World’s largest bank dumps Clicks shares
JPMorgan Chase, the world’s largest bank by market capitalisation, has sold a significant portion of its interest in Clicks.
JPMorgan, based in New York City, has a market capitalisation of $746 billion, dwarfing many of its biggest competitors.
The banking giant offers a range of financial services, including consumer banking, commercial banking, investment banking, and asset management.
JPMorgan Chase serves millions of customers, clients and communities in over 100 global markets.
On Friday, 24 January 2025, after the market closed, Clicks announced that JPMorgan Chase had sold many of its shares in the company.
Clicks is South Africa’s leading health, beauty, and wellness retailer and the largest retail pharmacy chain, with a network of over 930 stores.
It announced that JPMorgan had reduced its total beneficial interest to 3.48% of the ordinary shares in issue.
Clicks’ latest annual report showed that on 31 August 2024, JP Morgan held 5.4% of the company’s issued share capital. It was worth around R4.4 billion.
After JP Morgan sold a portion of its Clicks shareholding, it holds 3.48% of the company, worth around R2.8 billion.
Clicks’ share price has experienced significant pressure since it released its trading update on 21 January for the 20-week trading period since its 31 August annual results.
The retailer’s comparable store sales increased only 5.4% compared to the prior period’s 8.4%.
The group said it experienced slower growth over the festive season due to decreased performance in non-promotional sales, gifting, paperware, and home and electrical products.
The share price has fallen by 7.8% since 20 January, and it has been down more than 9% over the last month.
