The 10 counters driving the Zimbabwe stock market bull-run


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2. ECONET

Econet Wireless, Zimbabwe’s largest telecommunications company, is the second largest company on the local bourse with a market value of $1.05 billion, representing 12.99 percent of the ZSE total market capitalisation.

Including, class A shares owned by its founder, Strive Masiyiwa, the company is valued at $1.4 billion.

In a year to date, Econet has gained 120 percent to 66 cents.

The company reported a 10 percent fall in annual profit to $36.2 million, citing a decline in consumer spending.

However, the company continues to leverage on data, as voice at SMS revenues take a dip.

The telecoms giant in January this year went into the market to raise $130 million from its shareholders to settle outstanding foreign loans as Zimbabwe struggled with a crippling dollar shortage and delays in foreign currency payments.

Total assets stood at $1.22 billion as at February from $1.2 billion previously.

During the previous full year to February, the company lowered its capital expenditure by 60 percent to $32.5 million compared to $82.8 million in the previous year.

It also declared a dividend of 0.467 cents per share amounting to $12.1 million for the year.

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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