ZSE market cap hits new high of $15bln

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HARARE,– The Zimbabwe Stock Exchange (ZSE) market capitalisation hit $15 billion mark on Tuesday for the first time ever, as stocks continue to rally on the local bourse.

Market capitalisation is now over 90 percent of Zimbabwe’s GDP — indicating that the market is overvalued, analysts say.

In the year to date, the market capitalisation has increased by 274,33 percent.

Both the industrial index and mining index advanced 0,62 percent and 0,18 percent in the day to close at 527,49 points and 135,38 points respectively.

Foreigners were net sellers in the day, having sold shares worth $1,1 million compared to buys of $140,384.

Delta and Econet added 0,22 percent apiece to close at 317,71 cents and 184,09 cents respectively.

BAT gained 5,26 percent to trade at 4,000 cents while Seedco advanced 0,31 percent to trade at 319 cents.

Cement maker, Lafarge also advanced 20 percent to settle at 120 cents in the day.

FML, ZB Financial Holdings and NTS added 16,59 percent, 5,26 percent and 3,64 percent to close at 19,82 cents, 40 cents and 1,14 cents in that order.

Loses were recorded in ZPI, Padenga and Barclays which eased 3,7 percent, 1,28 percent and 0,22 percent to trade at 2,6 cents, 78 cents and 8,98 cents respectively.

PPC also eased 0,07 percent to settle at 346 cents while retail giant OK ZImbabwe lost 0,04 percent to close at 27 cents.