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....
Oil bouncing off lows in conjunction with NZ's effective response to Corona Virus and resulting opening of the economy appears to have translated to ZEL. Back above the 50MA and trending in the right direction. To be confirmed by TD Sequential 2 closing above 1.
