ZSE run continues as local investors play mid-caps

HARARE – (FinX) – The stock market rose across the board on Thursday although unappealingly so as local investors continued to make a play mostly for mid-cap stocks. The gains come as the street rates have breached the 25x mark on ‘suspected invisible hand’ buying.

Turnover for the day was Z$9.2 million, with three stocks accounting for 60.87% of the turnover. Telecoms giant Econet led the turnover tables with $2.3 million, as tech giant Cassava had $1.4 million. Mashonaland Holdings completed the million dollar club as it earned $1.9 million in nine trades.

With a total of 132 trades executed during trading hours. There were no foreign buys but they sold $3.1 million to close the day as net sellers. The market closed the day with a market capitalisation of Z$32.1 (US$1.46) billion.

The All Share Index gained +0.89% to close the day at 247.72 as local investors continue diving into small and medium cap stocks. The Small Cap index closed +1.05% better at 708.82 and the Medium cap index gained 1.32% to end the day at 306.12.

Penny stock Medtech which was the best performing stock in 2019, rose the most after it gained +18.42% to close at 1.80c. Mashonaland Holdings rose 12.50% to close at 13.50c while Dawn Properties added +8.70% to close at 8.00c and in the process lifting the Real Estate Index by 5.30%.

Bindura Nickel Company and Lafarge completed the top five risers as they added +12.19% and +11.27% to 2.20c and 20.25c respectively. The only faller of the day was Meikles which lost -6.33% to 281c.

Among heavyweights, Econet led with a 3.16% to 165.05c taking its market cap to $4.25 billion.