ZSE continues recovery as Mid-Caps rally

 ZSE continues recovery as Mid-Caps rally
Published: 26 June 2019
Today the Zimbabwe Stock Exchange continued its moderate recovery as mid-tier stocks rallied to leave the market in the black. Market value was up 0.7% to ZWL $18.2 billion while trades were up 62.7% to ZWL $8.3 million.
The market has seemingly rumbled back to life following a difficult first quarter. Expectedly, activity has increased following the recently concluded 31 December reporting period. The financial results shed some light on the current state of the business environment and allowed some view of how the situation might evolve moving forward as well as where the best value may lie.
Despite the top gainers primarily featuring mid-tier stocks, the trade activity was dominated by blue chips, with Cassava drawing the highest value at $2.2 million, followed by Delta at $1.3, Old Mutual $1.2 million, Econet at $1 million and Innscor at $0.5 million. Subsequently, Econet was the most traded counter with 26 trades, followed by Cassava with 20 trades followed by Old Mutual with 19.
Meanwhile, Chengatai Securities Deposit (CSD) released its monthly report on April's ZSE trading. According to the report, 167 new accounts were during the month to leave the total at 27,244. The majority of the new accounts were opened by individual investors.
Local investors still dominate the account holder, making up 94% with the remaining 6% belonging to foreigners. Among the different investor groups, deceased estates, unclaimed shares, trusts etc remain the major account holders at 62% followed by individuals at 26.59%.
Additionally, the CSD received and processed 2,316 trades for April, leaving the totals trades processed in 2019 at 6,463 at a market value of $756 million. The average dematerialization rate remained unchanged at 45%.

On the indices, the All Share Index gained 0.79% to close at 139.99 points pushed on by gains in Delta and Cassava accompanied by strong performances in several mid-tier stocks. The Industrial index gained 0.76% to close at 467.77 points while the Top 10 index gained 0.5% to close at 132.93 points. The Minings index added 2.04% following gains in Bindura Nickel Corporation.

On the top gainers, Brainworks Capital owned Dawn Properties and African Sun led the way, adding 11.6 and 9.2% to close at 2.79 cents and 30 cents respectively. African Sun maintains its run as one of the top performers of 2019, with its YTD now up to 200% and it is currently trading at its 52 week high. Mining company BNC added a 8.5% to close at 5.97 cents with Banking Group NMBZ Holdings gained 8% to close at 27 cents. Penny stock Medtech also continue its strong performance, adding 5.55% to close at 0.19 cents, leaving its YTD at a hefty 850% – the highest on the market.

On the top losers, industrial holding ART Holdings shed 1.78% to close at 11 cents. BSE dual listed SeedCo shed 0.52% to close at $1.4524. Telecommunications group Econet Wireless shed 0.41% to close at $1.0954, leaving its YTD down to -23.26%. Electronic retailer Axia Corporation lost 0.19% to close at 41.92 cents.
- finx
Tags: ZSE,


Latest News

Latest Published Reports

Latest jobs