Auditing house PwC has axed Oceana as a client, days before the owner of the Lucky Star tinned-fish brand was due to release its results and stirring up already tempestuous waters at the 104-year-old group, which repeatedly delayed publishing its 2021 earnings report.

In reaction, the share price of Africa’s largest fishing group fell by as much as 3.5%, before recouping almost all the losses to close largely flat. The stock has dropped about 23% over the past 12 months...