ZSE trades in record territory

ZSE trades in record territory ZSE


Business Reporter
The Zimbabwe Stock Exchange is now trading in record territory after breaking through the key 150 level on Wednesday on renewed buying interest as investors seek a safe haven.

At the close of trades yesterday, the mainstream Industrials Index gained 1,03 percent to 152,45, its first such achievement since the exchange switched to the automated trading system.

According to market data, the last time the mainstream Industrials Index was above the 150 level was on June 22, 2015 when it closed at 151,85. The highest it has been since then was 149,98 achieved on December 15, 2016.

Headlining risers was telecoms firm Econet with a 14,29 percent rise to 24 cents followed by Powerspeed which put on 11,9 percent to 2,35 cents in a rare trade on resurgent demand.

Banking group, FBCH added 7,50 percent to 10,75 cents, its highest since November 2014. Property concern ZPI was 7,14 percent higher to settle at 1,2 cents after exchanging 8,5 million shares. In yesterday’s trade both the Industrials and Minings indices were bullish as demand continued to swell across board.

Leading the risers in yesterday’s trade was hospitality group Meikles that added 7,64 percent to 16,20 cents following its annual general meeting held on Wednesday where the company told shareholders its long running battle with Government over a Reserve Bank of Zimbabwe debt had been resolved.

OK Zimbabwe added 5,65 percent to 6,55 cents while mining concern RioZim was 3,64 percent higher to 57 cents.

Property firm, Pearl Properties rose 3,03 percent to 3,4 cents while beverages giant Delta shored up 2,76 percent to 93 cents. The Minings Index of four counters was also 1,55 percent higher to 70,98 levels on gains in RioZim.

Total market spend came in at $2,3 million, which was 3,37 percent on prior session with Econet emerging as the most liquid stock for the second day running.

Volumes were down 1,65 percent at 15,8 million shares. Meanwhile, the Ministry of Finance and Economic Development last week gazetted the levies for the debt securities market, which will be at 0,10975 percent.

According to the schedule the Securities and Exchange Commission of Zimbabwe will have a levy of 0,01 percent, Securities Exchanges 0,012 percent, Central Securities Depository 0,01 percent, Securities Dealers 0,065 percent, VAT on brokerage 0,00975 percent and the Investor Protection Fund 0,003 percent. The levies come as the fixed income market resumed trading after almost two decades with the listing of a GetBucks bond.

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