|The local bourse on Thursday gained 3.80%, extending bullish sentiment to two consecutive trading sessions in the week. After 11 consecutive sessions in the negative, share prices started picking up yesterday, with others thinking the stock market is now writing corrections.|
There has been so much hype for gold coins over the past few months. The gold coins were introduced as a store of value.
“Investors were excited about the new investment and were pulling out of the bourse to invest elsewhere. But look, the stock market always sounds like a better safe haven right,” said one financial analyst.
“It is also probably people with excess RTGS from their salaries trying to take advantage of the discounted price. Or maybe it is the floor, hence no one is willing to sell at a loss.”
Market breadth closed positive, recording 22 gainers as against 7 laggards. Accordingly, the mainstream ZSE All Share Index closed at 10,528.45 points, representing a growth of 3.80% from the previous session.
EcoCash emerged as the top gainer, rising 15% to end at $34.50. Axia climbed by 14.83% to settle at $32.90. Econet was the most traded stock by volume and value at 1,348,500 shares and 91,646,470 respectively. The stock added 4.66% to close at $67.96. The Top 10 Index gained the most, up 5.15% to close at 5,904.31 points.
Partially offsetting the gains was CBZ which eased 1.32% to finish at $137.16.
The Medium Cap Index recovered 1.52% to close at 25,397.48 points. SeedCo was 14.98% higher to $66.80.
Cold tea as Tanganda was the worst performing stock, declining by 13.68% to close at $69.05. followed by FMP, slumping 12.9% to end at $4.45. StarAfrica plunged 5.38% to $1.50 after it did not declare a full-year dividend.
Property firm Mash Holdings eased 4.78% to $5.23 and completed the top five losers set.
The Small Cap Index was off 0.33% to close at 446,804.28 points on GB Holdings which lost 7.95% to $1.56. Bucking the trend was Zeco which pulled 14.93% to close at $3.31.
Gold miner RioZim garnered 14.82% to close at $93.00.
There was a positive outing on ETFs. Datvest ETF gained 2.15% to close at $1.4000 while the Morgan & Co Made in Zim recovered 0.42% to finish at $1.2089. Also the OM ZSE Top-10 ETF was 1.34% up to $4.0476.
However, the Cass Saddle Agric ETF and Morgan & Co Multi-Sector were both flat at $2.0000 and $26.5000 in that order.
Market capitalization gained $47.30 billion to $1.28 trillion from $1.23 trillion posted on Wednesday. Turnover for the day declined 19.76% to $223.49 million. Foreign investors were net sellers after disposing of $4.01 million against buys of $70 000 – Harare