ZSE ends week on high as heavyweights rally

ZSE ends week on high as heavyweights rally

HARARE, September 1 (The Source) – The Zimbabwe Stock Exchange advanced 7,17 percent to close the week at 238 points, driven by a rally in heavyweight counters.

Market capitalisation increased by 7,16 percent to $6,74 billion from $6,29 billion recorded in the previous week. Total market turnover also increased by 13,33 percent to $3,82 million from $3,37 million in the previous week.

Leading the gainers pack were Dairibord and Medtech whose share prices rose 29,11 percent and 25 percent to close at 11 cents and 0,05 cents respectively.

Zimre, OK Zimbabwe and Axia gained 14,29 percent, 8,08 percent and 6,67 to settle at 1,6 cents, 14,05 cents and 16 cents in that order.

Delta was up 6,78 percent to trade at 141,07 cents while Simbisa and Seedco gained 34,29 percent and 12,35 percent to close at 47 cents and 174,15 cents respectively.

Padenga and Econet gained 12,18 percent and 7,96 percent to close at 44,87 cents and 48,85 cents respectively.
Innscor and Old Mutual picked up 3,29 percent and 1,79 percent to close at 78,5 cents and 411,25 cents in that order. Hippo also advanced 1,59 percent to settle at 1,815 cents in the week.

BAT and Natfoods were unchanged at 1,815 cents and 381,5 cents respectively.

Additionally, CFI and Mashonaland advanced 5,53 percent and 5 percent to close at 68,75 cents and 2,31 cents while Afdis and PPC added 3,08 percent and 2,75 percent to close at 67 cents and 73,21 cents respectively.

Partially offsetting the gains recorded by the industrial index were Edgars and Meikles whose share prices fell 10 percent and 6,67 percent to close at 4,5 cents and 21 cents respectively. FML and Proplastics also eased 4,17 percent and 1,19 percent to close at 11,5 cents and 6,62 cents respectively.

The mining index gained 5,53 percent to close at 74,05 points on Friday. Riozim advanced 7,88 percent to close at 65 cents while Bindura eased 2 percent to settle at 2,45 cents. Falcon and Hwange were unchanged at 1,2 cent and 2,6 cents respectively.

Foreigners remained net sellers in the week, disposing of shares worth $1,8 million compared to buys of $143,414.