ZSE in strong weekly gain
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.