Barclays Africa Powers Ahead After Parent Finally Lets Go: Chart
(Bloomberg) -- Barclays Africa Group Ltd., South Africa's worst-performing bank stock in 2017 and 2016, has risen for three straight days after Barclays Plc sold its controlling stake in a share sale in which demand exceeded supply. The gains are paring year-to-date losses and narrowing the gap with its Johannesburg-based peers. Three analysts have rated Barclays Africa a buy since the stake sale was announced on May 31, with HSBC Holdings Plc analyst Henry Hall saying in a June 1 note that the stock could gain 17 percent.
To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net.
To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Vernon Wessels, Sheldon Reback
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