Bloomberg News

Coronation Drops as Earnings Growth Slows: Johannesburg Mover

May 15, 2012

Coronation Fund Managers Ltd. (CML), a South African money manager, fell the most in three years after earnings growth slowed in the six months through March.

The shares dropped as much as 6.4 percent and closed 5.6 percent lower at 27.30 rand in Johannesburg, the biggest one-day fall since May 2009.

Diluted earnings per share adjusted for one-time items advanced 6 percent to 86.7 cents in the six months through March, the company said in a statement today. Earnings per share on the same basis rose 38 percent in the year through September.

“We haven’t seen the growth that we have seen previously,” Harry Botha, an analyst at Avior Research Ltd. who has a hold recommendation on the stock, said by phone from Johannesburg.

To contact the reporters on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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