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ZSE turnover hits 2-year high in March

01/04/2017 00:00:00
by Source.co.zw
 
 
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HARARE: The Zimbabwe Stock Exchange’s total market turnover increased by 146  percent in March to $26,9 million from $10,97 million recorded in the previous month, its highest for two years pushed by brisk trade in Econet shares.

The ZSE mainstream index advanced 2,7 percent in the month to close at 138,96 points as seven of the top 10 counters by market capitalisation all recorded gains.

The mining index advanced 3,7 percent to close at 58.56 points on the back of the gains in RioZim.

Market capitalisation increased by 2,96 percent, from $3,77 billion in the previous month to $3,87 billion, mirroring the gain in the mainstream index.

The largest counter by market capitalisation, Delta gained 4,88 percent to close at 86 cents while the telecoms giant added 14,64 percent to close at 16,05 cents. Econet was on the market to raise $130 million through a rights issue which closed on Friday.

The telcom raised the required amount, but after the underwriter, the Strive Masiyiwa-owned Econet Wireless Global pumped in $100 million to mop up unsubscribed shares.



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