Mid-caps drive ZSE gains

Traders work on the floor of the Zimbabwe Stock Exchange in Harare, Zimbabwe, Thursday, September 13, 2007. Zimbabwean stocks are undervalued and worth considering as an investment option in Africa, according to Sanlam Investment Management. Photographer: Henner Frankenfeld/Bloomberg News

HARARE,– The Zimbabwe Stock Exchange industrial index gained 0,59 percent to close at 146,21 points for the week, buoyed by midcaps but the mining index remained flat at 58,51 points.

Delta gained 2,21 percent to close at 92 cents while Padenga, advanced 0,31 percent to settle at 16,05 cents in the week.

Old Mutual traded flat at 350 cents.

Among the top movers in the week were Mash, ART and Masimba which picked 10,56 percent, 6,56 percent and 5,88 percent respectively.

Lafarge and CBZ also advanced 2,56 percent and 2,33 percent to close at 40 cents and 11 cents respectively.

Of the losers pack, Meikles was the worst performer after shedding 8,08 percent to settle at 11,95 cents. Barclays and Colcom also eased 6,25 percent and 5,41 percent to close at 3 cents 35 cents respectively. Additionally, Star Africa and the property firm, Pearl lost 4,2 and 0,29 percent respectively.

On the mining space, all counters remained unchanged at their previous prices. Bindura and RioZim traded at 4 cents 30 cents respectively, while Hwange and Falcon traded stable at 3 cents and 0.6 cent respectively.

Market capitalisation slightly rose by 0,63 percent to 4,056 billion. Market turnover rose by 2,4 percent to $1,635 million with average daily trades of $327,095.

Foreigners remained net sellers during the week, with purchases of $421,035 while selling off shares worth $566,220 million.

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