ZIM Integrated Shipping Services Ltd. is experiencing a rise in its stock price today, likely influenced by the recent announcement of Kenon Holdings' decision to divest its stake in the company. On November 27, 2024, it was reported that Kenon Holdings, controlled by Idan Ofer, is selling 14,843,478 shares in ZIM, marking the end of Ofer's 25-year involvement with the company. This move comes after ZIM's significant financial recovery, highlighted by a net income of $1.13 billion in the third quarter of 2024, a stark contrast to the net loss of $2.27 billion in the same period the previous year. The company's improved financial performance, including a 12% increase in container volumes and a 118% surge in average freight rates, has likely contributed to positive investor sentiment.
ZIM's stock is currently trading at $21.94, up 3.98% from its previous close of $21.10, and has increased by 3.83% from its opening price of $21.13.