Zimbabwe Stock Exchange edges higher on renewed confidence

The Zimbabwe Stock Exchange advanced 1.51 percent today to close at 376.69 points while the mining index added 0.12 percent to settle at 126.86 points.

The country’s new President Emmerson Mnangagwa has promised to revive the country’s ailing economy resulting in restored confidence among investors.

Foreigners bought shares worth $3.1 million compared to sales of $1 million while turnover at $12.4 million more than doubled from $5.5 million yesterday.

Market capitalisation marginally increased to $10.7 billion.

Beverage maker, Delta added 1.19 percent to trade at 200.45 cents while Econet gained 1.73 percent to settle at 120 cents.

Old Mutual gained 0.4 percent to trade at 600.3 cents.

Seed producer, SeedCo advanced 17.87 percent to close at 201.97 cents while Lafarge cement added 10.38 percent to close at 137.98 cents.

Barclays, OK Zimbabwe and Padenga added 7.62 percent, 3.04 percent and 1.82 percent to trade at 6.5 cents, 22.03 cents and 56 cents respectively.

Partially offsetting the gains recorded were PPC, Star Africa Corporation and Simbisa easing 18.99 percent, 9.09 percent and 1.70 percent to settle at 142.58 cents, 2 cents and 48 cents in that order.

On the mining space, RioZim added 0.15 percent to settle at 119.99 cents while Bindura, Hwange and FalGold remained unchanged at 3.55 cents, 3.8 cents and 2.2 cents respectively. – The Source

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