ZSE maintain bullish trend

 ZSE maintain bullish trend
Published: 27 April 2019
THE Zimbabwe Stock Exchange (ZSE) maintained its bullish momentum during the first three weeks of April with the All Share index and Industrial index rising to 126,28 points and 421,48 points from 123,16 points and 410,71 points during the first week of April.

Investment research firm MMC Capital said the momentum was driven mainly by the top ten counters, which returned 2,5 percent during the third week.

This comes as analysts have asserted that the stock market was showing signs of recovery after government recently indicated that it was in the process of formulating the Zimbabwe Investments Development Bill, which is aimed at safeguarding foreign investments and making it easier for foreigners to repatriate their profits.

During the week ending April 17, Simbisa and Innscor advanced 13,71 percent and 12,42 percent to 75,21 cents and 150,56 cents respectively in the third week. Padenga, Cassava, SeedCo and Natfoods added 8,51 percent, 2,34 percent, 0,87 percent and 0,36 percent to settle at 104,44 cents, 108,89 cents, 143,24 cents and 562 cents correspondingly.

Adversely pulling the index, were 1,7 percent and 0,64 percent losses in Econet and British American Tobacco.

The mining index in the week gained seven basis points to 192,23 points, buoyed by 1,53 percent gains in Riozim.

Bindura retreated 3,94 percent to 5,85 cents while Falgold and Hwange traded flat.

"The overall market capitalisation for the week came in at $16,5 billion, up from $16,23 billion recorded in the past week. Aggregate market turnover fell from $30 million to $22 million," said MMC Capital.

On the foreign space, buyers were dominant with the foreign purchase to turnover ratio at 70,5 percent against foreign sales to turnover ratio at 16 percent.

"Foreign investor participation in the week stood at 43 percent up from 16 percent in the past week. The weight of the top 10 counters (excluding Old Mutual) on the stock exchange, as a percentage of total market capitalisation came in at 74 percent showing a persistent concentration on the top counters," MMC Capital said.

Conglomerates recorded the largest gains, advancing 8,8 percent, following the gains in Innscor. The property industry least performed in the week, dropping 2,1 percent, propelled by losses in Dawn Properties.

Zimplow topped the movers list advancing 22,4 percent to 30c. Rainbow Tourism Group and PPC added 19,8 percent and 15,2 percent to 2,9 cents and 136 cents each.

Simbisa and Innscor gained 13,7 percent and 12,4 percent to close the week at 75,21 cents and 150,56 cents correspondingly.

On the shakers side, Nampak lost 14,1 percent to 30,21 cents.

Dawn and Masimba eased 7,7 percent and 2,3 percent each to settle 2,4 cents and 8,4 cents. Axia and Bindura shed off 4,3 percent and 3,9 percent to settle at 33,50 cents and 5,85 cents respectively.
- dailynews
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