Zimbabwe Stock Exchange industrials index continues to strengthen

The Industrial index gained 10.82 percent to close at 112.03 points in the week to Friday as performance of heavy weights continue to improve.

The resource index also picked up 6.98 percent to settle at 28.05 points from 26.22 points last week.

The rise in the mainstream index was on the back of the gains in some heavy weights.

Delta, gained 18.38 percent to close at 73.99 cents and Econet advanced 33.52 percent to settle at 26.17 cents.

BAT and Seedco also rose 3.98 percent and 7.76 percent to close at 1.305 cents and 66 cents respectively.

Hippo, Old Mutual and Padenga put on 5.79 percent, 5 percent and 15.45 percent to trade at 21 cents, 315 cents and 14.2 cents in that order.

Leading the gainers pack was Axia which picked up 37.22 percent to close at 4.94 cents.

Colcom and PPC were also among the risers, advancing 20 percent and 14.63 percent to settle at 24 cents and 47 cents respectively.

OK Zimbabwe and National Foods rose 2.35 percent and 2.09 percent to close at 3.48 cents and 220.25 cents respectively.

Some of the heavy weights traded stable in the week under review, with the bankers Barclays and CBZ trading at 2 cents and 9.96 cents respectively.

Truworths eased 16.67 percent to close at 0.5 cents and it was the only loser in the week.

The mining index was buoyed by the gains in Bindura and Riozim — which added 20 percent and 0.11 percent to close at 1.38 cents and 17.50 cents.

Falcon Gold and Hwange remained unchanged at 0.5 cents and 3 cents respectively.

Mirroring the gains in the indices, the market capitalisation closed the week at $3.08 billion from $2.78 billion in the previous week.

Additionally, total market turnover increase by 11 percent to $5.206 million with average daily trades of $ 1.041 million.

Foreign buyers continue to offload their holdings as they remain net sellers. They sold shares worth $$3.971 million and purchased shares worth $174 000 in the week.

The overall foreign investor participation dropped from 57.98 percent in the previous week to 39.81 percent.- The Source

(24 VIEWS)