ABC leads movers on ZSE

US95c as the market remains bullish about the prospects of the group following a solid interim outturn.
This saw itsbalance sheet firm to almost US$1 billion.
The regional financial group, whose shares trade on the ZSE and the Botswana Domestic Board, opened the week at US75c. The 27 percent jump in its share value has lifted its market capitalisation to US$141,62 million.
Its local banking unit, BancABC, is among the few local banks that are lending.
TNH, the furniture, retail and financial services group, settled at a 52-week high of US1,81c and it’s now the elite triple-digit year to date gainers having yielded 126,25 percent by close of call on Friday.
Barclays, which hogged the limelight recently in the ensuing indigenisation spat with Government, put on 4,35 percent to US6c.
CBZH, the second largest bank by market cap, gained US0,3c to US14,30c
Despite gains in financial counters, the industrial index registered a decline of 0,5 percent to 159,79 points for the week. The mining index, of four trading shares, also fell 2,8 percent as the resource firms continue suffering from pressures of the country’s empowerment laws.
Mwana Africa said Government has rejected its proposals on how it intends to cede at least 51 percent shareholding of its local gold unit, Freda Rebecca, to Zimbabweans. Mwana owns 52 percent in BNC.
Shares worth US$13,1 million were bought by foreign investors in July on the local bourse compared to those disposed with a value of US$17,3 million – culminating into a US$4,2 million net capital outflow.
This negative development reflected waning investor confidence, particularly in view of misconceptions on the intensified indigenisation and economic empowerment initiatives and talk around elections.
Foreign investor participation at the bourse has been a key value driver for listed equities since the onset of dollarisation. However, the market has experienced foreign investor flight after the announcement of perceived restrictive laws which could be an impediment to foreign direct investment. Foreign investor participation brings in fresh capital and stimulates competition on the market.