MTN Zakhele points to heavy trade
MTN says its broad based black economic empowerment (BBBEE) scheme, MTN Zakhele, witnessed phenomenal activity on resumption of trade on Wednesday (29 January).
The programme has been beset by glitches and delays since its initial launch on 25 November 2013. Trading was suspended shortly after launch to enhance the platform’s capacity.
Trading on the platform officially reopened at 09:00am on Wednesday. “Heavy trading was experienced throughout the day, with as many as 3,000 traders simultaneously engaged in trading at times.”
“This resulted in the market remaining liquid and active until close of business with very tight bid and offer spreads,” MTN said in a statement.
The group said that trading in the first hour alone, exceeded the first two days of trading in November. “The system remained stable and robust throughout the day, managing the high volumes of traffic with ease,” MTN said.
At 17:00pm, when the platform closed, MTN noted that 639,780 MTN Zakhele shares with a total value of about R53 million were traded.
The scheme added R1.54, or 1.9%, closing at R82.55 per share.
MTN Zakhele chairman, Thulani Gcabashe said: “We are pleased to acknowledge the huge demand shown for MTN Zakhele shares, and are satisfied with what has been achieved today.”
“We thank our shareholders for exercising patience during the period of suspension.”
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