ZSE surge persists as polls approach

HARARE - The Zimbabwe Stock Exchange (ZSE) defied the edgy election mood last week, ending the session with the mainstream All Share Index soaring 2,75 percent to 117,29 points while the Industrials added 2,84 percent to 394,35 points which was 2,06 points shy of the year high of 396,41 points.

Equities research firm EFE Securities said the 3,40 percent rise in the Top Ten Index was largely driven by heavies Econet, Innscor and SeedCo to see the index close at 122,68 points.

Gaining 10,90 percent, the bourse’s total market capitalisation closed the week at $12,52 billion, a 25,45 percent gain year to date.

The All Share Index ended the week 10,27 percent higher at 117,29 points while the Top 10 Index was up 12,55 percent to 122,63 points.

Closing 10,39 percent higher, the Industrial Index closed the week at 394,35 points, whilst the Mining Index rose a marginal 0,53 percent, ending the week at 164,28 points.

Trading in heavyweights this week was firm with Econet, Delta and Innscor gaining 16,39 percent, 16,36 percent and 12,19 percent, respectively.

The week’s top gainers were Meikles, Turnall and OK Zimbabwe, up 34,30 percent, 20,00 percent and 17,37 percent, respectively.

The week’s largest losses were recorded in Lafarge, down 3,70 percent and RioZim, down 0,84 percent.

Banking group CBZ topped the risers of the day after putting on 8,91 percent to $0,1100 while, Econet trailed with an 8,32 percent jump to settle at a volume weighted average price of $1,2991.

Cable manufacturers CAFCA rose 7,14 percent to $0,7500 while, retailer OK Zimbabwe extended 6,52 percent to $0,2352 to close with a spread of $0,2350-$0,2500.

Wrapping Friday’s top five risers of the day was Hippo which ticked up 6,25 percent to $1,7000.

Elsewhere, Delta gained 1,50 percent to touch a high of $2,3624, having traded an intra-day high of $2,4500.

Nickel miner Bindura and RioZim let go 7,83 percent and 0,17 percent to end session at $0,0553 and $1,4775, leaving the resources index at 164,28 points after a 2,31 percent slump.

The market closed with a positive breadth as gainers outnumbered fallers by a count of nine.

Daily turnover increased 40,43 percent to $4,47 million as OK Zimbabwe, Old Mutual, Econet and Delta accounted for respective contributions of 18,31 percent, 17,56 percent, 17,45 percent and 17,38 percent.

Volumes took a significant leap of 103,45 percent to 6,69 million with 52,05 percent being attributable to OKZim.

This comes as the bourse ended the second week of July in gains as the Election Day draws closer with its All Share Index firming 1,51 percent to end at 106,37 points while, the Industrials ticked up 1,54 percent to 357,22 points.

— The Financial Gazette

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