Business / Companies
Special bargain for Econet
14 Apr 2011 at 05:11hrs | Views
FOREIGN investors exchanged a block of 625 000 Econet shares valued at US$3,1 million on the Zimbabwe Stock Exchange on Tuesday, in a special bargain deal, one of the biggest concluded this year.
The transaction, executed by Interfin Securities at US480c, raised the day's total value of trades by 111,45 percent to US$3,9 million.
Foreign inflows and outflows soared 165,37 percent and 334,02 percent to US$3,5 million and US$3,1 million respectively. The Econet share is the most liquid on the local bourse and has continued to attract foreign investors.
The mobile company has 167 million shares in issue and an additional 79 million Class A shares, which belong to founding shareholders.
With a value of just above US$800 million, it is one of the biggest companies on the ZSE in terms of capitalisation as well as revenue.
Econet's business profile remains the most intriguing on the local market as the company continues to grow.
The industrial index subsequently closed in the positive on Tuesday after putting on 0,13 percent to 158,46 points.
On the same day, there was another special bargain of 1,5 million shares in Barclays that was executed at a final price of US7c after an initial attempt at US7,5c failed to materialises, owing to excessive supply of shares in the market.
Barclays' share gained 12,74 percent to US6,99c.
Meanwhile, turnover at US$700 000, was thin in yesterday's trade with 15 million shares in Art exchanging hands at US1,75c.
Meikles gained US1,50c to trade at US44c while Fidelity Life, Hippo and TA rose a cent each to trade at US6c, US115c and US12c respectively.
FBCH and Innscor rose by US0,50c each to close at US4c and US62c respectively.
On the downside, ABCH lost US5c to trade at US50c and CFI dropped US0,40c to close at US9,60c.
Barclays retreated US0,19c to close at US6,80c and Powerspeed shed US0,20c to US1,60c.
The mining index retreated 1,78 percent to close at 218.53 points after RioZim slipped by US5,01c to close at US169,99c.
Bindura traded US1,50c lower to close at US9c as its parent company, Mwana Africa, dispelled speculation that it was on the market to raise funds for it through an equity transaction.
But Mwana Africa said a number of funding options remained on the table to restart production at BNC's Trojan mine.
Falgold and Hwange remained unchanged at US6c and US71c respectively.
The transaction, executed by Interfin Securities at US480c, raised the day's total value of trades by 111,45 percent to US$3,9 million.
Foreign inflows and outflows soared 165,37 percent and 334,02 percent to US$3,5 million and US$3,1 million respectively. The Econet share is the most liquid on the local bourse and has continued to attract foreign investors.
The mobile company has 167 million shares in issue and an additional 79 million Class A shares, which belong to founding shareholders.
With a value of just above US$800 million, it is one of the biggest companies on the ZSE in terms of capitalisation as well as revenue.
Econet's business profile remains the most intriguing on the local market as the company continues to grow.
The industrial index subsequently closed in the positive on Tuesday after putting on 0,13 percent to 158,46 points.
On the same day, there was another special bargain of 1,5 million shares in Barclays that was executed at a final price of US7c after an initial attempt at US7,5c failed to materialises, owing to excessive supply of shares in the market.
Barclays' share gained 12,74 percent to US6,99c.
Meanwhile, turnover at US$700 000, was thin in yesterday's trade with 15 million shares in Art exchanging hands at US1,75c.
Meikles gained US1,50c to trade at US44c while Fidelity Life, Hippo and TA rose a cent each to trade at US6c, US115c and US12c respectively.
FBCH and Innscor rose by US0,50c each to close at US4c and US62c respectively.
On the downside, ABCH lost US5c to trade at US50c and CFI dropped US0,40c to close at US9,60c.
Barclays retreated US0,19c to close at US6,80c and Powerspeed shed US0,20c to US1,60c.
The mining index retreated 1,78 percent to close at 218.53 points after RioZim slipped by US5,01c to close at US169,99c.
Bindura traded US1,50c lower to close at US9c as its parent company, Mwana Africa, dispelled speculation that it was on the market to raise funds for it through an equity transaction.
But Mwana Africa said a number of funding options remained on the table to restart production at BNC's Trojan mine.
Falgold and Hwange remained unchanged at US6c and US71c respectively.
Source - TNZ
