Investec expects profit decrease

Investec Plc, which owns a bank and money manager in South Africa and the UK, declined the most in more than four years after it said fiscal first-half operating profit will drop on rand weakness and market turmoil.

Adjusted earnings per share for the six months ending Sept 30 are expected to be as much as 10% lower than a year earlier, the Johannesburg- and London-based lender said in a statement yesterday

Investec, which reports results in November, fell as much as 8.6% in London trading.