Enacy Mapakame, Harare Bureau
THE bull run on the Zimbabwe Stock Exchange continued yesterday as the mainstream Industrials Index headed to dizzy heights scaling past the 300 level on sustained demand.
By the close the main Industrials Index was up 14 points or 5 percent to 301 in yesterday’s trade taking its year to date gain to 108,28 percent.
Market watchers contend that currency uncertainties and growing bank balances have driven demand, while money market investments continued to lose appeal as bank pay little or no interest at all.
Several banks have also been reducing wholesale funding leaving investors to turn to the stock market as the only viable option or lesser evil.
At close of trading, 19 stocks had recorded gains pushing the total market capitalisation to $8,518 billion, up 4,96 percent from the previous day’s session.
The volumes for the day surged 250 percent 21,603 million from the previous session.
However, turnover was 26 percent below at $1,737 million from $2,276 million achieved in the previous trades.
Foreign buys jumped 1 469 percent to $843 887 from $53 766 while foreign sales retreated 86,99 percent to $262 950.
Leading the charge in yesterday’s trade were mid tiers Nicoz Diamond and Zimplow which rose 20,13 percent to 3,70 cents and 20 percent to 7,92 cents respectively.
Axia together with paper and packaging Nampak also rose 19,87 percent to 29,20 cents and 17,65 percent to 10 cents in that order.
Industrial conglomerate, Innscor also made it to the top five risers after adding 16,31 percent of value to $1,01.
Volumes for the day were driven by Pearl Properties which accounted for 87 percent of the total shares exchanged.
The property concern, also anchored values with its contribution to turnover at 43 percent.
Delta, OK and Axia also made the top value drivers each contributing 20,87 percent, 18,38 percent and 10,05 percent respectively.
The Minings Index remained flat at 82,20 level after all the mining stocks Bindura, Falgold, Hwange and Riozim maintained previous levels of 3,2 cents, 2 cents, 2,6 cents and 67,89 cents.
There were no counters that traded in the negative.
Meanwhile most African companies have been performing with the Malawi Stock Exchange adding 49,81 percent since the beginning of the year.
Ghana followed with a 40,54 percent, Nigeria 33,8 percent and Lusaka Stock Exchange up 20,35 percent.
The JSE has put on 10,01 percent.