Zimbabwe Stock Exchange turnover hits 2-year high in March


The Zimbabwe Stock Exchange’s total market turnover increased by 146  percent in March to $26.9 million from $10.97 million recorded in the previous month, its highest for two years pushed by brisk trade in Econet shares.

The ZSE mainstream index advanced 2.7 percent in the month to close at 138.96 points as seven of the top 10 counters by market capitalisation all recorded gains.

The mining index advanced 3.7 percent to close at 58.56 points on the back of the gains in RioZim.

Market capitalisation increased by 2.96 percent, from $3.77 billion in the previous month to $3.87 billion, mirroring the gain in the mainstream index.

The largest counter by market capitalisation, Delta gained 4.88 percent to close at 86 cents while the telecoms giant added 14.64 percent to close at 16.05 cents.

Econet was on the market to raise $130 million through a rights issue which closed today.

The telcom raised the required amount, but after the underwriter, the Strive Masiyiwa-owned Econet Wireless Global pumped in $100 million to mop up unsubscribed shares. – The Source



See also:

What is Strive Masiyiwa up to?

Is the Econet Rights offer really about paying off its debt or something else?

Who is really bailing out Econet Zimbabwe?

Econet rights issue flop- was this not what Masiyiwa wanted from the start?



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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.


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