Zimbabwe Stock Exchange in new high as punters seek cover in stocks

The Zimbabwe Stock Exchange recorded its highest turnover this year following a fourfold increase to  $13.56 million by today, from $2.9 million recorded in the previous week as punters hunt for bargains.

The industrial index advanced 5.84 percent to 177.79  points on the back of gains by Delta and other eight heavyweight counters.

The mining index remained unchanged this week at 69.63 points.

Market capitalisation increased by 5.7 percent to $5.18 billion from $4.9 billion recorded in the previous week.

Bellwether stock, Delta, gained 12.45 percent to close at 110.2 cents.

Hippo and Simbisa gained 17.22 percent and 11.11 percent to close at 61.25 cents and 20 cents respectively.

Innscor and Seedco picked up 8.5 percent and 8.9 percent to close at 65.1 cents and 110 cents in that order.

BAT and Padenga also advanced 2.7 percent and 1.18 percent to close at 1 710 cents and 21.5 cents respectively while Old Mutual and NatFoods added 0.55 percent and 0.14 percent to settle at 379.08 cents and 366 cents in that order.

Telecom Econet Wireless was the only heavy weight which remained unchanged, after closing the week at 35 cents.

Leading the gainers pack were Zimplow and Nampak after their share prices rose 33.33 percent and 20 percent respectively.

Meikles, Mashonaland and Ariston  gained 14.04 percent, 13.89 percent and 12.5 percent in that order.

Additionally, FBC and Colcom advanced 7.41 percent and 6.53 percent while CFI added 3.31 percent.

All mining stocks were unchanged.

Foreigners remained net sellers in the week, disposing of shares worth $4.9 million compared to buys of $2 million. – The Source

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