ZSE Ends The Week Bullish

The Zimbabwe stock exchange ended the week on a rebound as it closed the week at $21.70 billion (+1.42%) The Standard reports. The publication believes that if able investors take advantage of new developments that saw  USD-denominated Savings Bonds, as well as the upward review of the Overnight Bank Rate from 50% to 70% being introduced, the bullish trend may persist for some time if investors respond positively.

The Standard gave the following update on biggest gainers and losers for the week under review:

During the week under review, equity benchmarks largely traded in positive territory: the All Share Index gained 1.65% to 166.75points while the Industrial Index ended the week 1.67% higher at 554.86 points. The Top 10 Index advanced 2.52% to 149.69 points.

The Mining Index shed a marginal 0.07% to 262.50 points on losses in Bindura Nickel Corporation of 0.18%. Year-to-date, the market is up 14.02% as measured by the All Share Index.

Top gains for the week were seen in Old Mutual Limited, up 39.80%, Ariston, up 19.88% and Simbisa Brands, up 13.78%. African Distillers was the biggest loser, easing 11.11% followed by SeedCo Limited, down 6.21%.

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Volumes activity was mainly concentrated in African Sun which contributed 49.69% to total volumes, following a block trade of 29,650,100 shares. Total turnover at $38,827,754 was 6.75% lower than the $41,639,924 seen during the previous trading session. Turnover was largely dominated by activity in African Sun (26.42%), Innscor Africa (19.65%) and Delta Corporation (10.76%).

Among the heavyweights, Delta Corporation, Econet Wireless Zimbabwe and Cassava Smartech fell 1.19%, 2.49% and 2.35% respectively. Trading in fungible counters was mixed: Old Mutual edged up 39.80% to close at a new high of $25.0418 on trades worth $3,604,420 while PPC Limited eased 2.38% to $2.0500 on negligible trades worth $42,655.

The Old Mutual Implied Rate closed the week at 17.3258 from 14.6484 the previous week.

More: The Standard