Local appetite for stocks keeps Zimbabwe Stock Exchange index high

The Zimbabwe Stock Exchange industrial index gained 4.19 percent to close at 131.65  points for the week on Friday while the mining index advanced by an impressive 26.10 percent to 49.04 points, as appetite for equities by local investors remains strong.

The largest company by market capitalisation, Delta,  gained 6.23 percent to close at 81 cents while the second counter, BAT, advanced 6.45 percent to settle at 1.650 cents in the week under review.

Econet added 5.36 percent to trade at 29.50 cents.

Old Mutual, Innscor and Seedco also advanced 4.87 percent, 2.56 percent and 1.39 percent to close at 338.74 cents, 32 cents and 91.25 cents in that order.

Simbisa was largely flat at 14.25 cents.

Among the top movers in the week were Proplastics, Zimplow and Meikles which picked 33.33 percent, 32.16 percent and 27.12 percent respectively.

ZPI was the only loser, shedding 10 percent to trade at 0.80 cents.

The mining index rose on the back of gains recorded by Bindura and RioZim which added 45 percent and 10 percent respectively. Hwange and Falcon traded stable at three cents and 0.6 cent respectively.

Market capitalisation rose by 4.55 percent to $3.645 billion. Market turnover rose by 73.72 percent to $5.652 million with average daily trades of $1.131 million.

Foreigners remained net sellers during the week, with purchases of $172 829 while selling off shares worth $4.698 million. As such, the local bourse recorded 43.09 percent foreign participation in the week under review.-The Source

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