|
|
Zimbabwe: ZSE Shares Surge After Two-Day Dip
 |
 Published by the government of Zimbabwe |
|||||||||
|
||||||||||
|
|
|||||||||
|
||||||||||
The Herald (Harare)
9 May 2008
Posted to the web 9 May 2008
Harare
Zimbabwe Stock Exchange shares rose after the two-day dip yesterday to stay above the 100 billion points mark on positive investor demand following a weaker inflation outlook.
The central bank introduced new notes at the start of the week to further accelerate the growth in money supply.
At the close of trades, the industrials index gained 5,68 percent to 110 500 338 714,97 points and the minings index went above 100 billion points after rising 11,12 percent to 103 005 181 615,87 points. KMAL gained $105 million to $700 million after the Reserve Bank of Zimbabwe granted full fungibility status to all Kingdom Meikles Africa shares registered on the London register and listed on the London Stock Exchange.
Old Mutual firmed $70 million to $651 million following the break in currency to the US dollar. By yesterday afternoon the street rate for the US dollar was between $200-$215 million while the highest interbank rate was $210 million. CBZ, which was buying at $189 million was steady at $30 million, Barclays with its rate at $205 million, picked $5 million to $40 million and CFX, buying at $204 million lost $60 000 to $400 000. Delta was steady at $150 million while Econet put on $50 million to $700 million. Cottco shed $15 million to $125 million.
|
Afrisun was steady at $28 million after the group said it is concluding negotiations with two existing properties in South Africa, a five-star hotel in Cape Town, and a three-star hotel in Pretoria. Chief executive Mr Shingi Munyeza also said the group will include two other management contracts in Nigeria.
Tractive with upcoming interims traded at $4,8 million and Cairns which reported its interims said volumes for March were a third behind last year reflecting no major change to the volumes reported at last year. Volumes in the six months to February had declined 38 percent. TSL lost $6 million to $29 million with auction floors reporting improved supplies in tobacco deliveries following the alignment of the price to the interbank rate.
Meanwhile, the money market forecast a small surplus of $1,4 trillion with short-term rates ranging between 100-120 percent.
| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Copyright © 2008 The Herald. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections -- or for permission to republish or make other authorized use of this material, click here. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Make allAfrica.com your home page | RSS Feed | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Top | Site Guide | Who We Are | Advertising | Search | Subscribe | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Questions or Comments? Contact us. Read our Privacy Statement. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
