The ZSE extended gains for the third day running to close the week stronger on the back of a resurgence in positive market sentiment after 11 straight losses.
Analysts suggest that the rebound on ZSE could be attributed to Treasury hard stance on payment of its suppliers as it adheres to a tight money supply. Earlier this week authorities reinforced measures to manage payments to suppliers with some contracts set for renegotiations in order to reflect true value after noting a high prevalence of inflated invoices.
This comes after almost 4 months of bloodbath on the exchange which saw the market this week, reversing all of this year’s gains.
In today’s trading session, the All-share index gained 10.46% to close at 11 629.65 points driven by heavyweight gains who drove the Top 10 Index up 13.32% to 6690.83 points.
Market breadth was positive with only 3 counters closing in the negative while 30 recorded gains.
BAT led the gainers, closing 15 percent stronger at ZW$ 2 070 as Delta appreciated 14.99 percent to close at ZW$ 169.15. Other heavyweights Econet firmed 14.99 percent at ZW$ 78.15 as Innscor gained 14.98 percent at ZW$ 203.65.
The only 2 stocks in the negative wer5e NMB which shed2.80 percent to close at ZW$ 16 and AFDIS closed 0.02 percent weaker at ZW$ 299.95.
Market capitalization now stands at ZW$ 1.413 trillion with today’s turnover valued at ZW$ 41 million.
