Zimbabwe Stock Exchange 5th best performer

The Zimbabwe Stock Exchange was ranked the fifth best performer in Africa despite the bearish sentiment that gripped the country after the 31 July elections.

Topping the list was Ghana followed by Malawi, Kenya and Uganda, Finance Minister Patrick Chinamasa said yesterday when he presented his 2014 national budget.

The key industrials opened the year 2013 at 152.4 points and gained 60.05 points to close the month of November 2013 at 213.9 points.

It peaked at 232.87 points on 30 July, a day before the elections, but at one time declined to 181.67 points.

The mining index has been on the decline. It kicked the year off at 65.12 points and stood at 47.2 points at the end of November. It reached a peak of 84.07 points on 31 January.

Market capitalisation increased substantially from US$3.96 billion to US$5.5 billion at the end of November.

It reached an all time high of US$6 billion on 30 July.

Net foreign purchases averaged 45% of total market turnover in January 2013 but declined to 38% in March 2013 and further decreased to 8% in August.

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