It was R32 just over a year ago but is suffering from a potential market overhang once Nail unbundles its large holding. AMB dropped 15c to R10.10 and Mercantile shed 11c to 109c on some loss of confidence by depositors and shareholders. Saambou walked away from a deal with FBC Fidelity and relinquished 60c to 900c. Saambou also issued R230-million of preference shares at R11.50. The market fears insolvent Macmed is not the only bad risk to which small banks have exposure.
Big banks can take knocks better.
Nevertheless, larger banks also had a tough week. BOE gave up 46c to 490c and Nedcor 520c to R115.60. FirstRand gained 42c to 752c on the back of mud-slinging between potentially merging rivals Nedcor and Stanbic. Gold appeared to be manipulated by a London bullion dealer, giving up 10 to 289.70. Johnnic, MIHH, Naspers and M-Cell surged again.