ZSE DAILY: Thursday turnover in record shuttering performance
By Respect Gwenzi, Oct 12, 2017
The local bourse remained bullish with positive outturns recorded from both indices on Thursday. The mainstream index gained an additional 1.54% to 494.64 which is 5.36 points shy of the 500 mark. The mining index likewise jumped by 2.81% to settle at 141.39 in the session.
Financial stock Barclays was the top riser after gaining 17.14% to 8.20c in the session after reports that FMB has received the necessary regulatory approvals from authorities pursuant to the acquisition.
The Malawi based financial services group is expected to extend an offer to minorities on the ZSE, in line with the ZSE statutes. Ongoing up today the counter extended its year to date gains to 156.25%.
FML trailed with an upsurge of 16.74% to 16.81c after the group’s Life business reported a -9% decline in premiums in the first 3 months of the year to $16.5million.Overall the sector recorded a -2% dearth in premium income.
Nampak which was among the top risers in the prior session went up by 11.46% to 14c.PPC. Econet gained 8.75% and to settle at 171.08c after Ecosure, the company’s life insurance arm Ecosure reported a strong 72% growth in net premium earned in the first quarter of the year.
Rio Zim pushed the mining index up after gaining 5.77% to 110c, which countered losses incurred in BNC. Heavies Old Mutual, Seedco and Padenga featured among the session’s risers.
BAT emerged as the worst performer in the session after a 2.24% decline to 3642.42c. Bindura and CFI lost 1.54% and 0.71% to 6.50c and 70c respectively. Innscor remained among the losers on easing 0.09% to 178.65c. The session closed with 15 risers and 6 losers from a total of 34 active counters.
Turnover skyrocketed by 587.6% to $48.5 million from the prior session. This is the highest daily turnover outturn since dollarisation. The ZSE has averaged a monthly turnover of $27 million so far in 2017 which shows significance of today turnover value.