Zimbabwe Stock Exchange reaches new high

The Zimbabwe Stock Exchange industrial index advanced 15.64 percent in August to 235.03 points, the highest since dollarisation, driven by the gains in all heavyweights.

The mining index was up 5.8 percent to close at 73.47 points, its highest since September 2014.

In the year to date, both the mainstream and resource indices increased by 62.62 percent and 25.57 percent respectively.

Market capitalisation also reached a new high since dollarisation after it increased by 15.63 percent to $6.66 billion from $5.76 billion in the previous month.

Year-on-year, the market capitalisation has improved by 144 percent.

However, total market turnover dropped 44.95 percent to $13.6 million from $24.7 million recorded in the previous month.

A total of 115.9 million shares exchanged hands in the month under analysis, compared to 53.4 million shares in the previous month.

In the eight months to August, total market turnover recorded on the local bourse amounted to $153.4 million, 41 percent more than $108.2 million recorded in the same period last year.

The month of March recorded the highest market turnover in the year of $26.9 million, while the month of January recorded the least turnover of $8.6 million.

The largest company by market capitalisation on the ZSE , Delta, advanced 10.86 percent in the month to close at 141.07 cents while telecoms giant, Econet gained 22.13 percent to settle at 48.85 cents.

Simbisa and Padenga advanced 88 percent and 60.82 percent to close the month at 47 cents and 44.87 cents respectively.

Seedco and Hippo also added 25.29 percent and 10.34 percent to trade at 174.15 cents and 96 cents respectively.

Innscor gained 7.9 percent to close at 78.5 cents.

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