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Zimbabwe Stock Exchange indices increase

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INDICES on the Zimbabwe Stock Exchange (ZSE) have increased for the third consecutive month while the market capitalisation has maintained its growth since January this year.

VICTORIA MTOMBA
BUSINESS REPORTER

The industrial index increased by 6,91% to 196,43 points in August compared to 188,08 points in July this year while the mining index went to 104,80 after it hit the 100-point mark in August.

The industrial index stood at 188,08 points and 186,57 points in July and June respectively.

A local analyst said the market performed better due to the firming of blue chip stocks during the month of August.

“The performance of the market was mainly due to renewed appetite in large cap stocks mainly in Delta, Econet, Innscor and SeedCo. The turnover increased due to the big deal of ABC which was worth close to $40 million,” the analyst said.

Top traded counters in August were ABCH, Delta Corporation Limited, Econet Wireless, Innscor and SeedCo.

The mining index almost doubled to 61,32 points in June from May and further increased to 95,00 points in July. The mining index’s impressive performance has been due to the strong performance of Bindura Nickel Corporation which almost doubled its share price during the month under review.

Last week Bindura traded at 9,25 cents after the annual general meeting held in the capital. Other mining counters Hwange, RioZim and Falgold’s performance did not change.

RioZim recently published its financial results where its losses widened to $7,5 million in the half-year ended June 30 from $2,85 million in the same period last year due to lower production at its two mines and reduced gold and copper prices.

During yesterday’s trade the industrial index went up by 0,49% to 196,92% while the mining index lost 1,22points to close at 103,58 points.

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