Econet 'housekeeping' trades spur ZSE

By Staff reporter | 21 Feb 2019 at 07:47hrs
THE Zimbabwe Stock Exchange (ZSE) on Tuesday recorded one of its biggest trades in the post-dollarisation era dominated by trades in Econet and Cassava, valued at a record $222,46 million.

According to the ZSE, Econet Wireless Zimbabwe Limited and Cassava SmarTech Zimbabwe Limited traded 81 072 230 and 66 297 270 shares, respectively.

"These trades were executed by one material shareholder, who was reallocating shares between two portfolios owned by the same shareholder. No cash exchanged hands in the transaction. The trades were done at $1,4775, as a negotiated deal, and was specifically approved by the Zimbabwe Stock Exchange in line with the requirements of the Zimbabwe Stock Exchange listings rules," the ZSE said.

Econet and Cassava majority shareholder Strive Masiyiwa described the trades as housekeeping.

"Econet Global, which I own, decided to move shares into another company, which I also own. I own both companies 100%. It has nothing to do with the listed companies. Our accountants were simply doing housekeeping," Masiyiwa said on his Facebook page.

The all-share index recovered 1,01 points (0,67%) to close at 152,22 points. Delta led the movers with a $0,1403 gain to close at $2,8953, while Meikles added $0,0350 to settle at $0,5550.

The industrial index was up 0,68% to 507,76, attributed to gains recorded in Delta, up 5,09% and Cassava, up 0,34% and offsetting a loss recorded in Econet, down 2,11%.

The mining index remained unchanged at 217, 63. The all-share index increased 0,67% to 151,22, while the Top 10 Index gained 0,81% to 150,21.

Both Cassava SmarTech and Masimba increased by $0,0050 to close at $1,4550 and $0,0850, respectively.

Willdale traded $0,0023 stronger at $0,0144. The market gained 0,46% on Tuesday to close at a total market capitalisation of $20,34bn.

Losses for the day were recorded in Padenga, down 3,63%, SeedCo, down 1,25%, Hippo, down 0,55% and Old Mutual, down 0,07%.



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