Zimbabwe Stock Exchange market cap hits new high

The Zimbabwe Stock Exchange (ZSE) market capitalisation hit its highest point since dollarisation in 2009 of $6.05 billion as local investors continue to seek refuge in equities to escape currency woes.

The ZSE last recorded a market capitalisation above $6 billion in July 2013, since dollarisation, when market capitalisation reached $6.01 billion.

But with no end to the bank note shortage and the uncertainty brought by the bond note currency, local investors continue to take refuge in the equities market. In a year to date, market capitalisation has grown by 51 percent.

The main industrial index advanced 1.21 percent to close the week at 213.15 points, on gains by several heavyweight counters.

The resources index , however, remained flat at 74.04 points in the week.

Total market turnover recorded in the week amounted to $1.67 million, down from $3.7 million recorded in the previous week.

Simbisa and Padenga gained 5.91 percent and 2.14 percent to close at 31.01 cents and 31.05 cents respectively.

Seedco, Econet and Natfoods picked up 1.92 percent, 1.79 percent and 0.39 percent  to close at 151.72 cents, 42.75 cents and 381.5 cents in that order.

Old Mutual also added 0.32 percent to settle at 395.25 cents.

Other heavyweight counters, Delta and BAT were unchanged at 128.25 cents and 1.805 cents respectively.

Hippo and Innscor were also unchanged at 94.25 cents and 75 cents respectively, in the week under review.

Leading the gainers pack was Medtech whose share price increased by 33.33 percent  to close at 0.04 cents in the week under review.

Barclays and Dawn also picked up 16.13 percent and 15.38 percent to close at 3.6 cents and 2.1 cents respectively.

Nampak, Dairibord and ZB Financial Holdings gained 14.29 percent, 6.8 percent and 5.75 percent to settle at 8 cents , 8.01 cents and 16.92 cents in that order.

Additionally, TSL and Proplastics advanced 4.15 percent and 3.96 percent to close at 25.1 cents and 6.82 cents respectively in the week under review, while OK Zimbabwe and Axia added 3.6 percent and 2.76 percent to trade at 11.5 cents and 13.05 cents respectively.

Colcom and Zimre also gained 1.62 percent and 1.41 percent to trade at 50.25 cents and 1.44 cents respectively.

NMB and PPC, whose share prices eased 14.31 percent and 8.45 percent to close at 4.25 cents and 65 cents respectively, were the only losers in the week.

All mining companies remained at previous week prices, with Riozim and Bindura closing at 60.25 cents and 2.99 cents respectively while Hwange and Falcon closed at 2.6 cents and 1.2 cent respectively.

Foreigners were net buyers in the week under review, purchasing shares worth $214 684 and disposing of shares worth $188 851.- The Source

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