Capitec Bank is progressing to new heights on the JSE. This happened as foreign buying continued unabated last Thursday. “The company is now well on its way to breaking into the JSE’s elite top 40 index,” Anchor Capital said in a note.

Inclusion into the top 40 index will provide a further boost for Capitec as many global funds will then include Capitec stock in their list of portfolios. An analyst, not wishing to be named, said Capitec’s earnings growth was not centred only on continued client growth. “It has a lot of fat with provisioning and clearly does not need all of it.”