African Bank enters JSE top 40

by Richard Kilner

Story link: African Bank enters JSE top 40

African Bank Investments, the 35th largest firm in SA, has entered the FTSE/JSE top 40.

The change came following a quarterly review of the JSE indices.

The African Bank replaces Imperial Holdings, which falls to 45th on the JSE index, based on capitalisation.

It is now possible that the African Bank will see an increase in interest in its stock, whilst the converse is true of Imperial Holdings.

In 2007 African Bank acquired Ellerine, and it has seen profits soar by 20% recently.

Although the firm’s current share price is higher than a year ago, it has been notable for its volatility.

The change will come into effect on 26 March.