14 September 2017

Zimbabwe: ZSE Records 140pc Gain

The Zimbabwe Stock exchange rampaged again yesterday taking its year-to-date gain to an unprecedented 140 percent gain and its market capitalisation much closer to the $10 billion mark.

By the close of trading the main Industrials Index was up by 10,32 percent, its biggest one day gain, to 347,63. The mining index however remained unchanged at 82,2 despite a 9,37 percent gain in Bindura to 3,5 cents.

Turnover for the day at $9,03 million was one of the highest for the year in a single day. Foreigners investors, quiet for the better part of the year were very active today, selling $3,5 million worth of shares while buying just above $104 000 worth of shares.

Stocks that supported the upward trend were starafrica which was the day's top riser with a 67,18 percent gain to 2,19 cents. Brickmaking company Willdale followed with a 58 percent gain to finish the day at 7,9 cents.

Other top risers included agro concern Ariston up 52,14 percent to 2,13 cents, property company Zimre Property Investment up 37,22 percent to 2,47 cents and hotelier African Sun up 20 percent to 2,88 cents.

Big cap stocks also continued to trade in unchartered territory with Delta putting on 13,28 percent to 222,34 cents. At least 1 million Delta shares worth $2,37 million changed hands on the day.

Econet reversed Tuesday's losses picking up 16,2 percent to 77,11 cents. The company has been in the news after it decided to increase its share buyback threshold to 20 percent from the normal 10 percent.

The company also paid a quarterly dividend in what might be the first time for a ZSE listed company where dividends are normally paid by-annually or annually.

Seed Co added 19,9 percent to 230,5 cents. As we report elsewhere the company is looking to raise $30 million amid plans to list on a regional exchange. Fast foods retailer Simbisa brands put on 10,28 percent to 71,96 cents as it continues to trade under cautionary amid it's on plans to list on the London Stock Exchange AIM board. More than 1,5 million Simbisa shares worth just above $1,1 million were traded.

The day's biggest trade was in crocodile skin exporter Padenga, where more than 5,1 million worth $5,1 million changed hands.

A total 24 stocks closed positive while 5 traded unchanged.

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