The market continued with huge leaps as it marches forward in unchartered territory. In the midweek session demand for stocks remained firm while inter-day growth margins widened to levels not seen since the year began. The industrial index rose by 4.7% to settle at 262.91 taking its week and month to date gains to 10.2% and 11.86% respectively. The current week is poised for record weekly gains on a scale January to date.
Driving the index were gains in 17 counters, which is a similar number compared to yesterday and of these risers 7 were heavy caps which included Delta, Econet, Seedco and Old Mutual.
Padenga an Innscor spinoff of yester year emerged as the session’s top riser adding 20% to 60c which is a new all time high for the crocodile breeder. Retailer OK kept momentum rising by 13.3% to 17c while Mashhold gained 12.55% to settle at 2.6c.
Simbisa yet another Innscor spinoff closed at a similar price level to Padenga and likewise its highest all time price level. On unbundling one of Innscor’s value proposition was that of value unlocking and the unbundled unit has lived to that billing widening its regional footprint and realizing increased share price value. In the session today Simbisa rose by 13.06% to 60c.
Econet went up 9.19% to close at 59.99c as the company introduced a youth empowerment initiative which it is says will create significant job opportunities.
Turnover went up by 132% to $4.05 million which is the 4 top highest daily performance since the beginning of the year. On average the market has traded shared valued at $0.94 million a session year to date.
