Mediclinic shares rise on trading update
SA’s biggest private hospital closes at R59.52, its best performance in almost a year, after it says annual results are in line with expectations
Shares in SA’s biggest private hospital Mediclinic International rose by as much as 9.87% on Wednesday, as the company reassured investors that its results for the year to March were in line with expectations despite tough trading conditions in Switzerland and the UK. Mediclinic owns the Hirslanden hospital group in Switzerland, holds a 29.9% stake in the UK hospital group Spire, and owns hospitals in southern Africa and the Middle East. Its shares reached an intra-day high of R61.93 before paring gains to close 5.53% higher at R59.52, its best performance in almost a year. The surge in Mediclinic’s share price stands in sharp contrast to the market’s reaction last October, when the company’s shares nosedived after it issued a trading update for its half-year results warning of a poor performance in Switzerland and the UK. Mediclinic said on Wednesday that it anticipated a 3.5% decline in earnings before interest, tax, depreciation and amortisation (ebitda), and a drop in adjusted...
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