HomeBusinessMarket cap breezes past $10bn mark

Market cap breezes past $10bn mark

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The market capitalisation on the Zimbabwe Stock Exchange (ZSE) breezed past the $10 billion mark yesterday, as the benchmark industrial index maintained its upward trend.

BY BUSINESS REPORTER

The industrial index firmed 9,3% to 379,37 points yesterday from 347,34 points on Wednesday aided by gains in heavyweight counters such as Old Mutual, Delta, Econet and Innscor.

Old Mutual gained 19,9% to close at 663 cents. Delta firmed by 19,9% to close at 266,56 cents, Econet was up 3,1% to close at 79,50 cents, while Innscor rallied 11% to 139,91 cents. The mining index gained 0,09 points to 84,65 points.

Analysts have attributed the rally on ZSE to the shortage of cash which have seen investors opting out for stocks as an alternative investment destination.

The rally has come at a time the capital markets regulator is on a campaign to lure investors on the stock market. The Securities and Exchange Commission is also pushing online trading and reporting of securities which is expected to go live by December.

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