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ABSA [message #96986] Wed, 27 June 2012 09:15 Go to next message
Onetwo
Messages: 2
Registered: June 2012
Location: Cape Town
Junior Member
Does anybody have an idea what happened to the Absa share price.
Down 8% ?????
Was thinking of buying, but don't now anymore.
Re: ABSA [message #96987] Wed, 27 June 2012 09:25 Go to previous messageGo to next message
Randall Stevens  South Africa
Messages: 1134
Registered: October 2009
Location: Johannesburg
Senior Member

This is the crux of the story ...

ABSA GROUP VOLUNTARY TRADING STATEMENT FOR THE PERIOD ENDING 30 JUNE 2012
Shareholders are advised that Absa Group`s headline earnings for the six months
ending 30 June 2012 are likely to be 0% to 10% below the R4 595 million achieved
for the six months ended 30 June 2011.

RS


Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes. - George Soros


Re: ABSA [message #96998] Wed, 27 June 2012 14:39 Go to previous messageGo to next message
soutie
Messages: 648
Registered: August 2011
Senior Member
Barclays Plc (BARC) will pay 290 million pounds ($452.3 million) in penalties, the largest ever imposed by regulators in the U.S. and U.K., to settle their claims that the bank sought to rig the London and euro interbank offered rates.

Taken from Bloomberg.

I see banks entering value territory, as you can see from above headline ABSA's problems are not their own making but from their very naughty parent body.
Barclays are raping ABSA for their own mistakes coming home to roost.
My theory is based on the fact they are the only big bank here under outside control.
When the next bank puts out a similar trading update my view will have to change, but until then I'm bullish for banks.
This is a problem for ABSA and ABSA only. Twisted Evil
Re: ABSA [message #96999] Wed, 27 June 2012 15:06 Go to previous messageGo to next message
hdbb  South Africa
Messages: 2222
Registered: August 2009
Location: By the sea
Senior Member
Heres the main reason...

ASA/ABSP - Absa Bank Limited - Rating downgrade of Absa Bank by Moody's


BIABS
ASA/ABSP - Absa Bank Limited - Rating downgrade of Absa Bank by Moody's
Investors Service
Absa Bank Limited
(Incorporated with limited liability in South Africa under registration number
1986/004794/06)
("Absa Bank")
Bond Issuer Code: ABMN
Share Code: ASA
Preference Share Code: ABSP
Rating downgrade of Absa Bank by Moody's Investors Service ("Moody's")
Notice is hereby given that Moody's has on 22 June 2012 downgraded, to A3 from
A2, the long-term local-currency deposit and foreign-currency senior unsecured
debt ratings of Absa Bank.
The downgrade was triggered by the recent downgrade of the standalone credit
assessment of Barclays Bank Plc ("Barclays") (which owns 55.5% of Absa Group
Limited, the holding company of Absa Bank). Moody's has removed the one notch of
rating uplift from parental support previously incorporated in Absa Bank's
deposit and senior debt ratings. Barclays long-term deposit and debt rating was
recently downgraded to A2 (negative outlook), from Aa3, and its standalone bank
financial strength ("BFSR") measure was lowered to C-/baa2(stable outlook on the
C-), from C/a3.
The outlooks are stable on Absa Bank's local-currency deposit and foreign-
currency senior debt rating, which continue to benefit from the banking and
operational expertise available from the parent bank. Furthermore, Moody's is
comfortable that Absa Bank continues to remain a self-sufficient and
operationally independent entity without any funding dependence from Barclays.
Ratings affected by downgrade action
The local-currency deposit ratings have been downgraded to A3/P-2(stable
outlook) from A2/P-1 and the long-term national-scale deposit rating has been
confirmed at Aa2.za.
With regards to Absa Bank's EMTN programme, the provisional foreign-currency
senior unsecured debt rating has been downgraded to (P)A3 from (P)A2. Any issued
foreign-currency senior unsecured debt has been downgraded to A3 from A2.
The provisional foreign-currency subordinated and junior subordinated debt
ratings under its EMTN programme have also been downgraded to (P)Baa2 and
(P)Baa3, from (P)Baa1 and (P)Baa2 respectively. All ratings have a stable
outlook.
The C- BFSR (stable outlook), mapping to standalone credit assessment of baa1,
the A3 long-term foreign-currency deposit rating(negative outlook), the P-2
short-term foreign-currency deposit rating and the P-1.za national-scale short-
term deposit rating, all remain unaffected.
Johannesburg
27 June 2012
Debt sponsor
Absa Capital
(the investment banking division of Absa Bank Limited, affiliated with Barclays)
Date: 27/06/2012 09:15:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.



hdb
The mediocre teacher tells.The good teacher explains.The superior teacher demonstrates. The great teacher inspires!!
Re: ABSA [message #97002] Wed, 27 June 2012 15:22 Go to previous messageGo to next message
soutie
Messages: 648
Registered: August 2011
Senior Member
Not so sure I agree totally with you there hdbb.
Would ABSA have been downgraded were it not for the downgrade of Barclays...?
Me thinks not: Reasoning where would you have a subsiduary with a higher credit rating than the parent.
Behind the scenes I think Barclays are taking,taking and taking.
That Van so and so guy that left recently couldn't stand by and watch no-longer.
Another large overseas conglomerate destroying local talent AND value, with a MY way or clear off.
Re: ABSA [message #97232] Tue, 03 July 2012 11:46 Go to previous messageGo to next message
soutie
Messages: 648
Registered: August 2011
Senior Member
After resigning from the top job at Barclay's Bob Diamond is to appear before the Kimberly Commission.
Dodgey B@stard. Laughing
Re: ABSA [message #97236] Tue, 03 July 2012 12:01 Go to previous messageGo to next message
Randall Stevens  South Africa
Messages: 1134
Registered: October 2009
Location: Johannesburg
Senior Member
index.php/fa/6648/0/

  • Attachment: Barclays.jpg
    (Size: 83.98KB, Downloaded 389 time(s))


Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes. - George Soros


Re: ABSA [message #97258] Tue, 03 July 2012 14:11 Go to previous messageGo to next message
delta66  Germany
Messages: 432
Registered: August 2010
Senior Member
nasty stuff, glad i settled with FSR a few months back
Re: ABSA [message #97260] Tue, 03 July 2012 14:20 Go to previous messageGo to next message
Randall Stevens  South Africa
Messages: 1134
Registered: October 2009
Location: Johannesburg
Senior Member

I see the Barclays COO, Jerry Del Missier has now also resigned Shocked

RS


Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes. - George Soros


Re: ABSA [message #97262] Tue, 03 July 2012 14:46 Go to previous messageGo to next message
delta66  Germany
Messages: 432
Registered: August 2010
Senior Member
and i don't think it'll "end" there..many heads still to roll by the looks of things.
Re: ABSA [message #98047] Tue, 17 July 2012 11:47 Go to previous messageGo to next message
dunjani  United States
Messages: 136
Registered: October 2006
Senior Member
This Libor Fixing Scandle is getting bigger and bigger, ABSA doesn't seem to be feeling the effect for now. They could be in for a groot klap soon!
Re: ABSA [message #98153] Wed, 18 July 2012 12:29 Go to previous messageGo to next message
deniapicitsa  United States
Messages: 8
Registered: July 2012
Location: 623 Atwells Ave,
Junior Member
Did some have better solution for that? Very Happy I Don't know how to deal with it.


http://www.themodernman.com/nice_guys.html
Re: ABSA [message #98155] Wed, 18 July 2012 12:39 Go to previous messageGo to next message
iggy  South Africa
Messages: 11
Registered: April 2012
Location: Johannesburg, South Afric...
Junior Member

I got in yesterday, we'll c how it 'l do ths time around


I.M Nkgapele
Re: ABSA [message #98161] Wed, 18 July 2012 12:51 Go to previous message
gcr  South Africa
Messages: 1012
Registered: May 2007
Location: Randparkridge
Senior Member
You have to wonder what secrets are still buried at ABSA first there was the BEE deal with Tokyo and Batho Bonke Capital, the PIC's holding in the bank, Gill Marcus as chair then Ramos gets the position as CEO and I can't see it was on merit. Then of course going back even further the alleged bail out of ABSA of R 1 billion.
Maybe there is some truth in an ex colleague (Terry Crawford - Browne) of mine assertions that there are some hidden secrets uncovered
Probably not good times for ABSA at this time, but then again all the banks seem to go through cycles of hard times and arrogance - only have to look at Strandard in latter 90's and Nedbank in early 00's and FNB just vacillating for many years trying to get Hogan to work
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