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ZSE just $65m trades away from surpassing F17 turnover

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HARARE – The Zimbabwe Stock Exchange is just $65 million trades away from surpassing the $694.96 million turnover value achieved the whole last year, amid expectation that if the current economic situation maintains, the stock market could for the first time hit the $1 billion turnover mark.
At the close of trades on Wednesday, turnover was $20.04 million, the bulk of which was comprised of foreign investors with $18.2 million invested in Delta from 5 million shares. Foreign buyers totalled $19.15 million while $962 865 sold.
The ZSE set another market cap cap record of $19.5 billion after the Industrials Index surpassed its all time high, which was achieved on November 14, 2017 of 534.13 after it surged 15.96% to $593.82.
Investors continue to pile into the stock market amid concerns about the exchange rate and rising inflationary pressures. The script is similar to last year’s ZSE performance in Q4 where shares hit record highs to hedge against the loss of value on RTGS deposits after the US$ black market rate started creeping up towards 20%. A lot has happened since then including the ouster of long time President Mugabe.
The gains came as Finance and Economic Development minister Mthuli Ncube issued a statement that the exchange rate on RTGS deposits will be maintained at par with the US dollar in spite of earlier statements where he said he would leave the market to decide the exchange rate.
The All Share Index was 16.14% higher to 176.52 while the ZSE Top 10 Index put on 18.03% to 190.64.
The Minings Index traded past the 200 level after it gained 19.2% to 203.65 but is still to beat the record of 272.21 achieved in 2011.
On the price sheet there were no fallers with bids congesting the line. BAT Zimbabwe put on 17.85% to 3300c, Delta was up 19.93% to 364c, Econet, which is currently trading a cautionary which will result in multiple transactions, added 19.90% to 244.25c.
General Beltings led the risers after it gained 36.04c to 1.51c but slightly below its year high of 1.55c
Meikles traded flat at 65c after Government took the company to court seeking to overturn a payment on a long-running debt issue.

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