The bull run continues uninterrupted as the market hit new highs after it crossed the 1 000 points mark on Wednesday despite a 61% fall in daily turnover. Investors still view the market as a safe haven amid rising inflation as well as a depreciating currency, making cash piling a no brainer.
The All Share Index closed at 1 041.13 after gaining 4.74% in the session. Foreigners bought into Cassava as they poured in a meagre $25 838, whilst they divested a total of $2.3m. Daily turnover was below US$1m mark as it came it at US$980 000 that is $24.5m in local currency terms. The Top 10 index accounts for 65.09% of the total market cap at $87.4bn, with the total market cap coming in at a record $134bn. With the current black market rate of 65x market cap is US$2.06bn and US$5.36bn on official exchange rate terms of 25x.
Insurer Old Mutual led turnover contributions with $5m which came as the stock gained 10.81% to close at 8446.58c, with Econet which was up 5.64% to 630.09c added a significant $3.8m. Small Cap brick manufacturer Willdale which led the volumes traded with 20.3m added $2.4m to turnover as the stock closed with a loss of 19.74% to 12.16c.
The Top 10 Index closed with a 5.15% gain to 845.95, as the Mid Caps added 4.12% in mid-week trades to reach the 1 500 mark at 1 500.09. Small Cap Index extended it’s gains as it added 3.68% to 3 592.62. Substantive gains were recorded in SeedCo Limited which was up 20.00% to a new high of 924.00c, CBZ added 19.92% as it continues its image rebranding to 951.00c also a new high. SeedCo International put on 19.91% to 1102.00c. Small Cap real estate stock ZPI was up 19.89% to 46.95c.
Edgars which is seeking to raise $70m to strengthen its operations including launching an e-commerce site closed with gains of 19.74% to 91.00c. African Sun which posted a strong Q1 trading update, citing increased occupancy rates year on year by 2% to 40% closed on a high note as it gained 19.01% in 5 trades to reach a 52 week high of 95.17c. The company’s market cap moved to $820m.
To close in the red was Mash Holdings which saw an 18.02% reduction in it’s share price to 80.14c. Milk and milk product producer Dairiboard slowed down its surge as it was down 15.09% to 250.00c, as Art lost 9.06% to leave it’s market cap at $546m with a closing share price of 125.00c.