The stock market remained bullish rising further on Thursday and setting stage for a record week on week gain. In the session as both indices maintained a positive trend.The mainstream industrial index which is currently soaring at peak levels by historical standards went up by 2.91% in the session today to close at 270.56.
The mining index, on the other hand, rose by 3.29% to settle at 82.20. The resources index has gained 40.5% since the beginning of the year.
Of the overall active counters in the session 22 went up from 17 in the previous 2 sessions while there was no single loser today. Year to date a total of 49 counters have registered positive performances while only 7 counters are lagging their year opening levels.
Falgold emerged as the session’s top performer notching by a significant 66.67% to close at 2c, in turn, helping propel the mining index. Another miner Rio Zim closed in the black as global commodity price trek upwards.
African Sun gained 20% in the session to close 2.40c taking its year to date rising tally to 100%. Padenga was unstoppable jumping by 18.77% to settle at a new all time high of 71.26c.
6 of the 10 most capitalised counters featured among the riser and these included Delta which is the market’s top capitalised counter. Delta has so far risen by 81% year to date and its market cap swelled to almost $2 billion. Stocks such as Delta are classified as defensive counters with characteristics such as low volatility.
PPC went up in the session after the company received a conditional offer to acquire a significant stake in the company from Fairfax, a Canadian based investment holding company. One of the key conditions is that PPC will have to agree to merge with Afrisam a South African construction materials supplier.
Ok touched a new 3 year high in the session after a 17.65% gain to 20c while ZBFH rose by 14.81% to 21.24c. Heavy caps Old Mutual, Econet and Seedco were among the risers.
Total turnover in the session came off by 67.7% to $1.3million. Simbisa which is currently seeking to be listed internationally contributed the most at 54% to the total turnover trailed by Econet, Padenga and Star Africa. The total number of shares exchanged in the session came in at 8.4 million.
