Econet shares up 24.2% in week of frenzied buying

Econet shares up 24.2% in week of frenzied buying
Published: 20 April 2018
Shares of Econet have shot 24,2 percent in a week of frenzied buying, spurred by expectations of strong full-year earnings.

The stock soared to 86 cents on April 17 from 70 cents a week earlier. It rose as much as 7,3 percent in a day earlier this week, narrowing its year to date loss to 5,6 percent.

Econet is expected to release its full-year to February 28, 2018 earnings anytime from now. Analysts have guided net income to come in at $106 million, up 180 percent from $37 million achieved a year ago.

Revenue is seen climbing 14 percent to $711 million for the year. The growth for the telecoms will be expected across all segments.

Indications are that growth in the telecoms sector will be driven by data, voice and short message services (SMS) on the back of better tariff management and customer segmentation. Although voice revenue has been on the decline of recent, the rate of decline has slowed down as at end of 2017, according to regulator Postal and Telecommunications Regulatory Authority (POTRAZ).
- Business Weekly
Tags: Econet,


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