Diversified financial services group Vunani says profit for the year to February almost doubled, thanks to an increase in operating profits across its businesses and an investment team that grew assets under management when most peers experienced net asset outflows. However, the market reacted negatively to the company’s strong financial performance. Vunani’s share price fell 21.3% to R2. But an analyst pointed out that because the company was so small and only 40,000 shares were traded on Thursday, there was not much to read from this movement. Vunani whose operations include fund management, asset administration, stockbroking, and commodities trading, posted a profit of R90.3m, a 98% jump from the R45.6m reported in February 2018. “The operating businesses did very well, except for the securities business which struggled because of trading volumes on the JSE have come down significantly over the past few years,” said Vunani CEO Ethan Dube. Dube was particularly upbeat about ...

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