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Business Reporter
THE Zimbabwe Stock Exchange was the best performing stock market in the region in May, as bulls characterised most of the trading, with the main industrial index gaining 13 percent during the month to 162,43.
Turnover for the month came in at $17,6 million after 71,8 million shares exchanged. The ZSE subsequently extended its year-to-date gains to 12,32 percent.
According to African Financials, Nigeria and Nairobi exchanges trailed, adding 12 percent to 29 281 and 7,9 percent to 144 respectively. Mauritius’ All Share Index gained 2,45 percent while Malawi all share index was 2,45 percent firmer. Headlining the risers of the month were telecoms giant Econet Wireless, which rose 68 percent to 30,50 cents.
The mobile network operator registered a 3 percent decline in revenue to $621 million for the year ended February 28, 2017.
The mobile operator’s after tax profit was 10 percent weaker at $36 million from $70 million in the prior year after a fall in voice revenue. The telecoms firm was also the top trader in May after $7,5 million worth of its shares exchanged hands.
Hospitality group, Meikles rose 39 percent to 21 cents after trading $0,374 million worth of shares in the month. Meikles reported its revenue for the year ended March 30, 2017 grew 1 percent to $457 million on a strong performance by its retail segment.
At its annual general meeting held recently, Meikles also indicated that it had reached an agreement with Government over the Reserve Bank of Zimbabwe debt issue that had been outstanding for two decades.
Powerspeed and Ariston rose 34 percent to 2,82 cents and 33 percent to 0,8 cents respectively. Financial services group, ZB Financial Holdings also made it into the top five risers of the month after adding 30 percent of value to 17 cents.
The bourse’s biggest stock by market capitalisation, Delta Corporation, rose 10 percent to 95 cents, making it one of the most traded stocks accounting for $1,699 million worth of shares.
The market was, however, not shot of bears. Leading the fallers was hospitality group, Rainbow Tourism Group that retreated 25 percent to 0,89 cents followed by coal mining giant Hwange Colliery Company, which was 18 percent weaker at 2,35 cents.
Art Corporation and Lafarge Cement fell 15 percent to 5,5 cents and 10 percent to 39,9 percent, respectively. The Mining Index of four stocks fell marginally by 0,59 percent to 69,63 on losses in coal miner Hwange.
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