ZSE market weekly turnover up threefold to $6,9mln

ZSE market weekly turnover up threefold to $6,9mln

HARARE, May 20  (The Source) – The Zimbabwe Stock Exchange (ZSE) total market turnover trebled to $6,9 million this week from $2,23 million recorded in the previous week, driven by high demand in Econet shares.

Econet shares worth $4,5 million were traded on the local bourse this week, representing 65 percent of the total market turnover.

Both indices advanced this week, with the industrial index gaining 4,45 percent to 153,33 points on the back of gains recorded by heavy weights, while the mining index gained 1,1 percent to close at 70,98 points.

Market capitalisation increased by 4,35 percent to $4,5 billion from $4,3 billion recorded in the previous week mirroring the gains recorded by both indices.

Delta and Econet gained 4,79 percent and 22,54 percent respectively to close at 93 cents and 24,57 cents respectively. Hippo and Seedco picked up 4,65  percent and 2,02  percent to close at 45 cents and 97,17 cents in that order.

Innscor and BAT also advanced 1,55 percent and 0,65 percent to close at 49 cents and 1,560.0 cents respectively, while National Foods and Padenga advanced 0,56 percent and 0,24 percent to settle at 362 cents and 21,15 cents respectively.

Old Mutual was largely flat at 375,25 cents in the week while Simbisa remained unchanged at 17,85 cents.

Leading the gainers pack were Meikles and Powerspeed after their share prices rose 24,25 percent and 11,9 percent respectively while Zimre and Zimplow advanced 7,14 apiece.

Additionally, bankers FBC and ZB Financial Holdings gained 7,5 percent and 6,67 percent in the week.

OK Zimbabwe, Pearl and Dairibord added 6,45 percent, 3,03 percent and 2,89 percent in that order.

Losses were in Bindura and First Mutual who dropped 3,3 percent and 1,57 percent to close at 2,9 cents and 7,5 cents respectively.  

The gain recorded by the resources index was on the back of RioZim which advanced 3,64 percent to close at 57 cents, offsetting a 3,3 percent loss recorded by Bindura. Hwange and Falgold were unchanged at 2,9 cents and 1 cent respectively.

Foreigners remained net sellers in the week, selling off shares worth $3,8 million compared to buys worth $1,5 million.