ZSE turnover hits 2-year high in March

The Zimbabwe Stock Exchange’s total market turnover increased by 146 percent in March to $26,9 million from $10,97 million recorded in the previous month, its highest for two years pushed by brisk trade in Econet shares.

The ZSE mainstream index advanced 2,7 percent in the month to close at 138,96 points as seven of the top 10 counters by market capitalisation all recorded gains.

The mining index advanced 3,7 percent to close at 58.56 points on the back of the gains in RioZim.

Market capitalisation increased by 2,96 percent, from $3,77 billion in the previous month to $3,87 billion, mirroring the gain in the mainstream index.

The largest counter by market capitalisation, Delta gained 4,88 percent to close at 86 cents while the telecoms giant added 14,64 percent to close at 16,05 cents. Econet was on the market to raise $130 million through a rights issue which closed on Friday.

The telcom raised the required amount, but after the underwriter, the Strive Masiyiwa-owned Econet Wireless Global pumped in $100 million to mop up unsubscribed shares.

Padenga and Simbisa gained 7,35 percent and 5,23 percent to close at 18,25 cents and 17,1 cents respectively.

Old Mutual, BAT and National Foods put on 3,32 percent, 1,66 percent and 0,36 percent to settle at 356,18 cents, 1,530.0 cents and 353,76 cents respectively.

Among the top gainers were ZB Financial Holdings, FML and Ariston after adding 71,88 percent, 52,44 percent and 42,86 percent to settle at 11 cents, 6,86 cents and 0,5 cents in that order.

GB Holdings and Meikles advanced 37,5 percent and 21,11 percent respectively while Masimba and Barclays put on 21,05 percent and 20 percent respectively.

CFI and Nampak also added 15,17 percent and 11,11 percent respectively while TSL and NTS gained 8,95 percent and 8,91 percent respectively.

There were losses in two heavyweights OK Zimbabwe and Innscor which eased 12,86 percent and 4,05 percent respectively.

Dawn was the worst performer in the month after shedding 21,88 percent to close at 1,25 cents.

Edgars and Fidelity also shed 9,3 percent and 9,09 percent to trade at 3,9 cents and 10 cents respectively.

AFDIS ,NMBZ and CBZ also lost 8,33 percent,6,74 percent and 4,86 percent in that order.

Pearl properties and NicozDiamond lost 2,94 percent and 1,96 percent respectively while Star Africa and Mashonaland Holdings retreated 1,75 percent and 0,5 percent respectively.

On the mining space, RioZim added 22,32 percent to settle at 40 cents , offsetting the losses recorded by Bindura and Hwange which eased 12,54 percent and 3,33 percent to close at 3 cents and 2,9 cents respectively. Falgold remained unchanged at one cent.

Foreigners remained net sellers in the month, disposing of shares worth $19 million and buying shares worth $12,3 million, marking the highest foreign buy and sell since September 2015.-source