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NewsDay

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ZSE sets new high

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THE ZSE industrial index yesterday reached a new high of 200,72 after gaining 5,43 points from 195,29 points recorded on previous trading session.

THE Zimbabwe Stock Exchange industrial index yesterday reached a new high of 200,72 after gaining 5,43 points from 195,29 points recorded on previous trading session as investors position themselves ahead of the forthcoming elections.

Victoria Mtomba

This is the first time that the local bourse has reached these  levels since the adoption of multiple currencies in 2009.

The ZSE was closed in November 2008 at the height of the country’s unprecedented economic crisis characterised by record inflation. The exchange was reopened in February 2009 after the formation of the inclusive government whose sunset now appears on the horizon.

Market watchers say the new high came after demand for blue chips and fast moving consumer goods stocks surged as investors position ahead of the forthcoming general elections. Statistics show that blue chips and FMCG counters yesterday traded firmly.

Daily turnover, although still below the daily average of $1,5 million, yesterday rose to $757 480 — a figure representing a significant leap from $198 000 recorded on Monday. The number of shares which exchanged  hands yesterday stood at 3,8 million.

The industrial index determines the overall performance of counters trading on the local bourse.

National Foods traded 10 cents firmer at 230 cents, Delta gained 4,91 cents to trade at 135,01 cents while Econet traded 72 cents. OK Zimbabwe traded at 23,4 cents. Aico Africa and CFI gained a cent each to trade at 9 cents and 6 cents respectively.

A local equities market analyst said the new high reflected renewed interest on buoyant stocks as the country gears for elections.

“The volumes and values are not going in tandem with the prices that are increasing. Buyers are there to pay more on the few shares that are available,” the analyst said.