Johannesburg - Shares of Absa Group [JSE:ASA] tumbled more
than 3% to R137.04, extending losses for a third straight session and hitting
their lowest level since November.
Investors have hammered the South African lender since it
warned on Tuesday that first-half profits were likely to fall as much as 10%,
citing an increase in mortgage-related bad debts.
Absa, which is majority owned by Britain’s Barclays, has since seen R13.4bn of its market value wiped out, according to Thomson Reuters data.