Trustco shares plunge 31%

Diversified financial services group Trustco’s share price has suffered a 31% reversal since the company revealed earlier this month that headline earnings per share and basic earnings per share for the financial year ended 31 March 2013 will be 50% and 60% respectively lower than the previous year.
In a trading statement released on 04 June, Trustco said it expects headline earnings per share to be at a minimum of 50% lower than the comparable period’s 20.27 cents and that basic earnings per share for the year ended 31 March 2013 will be at a minimum of 60% lower than the prior period’s 35.08 cents.
Soon after the announcement, the Trustco share price went on a free fall. On Monday 03 June, a day before the announcement, Trustco shares were trading at 108 cents per share before falling to 95 cents on the day of the announcement. On Wednesday this week, Trustco’s share price dropped to 70 cents before rallying to close the day at 75 cents.