ZSE indices rise highest in November

ZSE indices rise highest in November

HARARE, November 30 (The Source) – The ZSE industrial and mining indices reached new highs this year after gaining 13,45 percent to 137,08  points and  70 percent to 57,38 points in November.

Total market turnover also increased by 1,12 percent to reach an all-year high of $23,460 million on a monthly basis this year, as the introduction of bond notes as Zimbabwe’s new domestic currency continues to force investors to look for safer investment options in equities.

Market capitalisation rose by 14,31 percent, from $3,328 billion in the previous month to $3,805 billion, the highest since August last year.

Delta and Natfoods advanced 15,55 percent and 16,67 percent to close the month at 84,14 cents and 350 cents respectively. BAT and Padenga put on 13,33 percent apiece.

Econet, Seedco and Simbisa also added 5,77 percent, 11,28 percent and 4,61 percent to trade at 31,73 cents, 91,25 cents and 14,75 cents in that order.

Old Mutual, which is trading at a premium compared to its price on the Johannesburg Stock Exchange (JSE) and the London Stock Exchange (LSE), advanced 5,33 percent to close at 339,52 cents while CBZ was largely flat at 10,50 cents.

Among the top movers were Masimba, NicozDiamond and Meikles after adding 87,5 percent, 83,33 percent and 70,18 percent respectively. Pearl and Colcom also gained 60 percent and 42,31 percent respectively.

Counters to buck the trend included National Tyre Services (NTS) and Axia which lost 4,35 percent and a marginal 0,17 percent respectively.

The 70 percent surge in the resource index was largely on the back of Bindura which gained by  an impressive 127 percent to close at 4,54 cents. Riozim  and Falgold also gained 23 percent and 20 percent respectively while  Hwange remained unchanged at three cents.

Foreigners remained net sellers throughout the month, disposing of shares worth $16,723 million and buying shares worth $3,802 million.