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BizDay Zimbabwe

ZSE records major recovery

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THE Zimbabwe Stock Exchange on Friday recorded a major recovery in the industrial index of 4,77 points to close at 181,76 points after the elections as Delta, one of the blue chip counters, led the movers with an 8,08 cents gain to trade at 113,10 cents.

The industrial index slumped 11% the first week after election and has been on a decline path since then. The decline was the largest sell off since the country introduced multi-currencies.

Delta has the largest value on the market at $1,4 billion and its movement whether positive or negative affects the whole market.

During Friday’s trade Delta led the movers with Afdis having added 2 cents to trade at 32 cents while Econet went up 1,50 cents to close at 49,50 cents.

First Mutual Holdings traded 0,50 cents higher at 12,50 cents while Mashonaland rose 0,40 cents to close at 3,42 cents and Barclays moved 0,20 cents.

The gains were partially offset by losses in BAT which eased a further 20 cents to 960 cents, Zimplow 0,50 cent to close at 3,50 cents and Padenga was 0,10 cents lower at 5,80 cents.

The industrial index gained 0,09 points compared to week ending 30 August 2013.

The mining index on the other hand remained flat at 46,78 points.

The market capitalisation as of Friday stood at $4,6 billion while turnover was $912 717. The stock exchange now has 65 counters that are trading at the market as others were suspended or delisted.

A World Bank economic performance report said the growth of the economy was fading and has little prospects for recovery in 2014.

“Growth performance has been stymied by continued slowdown of key sectors of the economy, amidst easing of international commodity prices, low investment, tight credit conditions and policy uncertainty after the July elections,” the report revealed.

The report further states that there is potential for continued sell-off on the ZSE.

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