Local investors sustain Zimbabwe Stock Exchange momentum

The Zimbabwe Stock Exchange industrial index advanced 2.49 percent to close the week on 207.09 points, as local investor appetite for stocks continues to drive the market to new highs.

The mining index also gained 12.94 percent to settle at 73.92 points after all mining companies recorded gains in the week.

Market capitalisation increased by 2.67 percent to $5.87 billion from $5.72 billion recorded in the previous week, mirroring the gains recorded by both indices.

Total market turnover, however, declined  by 11.71 percent to $3.1 million this week from $3.5 million recorded in the previous week.

Beverage maker Delta was largely quiet, making slight gains of 0.2 percent to close at 127.5 cents in the week.

Simbisa and Econet gained 20 percent and 7.2 percent to close at 27 cents and 42 cents respectively.

Hippo, Padenga and Old Mutual picked up 4.89 percent, 4.86 percent and 0.25 percent  to close at 91.25 cents, 29.1 cents and 394 cents in that order.

Other heavyweight counters BAT, Natfood and Innscor  were unchanged at 1.805 cents, 380 cents and 72.75 cents in that order.

Leading the gainers pack was CFI whose share price rose 36.99 percent to close at 51.03 cents in the week under review.

Nampak and  Edgars also picked up 27.27 percent and 20 percent respectively.

Masimba, StarAfrica and OK Zimbabwe gained 11.11 percent, 8.33 percent and 7.84 percent in that order.

Additionally, Meikles and Dawn advanced 7.82 percent and 7.14 percent in the week under review, while Pearl and Axia added 5.88 percent and 5 percent respectively.

Partially offsetting the gain recorded by the mainstream index, were ART, Barclays and ZB Financial  whose share prices eased 18.18 percent, 16.9 percent and 15.15 percent respectively.

On the mining space, all mining counters recorded gains, with  Bindura and Riozim advancing 22.45 percent and 9.09 percent to close at 3 cents and 60 cents respectively. Hwange and Falcon also picked up 4 percent and 20 percent to settle at 2.6 cents and 1.2 cent in that order.

Foreigners were net sellers in the week under review, disposing of shares worth  $706 157  and  purchased shares worth $316 309.- The Source

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