Having successfully completed capital raise of $290m at $2.90 last week, Z Energy is now in the process of operating a Share Purchase Plan for existing shareholders at the same price or a 2.5% discount to the five-day volume weighted average. Considering NZ economy is closer to normal than most, and the strong oil rebound of recent days, there seems strong upside. However a break of the $2.90 support could see a retest of Covid lows and jeopardize the SPP raise.
Trade active:
Bounced off stop loss and back to placement price of $2.90
