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Business Writer
The Zimbabwe Stock Exchange remained bullish last week and is now trading at all-time highs both in local dollar terms and in US dollar terms.
At the close of trading last Friday, the ZSE’s overall market capitalisation stood at $636 billion which translates to US$7.5 billion at the official exchange rate.
This means the ZSE market capitalisation is now up 84.45 percent from 2020 closing level of $318 billion.
The week also saw significant amounts of money being invested with analysts saying this signals increased liquidity in the market.
A total $657.8 million was invested with foreign outflows amounting to $242 million against foreign purchases of just $34.9 million.
The ZSE is seen by many investors, both individuals and institutions as one of the few options to invest in.
The equities market is favoured for its good returns and can be used as a hedge against inflation.
Unlike markets such real estate, that require huge amounts, or foreign currency, the ZSE allows small time investors to also participate in the capital markets in the local Zimbabwe dollars.
Meanwhile Delta consolidated its position as the market’s biggest counter by market capitalisation. The beverages maker is now valued at $81 billion as of Friday.
Econet follows with a market capitalisation of $67 billion, then Innscor at $51 billion and Cassava at $42 billion.
Last year’s top counter by value, CBZ, is lying fifth at $42 billion. Since the beginning of the year, CBZ has lost 5.9 percent of its value.
The only other counter in the negative territory this year is ZHL down 5.6 percent.
Unifreight is the year-to-date top performer up 6 847 percent to 1 292.31 cents.
NTS and Nampak follows with gains of 3 360.8 percent and 708.4 percent respectively.
Bongani Ndlovu