Nigeria's SureBet247 rubbishes claims of possible security breach

SureBet247
stands firm

Betting site responds to security breach claims.

ITWeb Africa

Wednesday, Jan 22nd

Investors still keen on Econet, despite stock decline

Investors still keen on Econet, despite stock decline.

Investors have continued to show interest in Econet Wireless' stock on the Zimbabwe Stock Exchange (ZSE) despite weakening fundamentals and declining economic activity worsened by liquidity constraints.

The strong investor interest in Econet Wireless is in line with the growth of the telecom industry. However, mobile companies, including Econet, have reported declining profitability and low average revenue per user numbers.

Lloyd Mlotshwa, research analyst IH Group said this week that Econet was the biggest contributor to total trade values and volumes on the ZSE during the month of February. He said in a market note that average daily trades for the month came in at $749 000.

"Econet, (and South Africa owned beer brewers) Delta and Afdis made the biggest contribution to total value traded, contributing 40%, 35% and 6% respectively," said the research note.

However, despite investors showing interest in Econet, the company's share price was 1.78% weaker, which weighed down the industrial Index by 3.44% to 99.50 points. Econet Wireless has over 8 million registered subscribers on its network and about 5 million mobile money users on its EcoCash platform.

Market traders on the ZSE said on Monday that they expected the strong interest in Econet Wireless to persist. This would be underpinned by positive sentiment that the telecom industry is a strong growth sector.

As one trader explained, "The other sectors will face growth problems but telecoms is seen as a growth area and Econet has taken measures to correct declining revenues and profitability. It has moved in to cut costs and is giving more attention to growing its revenue streams through data enhancement and tapping more into other value added platforms."

ALSO ON ITWEB AFRICA

Africa's chance to shine at UK-Africa Summit 2020 Published on 13 January 2020

Twenty-one heads of state from the continent are expected at the investment-focused event on 20 January 2020.

Zimbabwe launches first computer plant Published on 20 January 2020

Project is a joint venture between TelOne and Chinese firm Inspur.

Zimbabwe's Cassava Smartech takes massive hit on foreign currency exchange Published on 09 January 2020

Digital services provider confirms US$506-million loss in results for the half-year ended 31 August 2019.

2020 Risk outlook: Use GRC to build resilience Published on 14 January 2020

ContinuitySA says that as the risk outlook continues to be challenging, organisations should use their governance, risk and compliance (GRC) activities to create robust frameworks that support business resilience.