TRUSTCO GROUP’s share price is rebounding alongside global markets, as stock exchanges around the globe are experiencing some recovery from the initial shock delivered to the markets due to COVID-19. This has enabled the company to once again make its entry onto the list of Top 100 Companies on the JSE by market capitalization.
The group’s market capitalization is back up to N$10.5 billion, having more than doubled since the start of the pandemic, with its share price closing at N$6.50 per share yesterday, up from a low of N$1.79 a share just a few months ago.
While this good news is appreciated by all its shareholders, its employee shareholders in particular are smiling quite broadly. They saw their share wealth blossom to N$148 million, with 18 employees now share millionaires.
Trustco’s share price still has some way to go to reach its 52-week high of N$10.49 per share, as well as its all-time high of N$16.00 per share, indicating that there’s more room for recovery.
“Trustco’s policy of economic inclusiveness saw Trustco employees suffering alongside the rest of its shareholders when times are tough. It is gratifying to see them sharing in the gain when we are recovering,” the Group Head of Corporate Affairs, Elmarie Janse van Rensburg said.
Trustco Group’s Deputy CEO, Quinton Z van Rooyen, added, “The recovery in the share price is of particular note to those staff members who had shares issued to them at N$2.70 back in April – they’ve almost doubled their investment! In these difficult times, we’ve seen more and more staff dip into their share wealth portfolio as unexpected expenses occur, which is as it should be. Investments done during the good times, exist to be used during difficult times.”
Trustco’s shareholders are not the only shareholders smiling again after adversity hit the market. Capricorn Group, Namibia Breweries and FirstRand Namibia saw their share price plunging the last few months as well.
FirstRand Namibia has yet to see a significant recovery, with its share price still at N$23 per share, down from its 52-week high of N$33.49 per share. However, both Capricorn Group and Namibia Breweries shareholders have seen a modest recovery from their lows.
Capricorn Group is up from their low of N$10.50 per share to N$12.51 per share currently, taking their market capitalization back up to N$6.5 billion, but still down from their 52-week high of N$16.07 per share.
Similarly, Namibia Breweries have recovered from their low of N$25.90 per share to currently N$34.50 per share, taking their market capitalization up to N$7.1 billion, but it remains down from it’s 52-week high of N$48.36 per share.