THE Zimbabwe Stock Exchange closed the week on a quiet note on Friday with only Econet Wireless recording reasonable trade volumes. Market turnover was US$1,5 million and both indices were little changed from Thursday's levels.
British America Tobacco and Innscor Africa Limited were among the day's movers while there were no major losses in the session.
The industrial index gained 1,67 percent compared to the week ending January 18 2013 while the mining index was up 4,85 percent. Market capitalisation rose to US$4,40 billion from US$4,32 billion in the previous week.
The market was subdued on Monday as many investors decided to stay away from the market with turnover coming in at a paltry US$231 788. Trade was concentrated in Delta Corporation while the rest of market recorded no meaningful activity.
The industrial index was marginally softer but the mining index gained 3,36 percent, lifted by gains in Falcon Zimbabwe. The ZSE rebounded on Tuesday with turnover increasing to close to US$1,8 million. Pearl Properties firmed 8 percent for a block trade of 6,9 million shares. The mainstream industrial index gained 0,64 percent following on gains in Delta, Old Mutual and Seed Co Limited.
The bullish sentiment continued on Wednesday as Delta and Econet propped market turnover which came in at US$1,4 million. Reasonable volumes were also recorded in CBZ Holdings, Edgars and Innscor Africa. The mainstream index gained another 0,62 percent led by heavyweights, Delta, Innscor and Meikles Limited.
On Thursday, the industrial index rose on gains in selected heavyweight shares while the mining index rebounded on a firm bid in Hwange.
The mainstream index advanced 0,38 percent or 0,63 points to 168,11 points while the mining index was up 1,6 percent or 1,22 points to close at 77,41 points.
Daily turnover came in at US$1,1 million from US$1,4 million a day earlier, with Delta, Edgars and Pearl Properties pushing through some meaningful volumes.
On Friday, the industrial index marginally rose 0,03 percent to 168.16 points.
The mining index was flat at 77,41 points, despite Bindura Nickel Corporation gaining US0,20c to US2,20c.
Blue chip stocks have continued dominating trades on the local bourse on foreign buying. But market analysts say the bull run could temporarily end on profit taking.
"We sense a drop in momentum on the market attributable to profit taking but this could also only be a temporary lull," said Imara Securities. "Maybe a shift in focus to the mid-tier stocks is appropriate among investors at current price levels."
As at Thursday last week, Medtech led the gainers with a substantial 150 percent rise to US0,5c followed by Lifestyle Holdings with a 25 percent gain to US0,50c, Falcon Gold gained 23 percent to US16c, Lafarge Cement advanced16,6 percent to US70c and Afre Corporation jumped by 15,4 percent to US6c.
Ariston was the biggest looser after declining 23,1 percent to US1c followed by Turnall which lost 16,7 percent to US5c, Starafrica slumped 12,50 percent to US1,4c, Zimplow Limited shed 9,1 percent to US5c and DZHL fell 8,7 percent to US21c.
Meanwhile, Murray & Roberts (Zimbabwe) Limited changed its name to Masimba Holdings Limited with effect from January 22, 2013.