Zimbabwe Equity Market Review

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Stocks rallied during the week to Wednesday, March 20 with the ZSE All Share index recording a strong 33,07 percent gain to 729,761.90.

The favoured ZSE Top Ten Index was even better with a 37,31 percent gain to 338,234.

The market capitalisation has since breached the previous record after gaining 34,25 percent to $58,588,979,250.

The strong performance by the local bourse comes as the market seemed to be awash with the local currency as reflected by its depreciation on both the formal and parallel market.

The local currency normally depreciate the most when there is excess supply on the market.

ZB Financial Holdings, which is trading under a cautionary statement pending a material transaction by its major shareholder was the top riser up 101 percent to 402 270 cents.

Tanganda followed with a 73,41 percent gain to 388889.7 cents. In its last trading update for the first quarter to December 2023, Tanganda said bulk tea export volumes grew by 18 percent to 1 274 tonnes from 1 076 tonnes achieved in previous year owing to improved logistical arrangements for more export shipments to be processed before the Christmas break.

Dairibord and Econet followed with 59 percent and 51 percent gains respectively. Econet recently declared an interim dividend of US$15 million (0,55 US cents per share) for the full year ended February 29, 2024.

Only four counter were negative led by Turnall down 16,55 percent to 5 423 cents.

Source: Business Weekly