Local investors push ZSE index higher

Local investors push ZSE index higher

HARARE, November 19 (The Source) – The Zimbabwe Stock Exchange industrial index gained 2,55 percent to close at 126,36 points for the week on Friday while the mining index advanced by 8,87 percent to 38,89 points as appetite for stocks among local investors remains firm.

Seedco and OK Zimbabwe gained 9,76 percent and 3,72 percent to settle at 90 cents and 5.02 cents respectively.
Econet, Delta and BAT also advanced 3,67 percent, 2,49 percent and 1 percent to close at 28 cents, 76,25 cents and 1,550 cents in that order.

Simbisa, Innscor and Old Mutual were largely flat.

The property companies, Masimba and Pearl led the gainers pack after picking up 44 percent apiece.

Fidelity was the only loser, shedding nine percent to trade at 10 cents.

On the mining space, the mining index rose on the back of the gains recorded by Bindura and RioZim which added 20 percent and 0.10 percent respectively. Hwange and Falcon traded stable at three cents and 0.6 cents respectively.

Market capitalisation increased by 2.64 percent to $3,486 billion. Additionally, total market turnover increase by 4 percent to $3.254 million with average daily trades of $ 650,805.

Foreigners remained net sellers during the week, with purchases of $41,258 and sold shares worth $2,594 million. As such, the local bourse records 41 percent foreign participation in the week under review.