Gains in heavyweight counters help extend Zimbabwe Stock Exchange run

The Zimbabwe Stock Exchange’s main industrial index advanced 1.7 percent to close the week at 210.61 points after several heavyweight counters recorded gains.

The mining index also recovered from the previous week’s slide, by 0.16 percent, to settle at 74.04 points on Friday.

Market capitalisation rose 1.77 percent to $5.98 billion from $5.87 billion recorded in the previous week, mirroring the gains recorded by both indices.

Total market turnover also increased by 18.61 percent to $3.7 million this week from $3.1 million recorded in the previous week.

Beverage maker Delta gained 0.59 percent to close at 128.25 cents in the week while Simbisa and Padenga gained 8.44 percent and 4.47 percent to close at 29.28 cents and 30.4 cents respectively.

Hippo, Innscor and Seedco picked up 3.29 percent, 3.09 percent and 1.78 percent  to close at 94.25 cents, 75 cents and 148.86 cents in that order.

Other heavyweight counters, Econet and BAT were unchanged at 42 cents and 1.805 cents respectively. Natfoods and Old Mutual were also unchanged at 380 cents and 394 cents respectively, in the week under review.

Leading the gainers pack was General Beltings whose share price doubled to close at 0.22 cents. Medtech and NMB also picked up 50 percent and 22.47 percent respectively.

Colcom, Zimplow and CFI gained 19.91 percent, 20.04 percent and 19.54 percent in that order.

Additionally, ZB Financial Holdings and Meikles advanced 14.29 percent and 10 percent in the week under review, while Edgars and Dairibord added 8.33 percent and 7.14 percent respectively.

Masimba and Barclays also added 5.17 percent and 3.33 percent respectively.

Partially offsetting the gain recorded by the mainstream index, were ART and Dawn whose share prices eased 6.67 percent apiece, while Fidelity lost 1.82 percent in the week.

On the resources counters, RioZim advanced 0.42 percent to close at 60.25 cents offsetting the loss recorded by Bindura which eased 0.33 cents to close at 2.99 cents. Hwange and Falcon remain unchanged at 2.6 cents and 1.2 cents respectively.

Foreigners were net sellers in the week under review, disposing of shares worth $1.23 million  against purchases worth $532 057.-The Source

(42 VIEWS)