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FirstRand spikes after MMI unbundling

Dec 06 2010 10:50 Reuters

Company Data

FIRSTRAND LIMITED [JSE:FSR]

Last traded 0
Change 0,04
% Change 0
Cumulative volume 6972543
Market cap 281.05bn

Last Updated: 24-11-2014 at 04:29. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Shares of FirstRand [JSE:FSR] jump 2.65% to R18.45, after being adjusted to take into account the spin-off of its Momentum unit.

FirstRand, South Africa's second-largest bank, merged the unit with an another insurer, Metropolitan, to form MMI Holdings earlier this year.

Under the terms of the deal, FirstRand shareholders gained 16.9 shares in MMI for every 100 shares in FirstRand.

Shares of FirstRand notionally closed at R20.84 on Friday, but the official price was adjusted to R17.98 by the Johannesburg Stock Exchange to reflect the MMI stake.

"I think the market has taken heart from the unbundling (of MMI)," says one trader.

Separately, FirstRand said on Friday it expects first-half earnings to rise by at least 20%, helped by the spin-off of Momentum.
 
mmi holdings  |  metropolitan  |  momentum  |  firstrand
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