…as Zimstat makes inflation data dissemination timely
HARARE – The stock market marked a full week of gains but the cheer by investors taking positions is being undercut by the low turnover values. Zimbabwe Stock Exchange shares rallied to a weekly gain of 22.58% as they rose past the 3 000 level to 3 171.15.
The performance takes the year to date gain to 20.60%.
While activity levels on Friday remained above 300 at 371 at close, turnover failed to rise to the occasion as it remains below the historical and psychological average of US$1 million.
Turnover closed at $66.07 million led by TSL’s $27.16 million trade. Other significant contributors were from Meikles at $12 million and Delta at $7.57 million. Medtech contributed the most to volume traded at 1.79 million shares. Foreigners sold $4.67 million worth of shares against purchases of $2.59 million.
The All Share Index was up 6.58% to 3 171.15.
Heavyweight stocks gained a heavy 7.86%, the most in the day as the Index broke the 2 000 level to 2 025.06. British American Tobacco closed at 74 000c after gaining 13.85% in the session.
Hippo which gained 7.53% and CBZ which was up 4.08% today all closed at 10 000c, a record high for both stocks. Delta which has now gained 55.68% in the year to date, was up a further 16.07% to 3 541.96c. Padenga which is installing new equipment at Eureka mine was up 17.14% to 2 480.33c with a market capitalisation of $13.4 billion.
Econet closed at 1 023.25c after it gained 10.33% to take its market capitalization to $26.5 billion and OK Zimbabwe put on 8.33% to 1 238.50c leaving its year to date gains at 37.61%. Cassava gained 5.99% to 749.76c and Innscor put on a marginal 0.09% to 4 308.50c leaving the company valued at $24.33 billion.
There was a commensurate increase in the Old Mutual Top Ten ETF, which gained 11.02% to 122.12 after 4.47 million units traded in 26 trades.
The Medium Cap Index was up 4.03% to 6 539.40c after construction and real estate firms Mashonaland Holdings and Masimba were up 19.81% and 10.29% to 96.00c and 1 249.82c respectively. Some of the gains were in banking stock First Capital which was up 19.49% to 125.77c taking its year to date gains to 14.34%. TSL closed with a market capitalisation of $9.7 billion after it gained 18.14% to 2 717.24c.
Only five counters registered losses with cable maker Cafca leading after it shed 11.11% to 8 000.00c. Bindura was down 6.71% to 371.56c. Dawn Properties was down 2.36% to 55.00c. Tourism sector companies RTG and African Sun completed the losers of the day as they were down 2.30% and 0.72% to 187.34c and 145.76c in that order.
Meanwhile, Zimstat will change its Consumer Price Index reporting date to the 27th of every month from the current dissemination period of the 15th of the next month. Zimstat said this had been made possible by the adoption of computerization in data collection and processing. Prior to this, data collection was paper based.-Financial Express.
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