Econet shares drop by one third of valuation
The shares of telecoms giant Econet Wireless Zimbabwe (EWZ) dropped by 33 percent during the week. The company’s shares closed at $0.08 (8 cents). Investors seem to be jumping ship after Econet Wireless Zimbabwe announced its plans to raise $130 million, with shareholders supposed to make payments outside the country.
Econet’s losses contributed to the Zimbabwe Stock Exchange losing 2,67 percent during the same week. Market capitalisation also dropped by 2,55 percent to close at $3,915 billion. Additionally, the total market turnover declined by 30 percent to $1,55 million with average daily trades of $310,152 in the week under review.
More: The Source