Absa’s Russon: Market-Moving Share Sale

  • Charles Russon, a prescribed officer of Absa Group, sold 50,000 shares for R8.9 million in an on-market transaction.
  • The sale complied with regulatory requirements and had a volume-weighted average price of 17,806.95 cents per share.
  • Absa Group's strategic financial moves continue to influence South Africa's financial landscape, drawing attention from investors and analysts.
By Lethabo Ntsoane

In a recent development, Absa Group Limited’s prescribed officer, Charles Russon, made waves in the South African stock market by selling 50,000 Absa Group ordinary shares on October 12, 2023. The transaction, executed on the open market, drew significant attention from investors and financial analysts alike.

Russon’s on-market sale of shares, fully compliant with regulatory requirements, showcased the complexities and dynamics of the country’s financial landscape. The deal, valued at a staggering R8,903,475.00, became a focal point of discussions among market participants.

The transaction details, disclosed in accordance with paragraph 3.63 of the JSE Limited Listings Requirements, provided a comprehensive insight into the sale:

Nature of transactionsOn-market sale of shares
Prescribed officerCharles Russon
Date of transactions12 October 2023
Number of shares sold50,000 Absa Group ordinary shares
Lowest sale price17,800.00 cents per share
Highest sale price17,854.00 cents per share
Volume-weighted average sale price17,806.95 cents per share
Total valueR8,903,475.00

This strategic move by Russon, executed with precision, sent ripples through the market. The shares were sold at prices ranging from 17,800.00 cents to 17,854.00 cents per share, with a volume-weighted average sale price of 17,806.95 cents per share. The total transaction value stood at an impressive R8,903,475.00, underlining the significant stake involved.

The clearance obtained for these transactions highlighted the meticulous adherence to regulatory protocols, instilling confidence among stakeholders. Absa Group Limited, a prominent entity in the South African financial landscape, continues to navigate the market with strategic decisions, shaping the trajectory of the nation’s economy.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo