AfricaBusiness & FinanceZimbabwe

ZSE market cap tops $164bn

By Almot Maqolo

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The market opened the new month of June on a positive note to continue with the bull run that began last month. <div>In May an average gain of 139.50% was recorded across indices as turnover improved during the month hitting a record US$3m in the last session of May.

Today turnover came in at $70.8m which is US$2.8m at interbank rate of 25x and US$1.08m at the prevailing parallel market rate of 65.5x. First Mutual Properties accounted for 50.85% of total turnover contributing $36m in 3 negative trades. The company lost 7.70% to close at 180.00c as it also accounted for 80.97% of total volumes traded at 20 million of the total 24.7 million traded.

Market Capitalization opened the new month continuing northwards as it closed the first session of June at $163.6bn. Foreigners were net sellers disposing shares worth $13.7m and bought for an insignificant $784 765.

Flagship index the All Share Index which gained 139.68% last month gained 7.57% to 1 269.42. Top 10 Index continued to pull the market to better heights after it rose 9.45% the most in the day to cross the psychological 1,000 mark to 1 055.22.

Gains were recorded in property company Dawn which has now recorded 3 sessions of heavy gains as it added 20.00% to 36.00c. CBZ gained 19.79% to 1325.00c as it continues to make inroads in the top 10 as it now sits fifth valued at $9bn.

Beverage maker despite dropping volumes across the board put on 19.76% to close at 1839.93c.SeedCo Limited which entered the Top 10 last session was up again today closing 19.72% firmer at 1478.16c, as brick manufacturer Willdale was also among gainers today after it put on 19.59% to close with a share price of 17.40c.

Mid Cap Index which was the least gainer in May after adding 136.80% was up 4.57% to 1 770.70. Small Cap Index continues to soar into new territories as it moves closer to the 4,000 point mark albeit at a slower pace, as it closed at 3 939.10 in today’s session after adding 2.80%.

To close in the negative was sugar producer and refiner Hippo who recently installed a new finance director. The Company lost 16.46% to close at 1015.00c leaving it’s market cap at $1.9bn. Turnall lost 12.50% to close at 70.00c, as Econet which saw volumes fall across the board in Q1 was down 0.98% to 751.30c. Agricultural stock Ariston she’d 0.47% to close at 156.00c.

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