AN estimated 80,33 million shares exchanged hands on the Zimbabwe Stock Exchange (ZSE) last week up 38,87% from the previous week driven by foreign investors, latest statistics show.
The shares yielded $6,85 million indicating a 26,35% uplift on the previous week.
Foreign investors were the driving force on the demand side buying shares worth $4,15 million representing 61% of the total turnover value.
Portfolio disposals by foreigners amounted to $2,72 million or just 40% of the turnover as the market sustained its continued net funds inflow position with an aggregate of $1,43 million for the week, EFE Securities said in a market report.
It said foreign demand “continued to be skewed towards the ZSE’s momentum stocks Econet, Delta and Innscor in which about 97% of the foreign spend was expended”.
This confirms the stock market lacks depth as the current list of actively traded counters is narrow by international standards militating against the luring of huge investments on the bourse.
Market depth refers to its ability to sustain relatively large market orders without impacting the price of the security.
During the week under review, market gains were led by the highly illiquid group Radar that rallied +175% in rare trades to settle at 5,5c by the close of the week. Brickmakers Willdale doubled its value to 0,2c in the wake of reports of improving capacities following the recent recapitalisation of the group, EFE Securities said.
Masimba firmed by 48,94% to 3,5c.
ART ZDR and Ariston gained 33,3% and 30% to close the week trading at 0,4c and 0, 65c respectively.
EFE Securities noted that soft trading was, however, seen in NMBZ that shed 33,3% closing the week at 4c on weakening demand. Star Africa retreated 19,23% to 2,1c on profit taking after its recent rally.