20 April 2017
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The ZSE remained sturdy in the holiday shortened week in which the market had only three sessions due to the holidays. The rising momentum however maintained into the week with the benchmark Industrial Index climbing 0.41% and ending the week at 141.50pts as it narrows the year to date loss to a mere 2.10pts. The Mining Index charged 10.20% week on week and ended at 66.25pts buoyed by the surging RioZim which put on 18.79% and ended the week at a price of $0.4989. The week under review saw Econet release the results of its recent rights issue which reflected that the offer got a 74.6% subscription rate, one of the best outcomes of a capital raise since the market dollarized. Consequently, the underwriter is set to take up 25.4% of the shares that were on offer raising the prospects that Econet wireless global may surpass the mandatory minority offer levels. Meanwhile, in other news, coal miners Hwange have reportedly signed an off take agreement for 400,000 tonnes of coal per month with two local power companies in a move expected to anchor the company’s turnaround strategy.
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