The stock market opened the week in the green lifted by mid cap stocks. This coincides with April monthly inflation which was well below the Central Bank target. The central bank targets to control inflation below 10 percent by the end of December 2021. But, the IMF expects inflation to be a bit higher.
At close the mainstream All Share Index rose 0.99% to 4,488.06 points. The Top 10 Index gained 0.31% to 2,571.76 points on Delta which added 3.60% to 4738.57c with a market cap of ZWL$60.86 billion.
ZB led the risers with 18.42% to 4500.00c. Mash Holdings, Meikles and FML gained 11.26%, 8.55% and 7.14% to 189.15c, 5973.25c and 595.00c respectively. This saw the Medium Cap Index rising 2.08% to 10,929.28pts.
Clothing retailer Edgars, which added a new Jet Stores outlet, lost 9.14% to 271.96c and became the biggest faller of the day. First Capita followed, slumping 6.54% to 215.78c.
Other losses were recorded in Starafrica, African Sun and ZHL which eased 5.24%, 4.58% and 4.49% to settle at 55.32c, 191.13c and 203.19c in that order.
The Small Cap Index recovered 1.90% to 44,054.33pts on Fidelity which gained 8.18% to 595.00c.
Turnover for the day stood at ZWL$120.09 million after 9.8mln shares traded.
This is a year defining quarter in which all the important variables of fiscus are determined, with tobacco selling in full swing, mines beginning to dry and maize deliveries begin. With such revenue generating activities and strategic grain reserves being determined, treasury can make a decision on whether to spend on economic development or other pressing issues such as road rehabilitation and water sanitization. It is on this premise that finance minister Mthuli Ncube is bold about his growth projections, especially with government not having any overdraft with the Central Bank – Harare