ZSE in strong weekly gain

Chronicle (Zimbabwe) - - Business - Harare Bureau

THE Zimbabwe Stock Ex­change ral­lied through­out last week to close 9,47 per­cent stronger on Fri­day as stocks com­pleted nearly three weeks of sus­tained gains.

The bullish run re­sulted in a 7,98 per­cent in­crease in mar­ket cap­i­tal­i­sa­tion dur­ing the week to $3,45 bil­lion, a re­vers­ing its al­most 14 per­cent year-to- date loss into a gain of 7,34 per­cent.

Stocks have gained over 16 per­cent since the rally that started early this month, which saw trades shift­ing across to penny stocks as op­posed to the pre­vi­ous con­cen­tra­tion in blue chips as fears over the im­mi­nent launch of bond notes have seen in­vestors move away from cash and near cash.

Trad­ing in heavy­weights last week was firm with gains of 12,18 per­cent, 14,64 per­cent and 10,34 per­cent recorded in bev­er­age maker Delta, mo­bile Econet and to­bacco man­u­fac­turer BAT, re­spec­tively.

At the close of trad­ing on Fri­day, Delta was sit­ting at 83c, Econet was un­changed at 30 cents while BAT added 4 cents at $1,44.

The week’s largest gain­ers were Bin­dura, up 43,48 per­cent(1,98c), Will­dale (0,20c) 33,33 per­cent and La­farge (24c), up 20 per­cent.

The In­dus­tri­als In­dex closed the week at 120,45, and the Min­ings In­dex rose 18,25 per­cent to 33,17.

Vol­umes traded to­talled 41,34 mil­lion shares and av­er­aged 8,27mn shares per day. Weekly turnover to­talled $4,68 mil­lion.

Av­er­age daily value traded was $935 000 for the week. ZSE sta­tis­tics show that ac­tiv­ity was high­est in Innscor, Delta and Fidelity Life, which ac­counted for 28,93 per­cent, 27,21 per­cent and 10,99 per­cent, re­spec­tively, of to­tal vol­umes.

Stocks on ZSE have since re­versed year-to-date loss that char­ac­terised much of this year as most com­pa­nies strug­gled for prof­itabil­ity due to the poor eco­nomic con­di­tions.

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