Econet special bargain dominates trades


A bargain trade on 150 000 Econet Wireless shares at 480c valued at $720 000 lifted trade on the Zimbabwe Stock Exchange on Wednesday.

Turnover in normal trades ended the day at $1,45 million after 6,87 million shares changed hands.

On Wednesday the industrial index put on 0,09% to close at 159. 16. The mining index was 2,75% down to end the day at 228 points.

Trading on the ZSE has largely been subdued in recent weeks as investors continue to be wary about the Indigenisation and Economic Empowerment policy.

A fortnight ago the Zimbabwean government published guidelines through which foreign-owned mining companies should dispose of their shares in line with the requirements of the law.

Lack of liquidity on the market has also seen trades remain thin.

Bindura put on 0,01c to 10,01c following a statement last week by parent company, Mwana Africa that it was not seeking equity funding.

In a statement Mwana said: “The company can confirm that no equity fundraising is being undertaken at this time.”

RioZim was sellers only at 190c.

Old Mutual put on 1c to 162c while Delta added 0,4c to 72c. Seedco was 3c higher at 138c, and Hippo closed the day at 121c after gaining 5c.