5 February 2013

Zimbabwe: ZSE Rally Continues

MOST heavyweights of the Zimbabwe Stock Exchange made solid gains yesterday, led by Econet Wireless, as stocks continued rallying on strong foreign buying. The industrial index climbed to its highest level since February 2009, after gaining 1,42 percent or 2,58 points to 184,56 points and the minings were flat at 84,07 points. Daily turnover closed the session at US$2,5 million, with heavyweights Delta Corporation, Econet, Edgars Limited and Innscor Africa carrying the day.

Econet was the major highlight of the day after gaining a massive US50c to US610c. Other major movers were Innscor which was up US2,99c to US103c and PPC which gained US2c to at US217c.

Fidelity Life was up US1,50c to US14c, while Old Mutual added US1c to US182c and TSL rose by US0,51c to US13,51c. Edgars was up US0,50c to US10c.

On the downside was Delta which slipped US0,93c to US124,97c. Padenga Holdings dropped US0,40c to US4,60c and NTS Limited lost US0,30c to trade at US2,40c.

The bullish momentum pushing the equities market to all-time highs could continue for some time before halting on profit-taking.

"The market is still looking very bullish, but it might take a sudden turn one of these fine days and thus investors need to be on guard," Imara Edwards Securities said in a daily market commentary.

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