ZSE turnover recovers, hits $3.1 million

ZSE turnover recovers, hits $3.1 million

HARARE, July 28 (The Source) – The Zimbabwe Stock Exchange’s main index closed 0.76 percent up at 99.64 points on Thursday, as heavyweights Delta, Old Mutual and Axia traded positively, with turnover reaching $3.1 million.

Thursday’s daily turnover is significant, considering the market’s forgettable Tuesday, when it turned over $105, the lowest value of shares traded in a day since the ZSE was re-based after dollarisation in 2009. The ZSE recorded $30 worth of trades upon its reopening on February 19 2009 after having shut down in November 2008 at the height of the country’s hyperinflation crisis. Shares worth $155,455 were traded on Wednesday.

On Thursday, Delta traded 2.78 percent up at 67.06 cents, while Innscor spin-off Axia gained 8.69 percent to 3 cents. Old Mutual was the other gainer, up 0.12 percent to 231.55 cents. Tobacco processor BAT was, however, 1.63 percent weaker at 1,200 cents after reporting a 23 percent decline in H1 revenue this week.

Delta accounted for $2.4 million of Thursday’s turnover, with Econet weighing in with trades worth $616,000.

Foreigners remained dominant and were net sellers, accounting for $987,994 in buys and $2,919,326 in sales.