eBusiness Weekly
Golden Sibanda
BH24 Reporter
TURNOVER on the Zimbabwe Stock Exchange (ZSE) dropped 57,27 percent $51,16 million in August driven by trades in heavyweight counters with most market indicators treading in the positive.
Top seed producer SeedCo led the turnover contribution with 27 percent of the value while financial services behemoth Old Mutual Limited and Delta Corporation followed with 13 percent of the value apiece.
This came on the back of a 2,33 percent growth in market capitalization to $12,47 billion while the ZSE main index also tracked north, gaining 2,70 percent to close the month of august at 394.64.
Industrials were largely buoyed by significant gains during the period under review in bellwether stocks Innscor Africa and Delta, which strengthened 3,35 percent and 2,41 percent, respectively.
The mining index however shed 1,62 percent to close the month of August at 161,34 weighed down by losses in multi-commodity miner RioZim, which collapsed 5,76 percent to write off gains nickel miner Bindura, up 8,70 percent and coal extractor Hwange, which surged by 3,95 percent.
But also treading in the positive was the All Share Index, which piled on 2,62 percent to 117.33 while the top 10 index also headed north after posting a gain of 2,40 percent to close August 2018 at 121,69.
Market watchers said that Zimbabwe’s equities market showed resilience in August despite some turbulence in the last couple of weeks following the general elections held on July 30, 2018.
President Mnangagwa of Zanu PF won the watershed polls, with 50,67 of the vote to close rivalry Nelson Chamisa of MDC Alliance’s 44,3 percent, the first held post independence without longtime leader and former president Robert Mugabe who resigned following military intervention last November.
