ZSE trades positive in August

Golden Sibanda Senior Business Reporter
MARKET capitalisation on the Zimbabwe Stock Exchange grew by 2,33 percent in August driven by gains in heavyweights Delta and Innscor.

Year to date the market capitalisation at $12,47 billion, has grown by nearly 25 percent.

Meanwhile turnover on the ZSE dropped 57,27 percent to $51,16 million in August driven by trades in large-cap counters.

Leading seed producer Seed Co led the turnover contribution with 27 percent of the value while financial services behemoth Old Mutual Limited and Delta Corporation, followed with 13 percent of the value apiece.

This came on the back of a 2,33 percent growth in market capitalisation to $12,47 billion while the ZSE main index also tracked north, gaining 2,70 percent to close the month of August at  394,64.

Statistics from the Zimbabwe Stock Exchange show that daily trades averaged $2,44 million in August.

The majority of the market indicators also traded in the positive.

Industrials were largely buoyed by significant gains during the period under review in bellwether stocks Innscor Africa (246,75c) and Delta (220,18c), which strengthened 3,35 percent and 2,41 percent, respectively.

Other significant gains during the month were registered in Zimplow (19c), up 65,22 percent, First Mutual Limited (17c), which jumped 43,45 percent, CBZ (15c) up 36,36 percent and Dawn Properties (2c) 25,79 and Zimpapers (1,56), up 20 percent.

The mining index however, shed 1,62 percent to close the month of August at 161,34 weighed down by losses in multi-commodity miner RioZim, which collapsed 5,76 percent to write off gains nickel miner Bindura, up 8,70 percent and coal extractor Hwange, which surged by 3,95 percent.

But also treading in the positive was the All Share Index, which piled on 2,62 percent to 117.33 while the top 10 index also headed north after posting a gain of 2,40 percent to close August 2018 at 121,69.

Market watchers said that Zimbabwe’s equities market showed resilience in August despite some turbulence in the last couple of weeks following the general elections held on July 30, 2018.

President Mnangagwa of Zanu-PF won the watershed polls, with 50,67 of the vote to close rivalry Nelson Chamisa of MDC-Alliance’s 44,3 percent, the first held post-independence without long-time leader and former president Robert Mugabe who resigned following military intervention last November.

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