Edgars Shares Surge On Management Changes

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HARARE – Edgars Stores Limited experienced a surge in its shares, up by nearly 6 percent on Monday, after it announced the appointment of several new senior managers to its management team, reported Business Weekly.

Among the new appointments is Sevious Mushosho as the group’s new chief executive officer, who joined the clothing retailer in 2012 as a group accountant.

Mushosho replaced Tjeludo Ndlovu, who resigned after 11 years of service.

Following the management change, the shares of the company on Monday appreciated by 5.60 percent to close at $99.74.

Edgars is currently the 29th most valuable stock on the ZSE with a market capitalisation of $59.4 billion, which is about 0.477 percent of the Zimbabwe Stock Exchange equity market, according to the Business Weekly report.

The company began the year with a share price of $9.50 and has since gained 950 percent on that price valuation, ranking it 17th on the ZSE in terms of year-to-date performance.

More: Pindula News