Key industrial index improves in April

The Zimbabwe Stock Exchange continued on its slow recovery with the key industrial index improving from 347707 at the end of March to 374 465 on April 28.

The index was still 7 percent down from the beginning of the year but this was a drastic improvement from March when it was 13 percent down.

The mining index, however, dropped from 102 203 to 92 555. It is now down 27 percent from the beginning of the year. Last month it was 20 percent down.

Some 56 companies were still trading at prices below those at the beginning of the year. Last month 59 were.

Companies in the financial services sector continued to be top performers despite the clampdown on the sector which began with the announcement of a new monetary policy on December 18.

Old Mutual topped the list with a 264 percent price rise followed by Barclays with 157 percent and Finhold with a 144 percent increase. Econet was in fourth place with 117 percent and Wankie was fifth with 107 percent.

The worst performers were anchored by National Foods at -99 percent followed by Gullivers at -93 percent and African Distillers at -74 percent. Radar was down -70 percent and Steelnet -69 percent.

Financial services companies could be in for a major boom as some have started responding to central bank governor Gideon Gono’s call that they should extend opening hours on Wednesday.

Traditionally banks have closed at 1pm on Wednesday but some are now closing at 3 pm as usual but still operate on Saturday. Others are open up to 4.30 pm on Wednesday.