Zimbabwe: ZSE market capitalization hits $ 1 trillion mark

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The Zimbabwe Stock Exchange (ZSE) market value hits the $ 1 trillion mark for the first time since the market was rebased more than a decade ago as bulls charged for increased money supply.

Zimbabwe’s money supply has grown in recent weeks, which has found its way into the capital markets.

The broad money supply (M3) stood at $ 330,656.85 billion at the end of July, while the reserve currency stood at $ 28.2 billion as of September 17.

At the close of Tuesday’s session, the leading indicator, the ZSE All Share Index was 2.8% above the previous day at 8,421 points, reflecting gains across all areas.

Blue chips – the ZSE Top 10 index was the fastest with an increase of 3.5% to 4,827 points, followed by the ZSE Top 15 which rose 3.2% to 5,454 points.

The Medium Cap closed at 19,803 points, 1.8% ahead of the previous session.

Small cap rose 1.3 percent to 247,652 points.

MedTech and Willdale were the main winners after rising 19% 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 at $ 225.75.

On the downside, FML fell 3.5% to $ 30 while its FMP real estate activity fell 2% to $ 13.50. Nampak lost 0.38% to $ 12.92 while ZHL and CBZ registered marginal losses of 0.31% to $ 3.90 and 0.21% to $ 83.02 respectively.

The 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 main volume drivers, accounting for 14.11 percent, 10.61 percent, 9.91 percent and 9.29 percent respectively.

Old Mutual Exchange exchange traded funds (ETFs) jumped 10% to $ 3.18 and a total market cap of $ 456 million.

Elsewhere, Padenga and Seed Co International were stable on the USD-denominated Victoria Falls Exchange (VFEX).


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