Letshego takes the lead at BSE
The turnaround is remarkable as the microlender was the BSE Domestic Companies Index biggest loser for 2019, shedding 56.2% of its value despite solid profits.
Market analysts said shareholders appeared spooked by an exodus of executives reportedly due to differences in strategic outlook at Letshego.
The microlender has since embarked on a strategic revision of its African footprint and doubled up on its board and executive management capacity.
First National Bank Botswana is also enjoying a strong start to the year,
having gained 3.5 percent thus far. FNBB, the DCI’s biggest counter, gained 16.3% in value during 2019, the third best performance.
The biggest loser on the DCI since the beginning of the year has been the Botswana Telecommunications Corporation which has shed nine thebe or nearly 10% in value.
BTCL’s shareholding is dominated by retail investors who are known for impulsive trading behaviour such as cashing out their holdings for holidays or nervously responding to rumours or shocks.