HomeBusiness DigestZim stocks in major surge

Zim stocks in major surge

Stocks rallied in the month of May as investors sought safety in stocks amid rising inflation and general correction of valuation to reflect the weakening of the RTGS dollar against the US unit.

Shares jumped 42,13% to close the month at a total market valuation of RTGS$24,80 billion helped by solid gains in big caps such as Econet, Delta and Cassava.

Analysts say rising inflation and the weakening of the local currency against the US dollar on both the official and parallel market has given momentum to the latest bull run.

The mainstream All Share Index climbed 40,67% to 188,06 while the Top 10 Index also jumped 43,34% to 182,99 points.

The industrial index gained 40,74% to close at 628,41 points aided by gains in Econet, Cassava and Delta of 66,78%, 63,75% and 30,67%, respectively. The Mining Index gained 21,10% to 225,81 points on the back of gains in Bindura and RioZim of 74,55% and 5,11%, respectively.

The top movers in the period were RTG, up 264,81%, CBZ up 103,81%, MedTech up 100%, ZHL up 86,67% and African Sun up 86,55%.

Major losses were observed in TSL down 8,43%, Powerspeed down 2,58%, Zimpapers down 1,96%, ART down 1,79%, and Nampak down 0,33%.

Turnover surged 66,35% to RTGS$193,52 million with average daily trades of RTGS$8,80 million realised during the month. The most significant contributions to total value traded were Old Mutual, Delta and Econet contributing 31%, 24% and 12%, respectively. Total volume traded grew 62,81% to 218,87 million shares. — Staff Writer.

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