Mining index up, sustained by gains in RioZim

The Zimbabwe Stock Exchange took yet another step further as it maintained its rallying mode stretching its gains in both indices. The mainstream index went up to close at 517.02 which was 0.85% up from the prior session. The market’s momentum is still up as investors seek safe haven in stocks.

Elsewhere the mining index followed the upward trajectory to close the session at 134.48 which is a gain of 0.03% on Monday’s close buoyed by gains in RioZim.

A total of 21 counters exchanged hands in the session with 15 closing as bulls while 6 closed as bears.

Packaging concern Nampak came in as the top riser adding 20% to close the session at 17.40c. Banking stock ZB , manufacturer Natfoods and sugar producer Hippo trailed, adding 14.29%, 8.54% and 7.06% to close at 40c,750c and 168c in that respective order.

Capping the upside was insurer First Mutual which added 6.60% to close at 21.32%. Elsewhere IPEC data released last week noted that insurance companies are increasing their exposure in equities against increased risk in alternative assets.

In contraposition Star Africa topped the laggard set losing 4% to close at 2.40c. Axia, which reported a topline growth of 26% was down in today’s session bringing down the rear by -4% to close at 28.50c.

Sprawling the losers set was Bindura, Old Mutual and Innscor which traded at 5.50c, 1420.11c and 178.13 after losing 0.36%, 0.20% and 0.07% in that respective order.

Total turnover came in at $4.4 million which is a dearth of 8.6% from the prior value. Top value traded stocks were Innscor, followed by Delta, Seedco , Ariston  and  Old Mutual. Volume traded came in at 3.5 million shares.

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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