Capitec's year got off to a rough start with the negative publicity generated by a Viceroy Research report knocking its share price to an all-time opening low. The bank's share price has fallen by 15% since the beginning of the year, its poorest performance for the period between January and March 22 since being listed in 2002. In contrast, the big four banks have seen their stocks grow since the beginning of the year, with FirstRand up 4%, Nedbank 16%, Barclays Africa 10% and Standard Bank 16%. After at least a decade of stellar share-price growth, outstripping that of US tech giant Apple, it appears as though Viceroy has finally pricked Capitec's bubble. In its report, the short-seller, which also produced a scathing report on Steinhoff, accused Capitec of unsustainable and unscrupulous lending, recommending that it be placed under curatorship by the Reserve Bank. The Reserve Bank has assured depositors that the bank is sound.Despite its findings being rejected by Capitec and othe...

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