ZSE ends week on high note

Dr John Mangudya

Dr John Mangudya

Oliver Kazunga, Senior Business Reporter
TRADING on the Zimbabwe Stock Exchange (ZSE) last week ended on a high note driven by the rise in share prices of industrial stocks.

Data from the ZSE showed that the industrial index closed the week on the high side at 213.15 points after putting on 1.46 points.

The mining index remained unchanged by the close of the week at 74.04 points due to subdued trading.

Meikles was up by 1.07 cents to trade at 22.00 cents, CFI Holdings gained 1.05 cents to close at 61.00 cents whilst Old Mutual and TSL added 1.00 cents each to close at 395.25 cents and 25.10 cents.

Colcom rose by 0.80 cents to 50.25 cents and Seedco increased by 0.72 cents to settle at 151.72 cents. Week on week the industrial index added 2.54 points.
Bindura, Falgold, Hwange and RioZim remained unchanged.

Presenting the 2017 mid-term monetary policy statement early this month, Reserve Bank of Zimbabwe governor, Dr John Mangudya, highlighted that a bullish sentiment on the ZSE was experienced on the local bourse during the first half of 2017.

He said the mainstream industrial index gained 35.6 percent to 195.97 points, while the resources index put on 19.3 percent to 69.79 points as at June 30, 2017.

“The bull-run has largely been driven by the market which is seeking a good return, given the low interest rates obtaining on the money market and an alternative home pending repatriation of sales and dividends,” he said.

During the period to June 30, 2017, total market capitalisation of the ZSE improved by 42.1 percent to $5.70 billion in line with an increase in both the industrial and mining counters.

Capital flight characterised the local bourse during the period under review, as foreign sales amounting to $58.28 million outweighed foreign purchases of $27.77 million, resulting in a net capital outflow of $30.51million. — @okazunga

Source
The Chronicle » Business

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