Published: 22 October 2013

The market gained during the week as both the industrial and mining indices rallied 0.3% and 5.9% to close at 213.36 points and 51.87 points, respectively.  

Weekly turnover declined 15.8% to $5.0m on 49.7m shares compared to $5.9m for the prior week. The week's turnover was mainly contributed by two special bargains of 14.2m African Sun shares at 3c and 18.5m Pearl Properties shares at 3.3 cents.

Foreigners continued to dominate activity on the bourse, with average market participation of 66% on the buy side and 37% on the sell side.

Amongst the heavy weight counters, Delta lost 2.46c to 137.5c after the group reported a 12% decline in lager beer volumes which may be attributed to the adverse effects of the excise duty increase effected in December 2012.

Econet also lost 1.9c to 63c and Innscor shed 1c to 89c. Despite the losses in the blue chips, African Sun gained 0.15c to 2.35c and is likely to remain firm following changes in the shareholding structure.

Barclays added 0.19c to 4.5c after the Minister of Youth, Economic Empowerment & Indigenisation Mr. Francis Nhema said that the government would not adopt the one size fits all for the indigenisation of the banking sector but would localise the stakes gradually.

The market capitalisation on the ZSE stood at $5.5bn, representing a 38.4% YTD gain. Inflation rate for the month of September as measured by the Consumer Price Index (CPI) was down 42basis points to 0.86% compared to the 1.28% August rate. 
- Imara Edwards Stockbrokers

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