Econet share price up


HARARE – Econet Wireless Zimbabwe (Econet)’s share price yesterday advanced 5,11 cents to close at 485,11 cents on the Zimbabwe Stock Exchange (ZSE) as the mobile network operator hit eight million subscribers.

The group dominates the mobile market in Zimbabwe, which has a 12 million population.

Christopher Mugaga, an independent analyst, said the rise in Econet’s share price could be an
indicator of confidence and customer satisfaction.

“The advancement is an indication that subscribers are happy with the service rendered, although there are other factors that influence a firm’s stock,” Mugaga said.

George Barbaressos, Econet’s commercial director, has said demand for the network’s lines remained “very, very strong” and the key factor in its dominance is investment.

“We have spent and continue to spend more money on our network than all our competitors combined,” he said.

“People have realised that we offer the best in terms of value for money, product range, coverage and customer service” Barbaressos said.

The subscriber growth is driven by the company’s Buddie Zone, a discounted talk-time promotion largely borrowed from South Africa’s MTN.

Meanwhile, ZSE’s benchmark industrial index closed higher for the ninth consecutive day yesterday gaining 0,41 to settle at 160,65 points.

The resources index was, however, unchanged at 72,25 points. – BUSINESS WRITER

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