Zimbabwe Stock Exchange hits new high in May

The Zimbabwe Stock Exchange industrial index advanced 13.37 percent to 162.34  points, its highest for over two years while the resources index also broke new ground.

The mining index also gained 4.98 percent to close at 69.63 points, its highest since December 2014.

In the year to date, both the mainstream and resource index increased by 12.32 percent and 19.01 percent respectively.

Market capitalisation rose by 13.15 percent, from $4.19 billion in the previous month to $4.74 billion, the highest since September 2014, mirroring the gains recorded by both indices.

Year-on-year, the market capitalisation has improved by 64.51 percent.

Total market turnover also increased by 125.2 percent to $17.6 million from $11.2 million recorded in the previous month after 170.8 million shares exchanged hands in the month.

The largest company by market capitalisation, Delta advanced 10.72 percent in the month to close at 95.5 cents while the telecoms giant, Econet gained 69 percent to settle at 30.5 cents.

Innscor and BAT advanced 27.8 percent and 7.42 percent to close the month at 60 cents and 1 665.0 cents respectively.

Padenga and Seedco also added 6.25 percent and 3.64 percent to trade at 21.25 cents and 98.2 cents respectively.

Old Mutual, which is trading at a premium compared to its price on the Johannesburg Stock Exchange (JSE) and the London Stock Exchange (LSE), advanced 3.36 percent to close at 377 cents.

National Foods and Simbisa gained 1.53 percent and 0.84 percent in the month under analysis to settle at 365.5 cents and 18 cents respectively.

Among the top movers were Meikles, Powerspeed and Ariston after adding 59.7 percent, 34.29 percent and 33.33 percent respectively.

Bankers ZB Financial Holdings, FBC Holdings and NMB also gained 30.27 percent, 25 percent and 3.64 percent in that order.

Continued next page

(124 VIEWS)