HomeNewsZimbabwe Stock Exchange nears previous USD peak

Zimbabwe Stock Exchange nears previous USD peak

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The Zimbabwe Stock Exchange (ZSE)’s market capitalisation hit $3,94 billion at the end of November, and is seen back at its all-time US dollar peak of $4,2 billion achieved on December 31 2009, this month.

The 77-member bourse opened at $3,97 billion on January 2 this year.

Based on the ZSE daily market information for November 30, beverages giant Delta Corporation was the market leader with a market capitalisation of $731,4 million, followed by EconetWireless Zimbabwe and Innscor Private Limited with $435,4 million and $291,6 million, respectively.

The top 10 performers had a total market capitalisation of $2,59 billion, about 65,9% of the local bourse.

These included Innscor Private Limited, Hippo Valley Estates and Seed Co Ltd, Hwange Colliery Company, Barclays Bank Zimbabwe Limited, Meikles Limited, Aico Africa and CBZ Holdings Limited.

The industrial index closed at 154,60 points while the mining index stood at 230,61 points as of November 30.

From January 4 to November 30, a total of 6,2 billion shares were traded yielding $3,6 billion.

Foreign buying during the period totalled $1,1 million against foreign selling of $171 869 during the same period.

The ZSE top performers coincide with sectors that were among the first to recover under dollarisation. The beverage sector is primed to have lifted the manufacturing industry’s capacity utilisation in the 2010 Confederation of Zimbabwe Industries manufacturing survey.

The telecommunications industry on the other hand is said to be driving the country’s revenue performance particularly in terms of contribution to value added tax.

“In 2009, cigarettes and alcohol supported this economy (through customs and excise tax),” Finance minister Tendai Biti remarked in Parliament while presenting the 2011 National Budget statement last month.

“In 2010, juice cards (phone recharge cards) are now supporting the economy. We’ve graduated from cigarettes (and beer) to juice cards.”

The industrial and mining indexes are expected to remain on an upward trend to year-end.

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