Raging gains dominate ZSE : DAILY COMMENT

Raging bulls remained dominant on the ZSE as the stock market completed a week of gains. The industrial index gained 5.28% to settle at 400.03 which is yet another record high. On rising Friday, the ZSE’s mainstream index took its rising tally to 176.8% year to date. A total of  50 counters which are up relative to their year opening prices have powered the industrials surge.

The mining index gained 8.04% in the session on Friday, to close at 91.46. The resources index has gained 56.3% since the beginning of the year buoyed by gains in 3 mining stocks.

Ariston the best performing counter year to date remained bullish rising by 20% to settle at 2.52c. The counter is now up 620% year to date. Hwange came in as the second-best performer in the session rising by 20% to 3.12c today, in turn buoying the mining index.

African Sun rose by 19.79% to close at 3.45c while Mashonaland and Dairibord notched by 16.98% and 14.77% to 3.10c and 16.55c respectively.

Heavies Econet, Delta, Old Mutual, Simbisa and Innscor maintained their rally with gains in the session. PPC   remained stable in the session after the parent company received an offer from Dangote Cement to acquire its entire share capital. The company is however still at crossroads as Afrisam also want to merge with the conglomerate.

Among the losers was Fidelity which came off by 14.33% to 13.75c. Proplastics lost 5.54% in the session just after reporting a threefold H1 profit of $0.35m from the same period last year on the back of increased sales and lower finance costs.

Hippo and Star Africa were among the losers in the session with losses of 3.52% and 3.2% to 135c and 2.42c respectively.

Turnover in the session closed at $10.3 million a jump of 98.6% from the prior session, with the highest contribution coming from Padenga, Delta, Simbisa, Hippo and Meikles in that order. The total number of shares exchanged in the session were 18.6 million.

 

Equity- Axis

Equity Axis is an online financial media service platform focused on African markets offering real-time stock quotes, news, analysis and data.

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