HARARE – The equities market’s turnover climbed 59% over the prior month to $28 million in April despite being largely bearish for most of the month and total market capitalisation declining slightly to $5 billion.
Despite a positive run towards the end of the month, the industrial index lost 1,93% to close the month at 172,91, weighed down by weakness in mid-tier counters. Market capitalisation fell by 0,85% to $5,02 billion.
Lafarge, Hippo, CBZ, National Foods and SeedCo were down 23,53%, 12%, 6,25%, 2,33% and 2,5% in that order.
Over the month, heavyweights stabilised, with Delta flat, but Econet dropped by 0,18% and Innscor rose 1,29%.
The mining index recovered 0,44% in March as Bindura gained 3,85%.
The biggest losses were in Art, down 75%; Masimba Holdings 62,50 and Truworths 28,37.
Top gains were in ABC Holdings, up 62,79; Zimplow Holdings, 58,82 and Willdale at 43%.
There was a significant 58,78% increase in turnover in April to $28 million with average daily trades of $2,3 million. Delta was the largest contributor, trading $14,46 million worth of shares while SeedCo traded shares worth $13,38 million and Econet at $5,68 million.
“While the market was weak for most of April, we saw a recovery in the last few trading sessions of the month, with investors buying into what they saw as an oversold market,” stock broking firm, IH Securities said in its monthly report published on Friday.
It anticipates the momentum to be to continue into the beginning of this month on the back of continued demand in counters such as Econet and Innscor.
On Friday, the industrial index added 1,51 points to close at 172,91 points in a mixed trading session.
Delta gained three cents to close at 115 cents, Hippo advanced 0,60 cents to 61,60 cents and Econet pushed up 0,51 cents to 62,01 cents.
Turnall rose 0,30 cents to 3,30 cents. ZPI was up 0,15 cents to settle at a cent while Dairibord inched up 0,10 cents to 8,10 cents.
Losses were recorded in Meikles which slipped a cent to 18 cents. First Mutual retreated 0,50 cents to trade at 6,50 cents and StarAfrica eased 0,15 cents to 0,70 cents. FBCH, OK Zimbabwe and Zimre lost 0,10 cents each to close at 12,70 cents, 19,90 cents and 0,90 cents.
The mining index was flat at 29,64 points with Bindura, Falgold, Hwange and Riozim maintaining previous trading levels.
– The Source