Shares in software company Adapt IT, which has used surplus cash to buy back 3.1% of its own shares in recent months, have rebounded as much as 28% since the start of June. The stock has lifted from a low of R7.05 at the end of May to reach R9 at the close of trade on Wednesday. Thanks to strong first-half earnings growth, positive analyst recommendations and its share repurchase programme, Adapt IT’s shares have rallied as much as 40% so far in 2018, making it the best performing listed technology company since January. Adapt IT said on Tuesday it had bought 4.9-million of its own ordinary shares, or 3.1% of its issued share capital, between early December and June 29 for R38m. After the repurchase, Adapt IT held 8.2-million shares as treasury shares, or 5.1% of its issued share capital, it said. The group still has the authority to repurchase 11.1-million ordinary shares, or 6.9% of its total issued share capital, at the time that shareholders gave it permission to do so. Adapt IT...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now