ZSE continues to rally as demand for blue chips increases

ZSE continues to rally as demand for blue chips increases

HARARE- The local bourse continued to perform very well on the back of elevated demand across all sectors as fund managers rebalance their portfolios towards safer investments on the market.

Econet and Seedco carried the day as demand from local investors remains firm.  Econet added 1c to trade at 36c with 3,006,099 shares changing hands and closed at 36.25c. The counter remains one of the most sought after stock on the bourse. Seedco added 0.34 shares to trade at 101.34c with 1,001,274 shares changing hands, the counter closed lower at 101c.

Demand for Agro concern, CFI has remained firm, the stock traded 1c lower at 13.05c with 6,875,493 shares changing hands. The company is on a recovery path evidenced by revenue for the  half year  ended 31 March 2017 increasing  30,1%  to  $24,9 mln compared to  $ 19,1mln in prior half year on the back of  a good 2016/7 agricultural season and good performance by horticultural and property development.

Outside of these three huge trades, activity remained elevated. Other counters to record gains were Afdis which traded 1c firmer at 61c with 15,471 shares of the bottlers exchanging hands. BATZ was 38.10c in the black at 1,703.10c with only 121 shares trading.

Delta notched up 2.02c to close at 100.02c and closed at 100.25c. Hippo inched up by 3c to close at 55.25c with a mere 79 shares changing hands. Innscor remained firm, adding 0.79c with 1,052 shares trading . OKZim traded 0.36c firmer at 7.86c with 16,850 shares changing hands and closed lower at 7.44c.

Barclays traded flat at 3.40c with 302,945 shares changing hands. On Friday 02 June Barclays Bank PLC (BBPLC) announced the sale of its majority shareholding in Barclays Bank of Zimbabwe Limited (BBZ) to FMB Capital Holdings PLC (FMBCH). Completion of this transaction is subject to regulatory approvals, and is currently expected to conclude by the end of the third quarter (Q3) 2017.

The Industrial index continued to stride in the positive, the mainstream index was up a commendable 2.40 points to close at 170.38 on the back of most counters trading in the green. Activity remains very constrained on the Minings category were only 15,000 Bindura shares exchanged hands at a flat price of 3c.

The resources sector closed flat at 69.63. Turnover was a praiseworthy $3,062,493 mainly driven by the block trades in Econet and Seedco

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