Zimbabwe had a good start to 2011 with the key industrial index increasing by 6.9 percent in the first month. It stood in third place among the African markets, excluding South Africa, with Nigeria at the top having gained 10.4 percent and Mauritius second with 8.3 percent.
Imara Africa Securities says Zimbabwe will be one of the countries to watch in 2011 as there appears to be a surge in interest in African stocks.
“Africa’s investment resurgence has begun. We see this in many jurisdictions and numerous sectors,” the company said noting that there had been a significant uptick in the final quarter of 2010 stirring memories of 2007 when international fund managers took growing positions in Africa’s frontier markets.
Top gainers and losers in Zimbabwe for the week ending January 28 were:
Company Price (USc) % change
Colcom Holdings 45.00 50.00%
Interfin 22.50 50.00%
National Tyre Services 3.00 50.00%
APEX Corporation of Zim. 0.30 50.00%
Rainbow Tourism Group 1.65 32.00%
Gulliver Consolidated 0.10 -33.33%
Phoenix Consolidated Ind. 2.00 -20.00%
Star Africa Corporation 5.00 -16.67%
Steelnet Zimbabwe 0.25 -16.67%
Trust Holdings 1.10 -15.38%