Stocks were firm at the beginning of the week, in turn, driving the industrial index into new territory. The industrial index gained a solid 5% to close at 301.03 its best level since dollarisation. The industrial index has not traded above the 300 points levels historically and the current performance reflects the strong demand for equities currently present in the market.
On gaining in the session today the industrial index took its year to date gains to 108.3% powered by 50 stocks which include all the top 10 counters by market capitalization. Meanwhile, the mining index remained unchanged at 82.2.
Nicoz emerged as the session’s top riser in the session notching by 20.13% to 3.70c redeeming earlier losses. The counter together with that of FMHL has been skittish since the acquisition approval by the latter’s shareholders. The deal post acquisition, to merge NDI operations together with that FMHL’s short term business Tristar is expected to unlock significant value for the consolidated group.
Zimplow trailed by a gain of 20% to close at 7.92c while Axia rose by 19.87% to settle at 29.20c. Nampak and heavy cap Innscor featured among the top risers on gaining 17.65% and 16.31% to 10c and 101.25c respectively.
Heavies Econet, Padenga, Delta, Natfoods, Old Mutual and Simbisa kept the momentum alive, stretching their gains to record levels. Delta and Econet, however, remain below their all time high levels. The session closed with 19 risers and no losers.
Turnover came in at $1.7 million a decline of 26% from the prior session. Pearl was the top value contributor trailed by Delta, OK, Axia and Hippo. The total number of shares exchanged in the session were 21.6 million.
