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BizDay Zimbabwe

ZSE rebound forecast to continue

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THE Zimbabwe Stock Exchange (ZSE) is expected to maintain its rally this week despite general reluctance by investors to dispose stocks, a local brokerage and advisory firm has said.

In its weekly research note, MMC Capital said buyers were this week expected to up their bids as investors take positions on the back of year-end gains expected on the local bourse.

“Buyers are likely to increase their bids to convince those holding the shares to sell as demand remains relatively strong.

“We maintain our overweight rating on agro-stocks, in particular Hippo and Seedco, while we are also bullish on Innscor, Truworths and Delta in the consumer-oriented and retail space,” MMC Capital said.
During yesterday’s trade, turnover stood at $257 759 and a total of two million shares were sold.

The activity on the market showed that there were more buyers compared to sellers on the stock market.

“On the manufacturing space, we have an overweight rating on Lafarge, PPC, Natfoods and BAT. We are bullish on FBCH and Barclays in the banking space and we like Pearl because it has arguably the best property portfolio and also development-focused ZPI in the property sector ,” the research firm said.

Market capitalisation on the ZSE stood at $5,5 billion.

The industrial index yesterday gained 0,88 points to close at 213,55 points with gains having been recorded in Econet, Innscor, TSL, Aico Africa and Barclays.

Dairibord Holdings Limited, African Sun and ZPI recorded losses. The mining index went up 2,46 points to close at 51,45 points.

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