Blue chips sustain Zimbabwe Stock Exchange rally

The Zimbabwe Stock Exchange mainstream index rose by 6.07 percent to close at 139.64 points for the week while the mining index gained 16.42 percent to settle at 57.09 points on the back of sustained gains in blue chips.

The largest counter by market capitalisation , Delta, gained 5.63 percent to close at 85.56 cents while Innscor advanced 26.25 percent to settle at 40.4 cents in the week under review.

Econet and Simbisa added 7.63 percent and 8.77 percent to trade at 31.75 cents and 15.50 cents respectively.

Padenga, Natfoods and Seedco also advanced 6.88 percent, 4.48 percent and 3 percent to close at 17.1 cents, 350 cents and 94 cents in that order.

BAT put on 3 percent to settle at 1700 cents.

Old Mutual was flat at 340.17 cents.

Among the top movers were Hippo, OK Zimbabwe and StarAfrica which picked up 24.88 percent, 21.25 percent and 19 percent respectively.

National Tyre Services was the only loser, shedding 4.35 percent to trade at 1.1 cents.

During the week Zeco Holdings was handed a three month suspension for failing to pay listing fees and failure to hold meetings with shareholders.

The mining index rose on the back of gains recorded by Bindura which added 29.31 percent to settle at 4.5 cents.

The remaining mining counters Riozim, Hwange and Falgold were unchanged in the week at 23.10 cents, 3 cents and 0.6 cent in that order.

Market capitalisation rose by 6.27 percent to $3.873 billion.

Additionally, market turnover rose by  68.21 percent to $9.508 million with average daily trades of $1.902 million in the week under review.

Foreigners remained net sellers during the week, with purchases of $2.963 million while selling off shares worth $6.470 million. As such, the local bourse recorded 49.60 percent foreign participation in the week under review.-The Source

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