The Sunday Mail
Business Reporter —
THE Zimbabwe Stock Exchange (ZSE)’s industrial index showed no signs of relenting after finishing last week in a northward trajectory, registering its 27th successive rising session amid a bullish market sentiment.
This saw the total market capitalisation rising 6,78 percent last week to close at US$4,29 billion. The key industrial index, put on a weighty 1,87 percent to hit a year high of 149.39 points driven by firming demand in eight counters.
Strong buying appetite in Delta, the market’s top capitalised counter, saw the giant beverages manufacturer accumulating a mammoth 3,25 percent to trade at US$0,9396.
Fronting last Friday’s gains was clothing retailer Truworths which jumped 60 percent to settle at US$0,0080 while heavy cap Innscor grew 11,38 percent to hit a year high of $0,5346 on persistent demand.
This comes as Innscor’s bakery unit, Baker’s Inn, indicated that its sales grew up by 15 percent since the launch of its “Buy and Win” promotion that ended last month.
Baker’s Inn chief executive officer Mr Ngoni Mazango said the promotion was a resounding success, even in the face of economic challenges.
Meanwhile, packaging group ART Corporation, which has been rising for the third consecutive session, rose 8,33 percent to settle at US$0,0650 on firm demand.
Similarly, Barclays rose 7,74 percent to US$0,0334 while OK Zim notched 0,78 percent to trade at 0,0710. Dairibord and Old Mutual completed the risers set with a 0,40 percent and 0,03 percent lift to US$0,0502 and US$3,4625 respectively.
But losses in media group Zimpapers, which succumbed 37,5 percent to US$0,005 and Hippo which shed 0,16 percent to settle at US$0,3100, countered the gains.
Hippo saw 671 shares exchanging hands. Turnall also lost 15,00 percent to complete the shakers. Friday’s volumes declined 25,35 percent to 6,6 million units as turnover remained above the US$1 million mark, ending the day at US$2,3 million.
Mobile phone services provider Econet, OK Zim and ART were the top volume contributors of the day, chipping in with 29,38 percent, 27,83 percent and 15,04 percent respectively.
Top value drivers were seen in heavies, SeedCo, Econet and Delta which claimed 43,48 percent, 28,71 percent and 7,84 percent apiece of the turnover.
Foreign outflows improved 7,81 percent to US$1,93 million on Thursday’s trade while inflows ballooned 477,94 percent to a paltry US$0,052 million resulting in a net funds outflow position with the market continuing in capital flight.
The mining Index was unchanged at 55.52pts with no trades in the sub-sector.
