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AfricaBusiness & FinanceZimbabwe

ZSE bullrun continues

By Almot Maqolo

With the stock market continuing to record gains, turnover has also remained highabove the US$1m psychological mark on official rate terms.

Turnover came in at $55m led by Delta $15m in 26 trades the most of the day, Simbisa $6m, Innscor $5m, FMP $4.6m as it led volumes traded with 2.5m shares traded.

Foreigners made a significant contribution with buys of $21m accounting for 38.18% of turnover and sales of $13.9m.

The Top 10 index put on 12.06% led by SeedCo International the multinational company which saw gains of 19.71% to 1720.00c to enter back into the elite group of stocks. Delta which continues to try and find ways to reduce it’s exchange loss was up 17.99% to 2170.95c to reach new highs as it gained 537.11% year to date. Insurance company Old Mutual gained 2.41% on its way to 9217.21c a new high for the stock. The index then closed at 1 182.46 as it continues to drive the market’s growth.

All Share Index saw a 111.14 point gain to surge 8.76% to 1 380.56 as market capitalization closed the day at $178bn.

Gold producer RioZim after succumbing to heavy losses at the end on May opened June on a strong note, gaining 19.80% to 964.00c. A 20.00% gain saw agric company Zimplow’s shares close with a price of 192.00c. Mid Cap gains were reversed by TSL which saw losses of 8.18% to 436.15c to leave the index with moderate gains of 2.68% to 1 818.13c.

Most activity of the day came from the small caps with ZPI gaining 20.01% to 56.50c as the company took it’s year to date gains to 891.23%. Willdale which joined the gains trend late has managed to put on gains of 495.71% year to date. The stock put on gains of 19.83% today to bring it’s market cap to $370.71m.

Cement manufacturer and exporter, PPC continues to struggle to record gains in the year with a below par year to date of 25.21%. It’s closing share price was 8.94% lower at 500.85c to bring it’s market cap to $185.75m. African Sun lost 5.70% to 93.36c as Star Africa was also down 1.32% to 18.75c.

The small cap index managed to close in the positive as it added 6.66% in the session to hop over the 4,000 points mark to end the day at 4 201.43.

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