ZSE market capitalisation hits US$ 7,144 billion

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THE Zimbabwe Stock Exchange (ZSE) market capitalization yesterday hit an all-time high, reaching $7, 114 billion in total market capitalisation as both indices rallied to their highest levels since dollarsation.

The mainstream Industrials Index put on 3, 02 percent to 251, 07 level. The market registered 17 counters that traded in the positive while four bears were recorded and three traded unchanged.

Turnover for the day amounted to $1, 741 million after 5, 623 shares changed hands.

Foreign sales accounted for $1, 330 million while foreign buys were $62 000.

Headlining the risers in yesterday’s trades was agriculture concern – Ariston which rose 27 percent to 1,4 cents followed by Bindura that added 19, 6 percent to 2, 99 cents.

Wines and spirits maker, Afdis put on 19, 4 percent to 80 cents, while quick restaurant service provider – Simbisa followed with a 12, 19 percent uptick to 53 cents.

Axia was also up 11, 7 percent to 19 cents. Other notable increases were recorded in Old Mutual that surged 6 percent to $4, 59 while Econet rose by 9,8 percent to 54, 94 cents.

Crocodile breeder – Padenga was up 8,11 percent to 50 cents. A total of 16 counters traded in the positive.

Econet was the most sought after as two million shares exchanged hands which accounted for 64, 54 percent in value and 36, 31 percent of the volume aggregate.

Banking group Barclays topped the volumes swapped in yesterday’s trade with a 36, 97 percent contribution.

On the downside were clothing retailer – Edgars that retreated 8 percent to 4, 6 cents while Amalgamated Regional Trading (ART) weakened by 4, 76 percent to 4 cents. CFI also lost 4, 76 percent of value to 60 cents.

The Minings Index of four counters also added 5, 19 percent to 77, 89 level on gains in nickel producer Bindura. On a year to date basis, the resources index has shored up 33, 12 percent.

The other mining counters, Falgold, Hwange and Riozim maintained previous trading levels of 1,2 cents, 2, 6 cents and 65, 25 cents respectively.

Market watchers contend the local bourse will continue to firm in the short term as positive sentiment persists on the back of increased demand as local investor shift from the money markets for equities. – BH24