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Zimbabwe Stock Exchange momentum slows

The Zimbabwe Stock Exchange industrial index advanced one percent to close the week on 197.93 points, driven by slight gains in some heavyweight counters.

The mining index was also in the black, gaining 0.27 percent to settle at 69.89 points.

Market capitalisation increased by one percent to $5.75 billion from $5.7 billion recorded in the previous week.

Total market turnover, however, declined by 37.45 percent to $5.26 million this week from $8.4 million recorded in the previous week.

Hippo Valley and Seedco gained 7.63 percent and 3.57 percent to close at 81 cents and 145 cents respectively.

Econet and Old Mutual picked up 1.75 percent and 1.55 percent to close at 36 cents and 393 cents in that order.

Simbisa also gained 0.25 percent in the week to settle at 20.05 cents.

Heavyweight counters Delta, Innscor and BAT were unchanged at 127 cents, 72 cents and 1 800 cents in that order.

National Foods and Padenga also remained at previous week prices.

Leading the gainers pack were Powerspeed and Axia whose share prices rose 19.05 percent and 13.4 percent respectively.

Rainbow, African Sun and FML gained 11.11 percent, 7.33 percent and 6.13 percent in that order.

Additionally, Zimpapers and Dairibord advanced 5 percent and 4.03 percent while Dawn and FBC Holdings added 3.57 percent and 0.37 percent respectively.

On the shakers side, Starafrica, Afdis and CBZ eased 1.67 percent, 1.64 percent and 0.5 percent in that order.

On the mining space, the slight gain in the resources index was on the back of Riozim which picked up 0.45 percent to trade at 55.25 cents.

Bindura, Falcon and Hwange remained unchanged in the week at 3 cents, 1 cent and 2.5 cents respectively.

Foreigners were net buyers in the week under review, disposing of shares worth $559 024 and purchased shares worth $978 682. – The Source

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