Equities market up 13,46pc

05 Dec, 2016 - 01:12 0 Views
Equities market up 13,46pc

The Herald

Business Reporter
THE equities market rose 13,46 percent month on month to 137,08 levels, registering a 20-day run in November, its longest consecutive gain since dollarisation in 2009. Of the 21 trading days in the month, the equities market was only negative on November 2, and positive in the remainder of the trading sessions. Total turnover for the month was $23,46 million, the highest monthly turnover in 2016.

Notably, foreign participation on the market was subdued compared to same period last year on uncertainty surrounding the introduction of bond notes, among other economic factors. Release of bond notes into the market, was the major highlight of the month.

Of the total turnover recorded, foreign deals contributed 16 percent compared to 74 percent foreign deals contributed last year. The resources index of only four counters rose 68,3 percent to 57,41 levels, its highest since February 17, 2015.

On a year-to-date basis, the mining index is 142 percent firmer while the industrial index strengthened by 19 percent, becoming the best performer in the region, according to African Financials.

Top traders for the month were beverages giant Delta, which contributed over $7 million to the month’s turnover followed by Econet ,which traded shares worth $4 million. Delta and Econet rose 15 percent to 84 cents and 17 percent to 31 cents respectively.

Cigarette manufacturer, the British American Tobacco was also among the top traders for the month contributing $2 million of the month’s value. BAT rose 13 percent to $17, remaining the most expensive stock on the bourse.

Bindura topped the month’s risers adding 127 percent of value to 4,54 cents with 1,945 million of its shares exchanging hands. In the same month, the nickel miner reported increased production during the half year to September 30, 2016 improved 23 percent to 3 420 tonnes.

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