All Share index closes month 13% higher

All Share index closes month 13% higher
Published: 03 May 2018
Bulls charged on the Zimbabwe Stock Exchange (ZSE) in April as the mainstream All Share index closed the month 13,4 percent higher to 98,7 level. Total market capitalisation 13, 44 percent to close the month of April at $9, 4 billion from $8, 2 billion as it pushes towards $10 billion.

The Industrials index added 13 percent of value to 330,66 level in April on sustained demand on the market's heavies.

ZSE Top 10 Index was 17,7 percent up to 100, 82 level from 85,63 level a month earlier spurred by constrained supply in momentum stocks as buying impetus remained strong.

The country's largest mobile operator by subscribers and assets, Econet rose 33,95 percent to close the month at 89,75 cents.

The telecoms firm has in the past month enjoyed a bull run ahead of the release of its financial results as market watchers seek to take guidance on strong full year earnings.

Econet is expected to release its full-year to February 28, 2018 earnings anytime from now.

The largest counter by market capitalisation, Delta closed the month 27 percent firmer to $2, 02. Last month, the beverages manufacturer reported revenue for the quarter to March was 18 percent above same period last year driven by growth in lager, sparkling beverages and sorghum beer volumes.

Other gains were recorded in cement maker PPC, which added 14,5 percent of value to $1,10 while Innscor and clothing retailer Edgars were 10, 49 percent to $1,07 and 9,8 percent to 5 cents respectively.

Cigarette manufacturer, BAT, Cafca, Meikles and Seed Co were unchanged at $20,60 cents, 30 cents and $1,95 respectively.

On the downside was Hippo, which was 0,94 percent to $1,66.

The Minings Index of four counters - Bindura, Falgold, Hwange and RioZim - retreated by 0,37 percent dragged down by losses in Bindura. The nickel miner was 7,07 percent lower to close the month at 3,02 cents.

Further losses to the Minings Index were offset by a 13 percent gain in Falgold which rose 13 percent to 1,5 cents while RioZim was 1,6 percent up to close the month at $1,22. RioZim indicated that it had received overwhelming interest from investors for its Sengwa power project.

But the current positive sentiment is likely to continue on the back of pro-business policies from the country's new leadership.

Market watchers also contend the harmonised elections set for this July will also play a deciding role for investors.
- the herald
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