On the 30th January 2018, fund managers Viceroy, who exposed accounting fraud in Steinhoff last year, published a report on Capitec, describing the company as a “loan shark with massively understated defaults – masquerading as a community finance provider”. The share price plunged to a low of R705.00 on the day, but closed at R915.92.

Graph: Capitec’s performance from 26th January to the morning of the 31st, showing the plunge following the release of the Viceroy report on the 30th. Note how the share price was already on the decline a few days before, suggesting some already knew about the pending report. (Graph source: Sharenet)