The stock market maintained upsurge into the new week, safely scaling higher in new territory. In the prior week the benchmark index went past the psychological 200 mark after 3 years of down trending. On Monday the industrials added 0.03% to close at 200.64 driven by mid tier gains. the mining index on the other hand closed stable.
A sum of 12 counters exchanged hands in today’s session and from that total 5 stocks came out in the black.
Topping the risers’ pack was CFI which rose by an impressive 19.97% to close the session at 37.25c. The gains in CFI follow a heated bidding war post the minority buyout offer by the largest shareholder Starlap. The second largest shareholder Messina is unwilling to let go and has stunned the market with counter offers at significant premiums, amid allegations of market manipulation.
Hospitality concern Meikles remained on recovery overdrive following a sharp plunge after the collapse of a possible takeover by Dubai based Alwardy. In the session today the stock rose by 8% to settle at 21.60c. First Mutual picked up by 1.79% to close at 11.40c.
Banking stock NMB surged by 1.25% to close the session at 4.05c while Econet capped the upside after it eked out a marginal 0.05% to close the session at 37.02c.
Turnover in the session went down by 30% to settle at $0.47 million with top contribution coming from OK, ZPI, Axia, First Mutual and Econet in that respective order. The total number of shares traded in today ‘s session came in at 6.9 million.
