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Enacy Mapakame Business Reporter
THE Zimbabwe Stock Exchange mainstream Industrials Index this week continued with its bull run pushing market capitalisation to $5 billion its highest in nearly three years as investors warm up to positive economic growth projections.Since dollarisation, the ZSE’s market capitalisation peaked at $6 billion in 2013. By close of trade yesterday, the Industrials Index had added a further 0,47 percent to 172.
Subsequently, the equities market has extended year to date gains by 18,5 percent. Market watchers contend the stock market’s performance is a function of the macro-economic environment.
Also influencing the bullish was the market’s top capitalised stock, Delta which this week hit a 52 week high rising above $1 on firm demand from a year low of 80 cents.
On a year to date basis, Delta has gained 13 percent.
Also driving the market upwards in yesterday’s session were gains in cigarette maker, British American Tobacco, which recovered 5 cents to close at $17,05, remaining the most expensive stock on the bourse.
Hospitality group, Meikles traded 1,5 cents higher to 27,55 cents. The stock has been enjoying a bullish trend following announcements of a possible delisting from the bourse.
Other gains were in Hippo, Innscor and Colcom which settled at 56,02 cents, 60,75 cents and 40,25 cents respectively.
Telecoms firm, Econet was the only counter to trade in the negative after suffering a 0,5 cents loss to 35,99 cents. Banking stocks – Barclays and FBC Holdings were both unchanged at 3,4 cents and 13 cents respectively.
The Minings Index of four counters was flat at 69,63 as Bindura, Falgold, Hwange and RioZim remained unchanged at 3 cents, 1 cent, 2,35 cents and 55 cents respectively.
Online Reporter