Heavyweight gains drive Zimbabwe Stock Exchange

The Zimbabwe Stock Exchange industrial index this week advanced 1.61 percent to 145.26 points on the back of gains recorded by heavyweight counters.

The mining index also advanced 5.86 percent to close the week at 70.22 points

Market capitalisation increased by 1.71 percent to $4.25 billion from $4.18 billion recorded in the previous week.

However, total market turnover dropped by 43.5 percent, from $5.2 million last week to $2.94 million, with average daily trades of $587 954.

Padenga and Econet gained 5.2 percent and 5.1 percent to close at 21.05 cents and 18.96 cents respectively.

Delta and Old Mutual also picked up 2.32 percent and 1.51 percent to close at 88.25 cents and 370.25 cents respectively.

Innscor advanced 0.64 percent to close at 47.25 cents.

Leading the gainers pack were Willdale and ZB Financial Holding after their share prices rose 42.86 percent and 14.94 percent respectively while Meikles and Truworths advanced 14.45 percent and 11.11 percent respectively.

Additionally, Dairibord and Nicoz Diamond gained 10 percent apiece in the week to settle at 5.5 cents and 2.75 cents respectively.

Axia, Fidelity and Unifreight were among the movers after advancing 8.22 percent, 4.55 percent and 2 percent in that order.

Partially offsetting the gains recorded by other heavy weights was Hippo which eased 6.52 percent to settle at 43 cents.

Rainbow Tourism Group (RTG) was the worst performer in the week after shedding 18.33 percent to close at 0.98 cents after reporting an after-tax loss of $4.7 million from $29 304 recorded in the prior year.

Barclays, Turnall and CFI eased 5.56 percent, 4.81 percent and 1.96 percent respectively in the week under review.

Riozim advanced 10 percent to close at 55 cents while Bindura,  Hwange and Falgold were unchanged at 3 cents, 2.9 cents  and 1 cent respectively.

Foreigners remained net sellers in the week, selling off shares worth $917 710 compared to buys worth $564 538. –The Source

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