind Capitec’s outperformance of the JSE’s banking index. Shares in the bank reached a record high of R1,251.70 on Tuesday, before paring gains slightly to close 0.8% higher at R1,244. Capitec has gained 11.27% so far in 2019, compared to a 3.11% rise in the JSE banking index. The second-best performing major bank on the JSE so far this year is Standard Bank, which has gained 5.65%. Capitec is providing investors with growth in earnings in a very tough economic environment, said Jan Meintjes, a portfolio manager at Denker Capital. “Investors are rewarding Capitec for a business model that has, in a way, proven to be recessi...

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