Home LOCAL NEWS Turnover improves as ZSE extends gains

Turnover improves as ZSE extends gains


… Govt to roll out C-19 vaccines for free

HARARE – Equities continued their rally on Thursday, led by gains in select blue chips. Activity levels have improved but are yet to reach the desired target of 1000 trades per day at 442. Turnover was at $105.82 million supported by a foreign sell-off of $44.12 million.

Innscor led the heavyweight charge, gaining 10.12% to 5 825c. Delta which led on value traded at $36.46 million, was up 10.05% to 4450.97. Cassava added 5.26% and Hippo was 3.47% higher. These gains saw the Top Ten Index put on 4.37% to 2 477.84.

There were, however, marginal losses in CBZ and FBC, which followed the bad performance in the sector. CBZ pared 1.30% to 10254.59c and FBC pared 0.58% to 2 485.53c. Other losses in the financial sector were in NMB and First Capital.

The Old Mutual ZSE Top Ten ETF rose in tandem with its benchmark, gaining 6.17% to 159.25 after 1.99 million units worth $3.17 million traded.

The All-Share Index put on 4.01% to 3 905.77 at the same time that Government boosted the confidence of the economy by announcing that it would roll out Covid-19 vaccines for free, a move which will lower the cost to business. This comes after well-placed sources told FinX that Treasury would soon sign vaccine aid agreements with several development partners.

Proplastics led the overall risers after it put on 19.88% to 1990c, the stock remains a potential takeover target after several key investors put it on their hit lists. Ariston was 19.12% higher to 223.83c in the wake of a buoyant trading update, where the group reported a 98% increase in inflation-adjusted revenues.

Art, which is trading under caution, rose 18.52% to 500c leading to a 3.31% gain on the Medium Cap Index to 8 179.51. Dawn, whose delisting is imminent, was 4.82% down to 41.25c.

The Small Cap Index performed the least, rising 1.53% to 13 453.78. Gains were supported by Unifreight’s 19.81% loss to 92.25c. Unifreight is the leading pacesetter among the stocks with a 412.10% gain in the year to date. Truworths put on 12.30% to 74.97c despite the pessimistic outlook on current quarter performance due to the coronavirus-induced closure on stores.

There was a marginal loss in Medtech of 0.41% to 7.37c. Medtech is presently trading under caution pending a corporate re-configuration and the purchase of a minority stake in a private company.

Source | Financial Express