ZSE market cap hits $1 trillion mark

Zimbabwe Stock Exchange (ZSE) market value hits the $1 trillion mark for the first time since the market re-base over a decade ago as bulls charged on increased money supply. Zimbabwe’s money supply has been on the increase in recent weeks, which has found its way on the capital markets.

Broad money supply (M3) was at $330,656.85 billion as at end of July, while reserve money was at $28.2 billion as at 17 September.

By close of Tuesday trading, the primary indicator, the ZSE All Share Index was 2,8 percent above previous day to 8 421 points reflective of the gains recorded across board. Blue chips- the ZSE Top 10 Index paced the fastest with a 3,5 percent increase to 4 827 points followed by ZSE Top 15 which rose 3,2 percent to 5 454 points.

The Medium Cap closed at 19 803 points which was 1,8 percent ahead of prior session. The Small Cap rose 1,3 percent to 247 652 points.

MedTech and Willdale were the top gainers after rising 19 percent each to 29,89 cents and $4 respectively. Mashonaland Holdings added 18 percent to $4,12 while Cassava was 13 percent to $30,99.
Sugar processor, Hippo closed 12 percent firmer to $225,75.

On the downside, FML eased 3,5 percent to $30 while its property business FMP fell 2 percent to $13,50. Nampak lost 0,38 percent to $12,92 while ZHL and CBZ recorded marginal losses of 0,31 percent to $3,90 and 0,21 percent to $83,02 respectively.

Top traders for the day were CBZ, ZB and Delta accounting for $84 million, $75 million and $55 million in that order.

Cassava, CBZ, MedTech and ZB were the top volume drivers accounting for 14,11 percent, 10,61 percent, 9,91 percent and 9,29 percent respectively.

The Old Mutual Exchange traded Funds (ETFs) jumped 10 percent to $3,18 and a total market cap of $456 million.
Elsewhere, Padenga and Seed Co International remained flat on the USD denominated Victoria Falls Exchange (VFEX).-The Herald