ZSE Market Report: A good start for Zimbabwe markets as well

Published: 10 June 2013

The ZSE Industrials gained 3.3% to close the week at 156.4 on the back of gains in Barclays (+19.2%), OK Zimbabwe (+9.9%), and Innscor Africa (+6.3%). The top traders by value were Delta ($2.7 million), Econet ($2.1 million) and SeedCo ($200 000). The average weekly value traded in the last six months is $6.6 million. The ZSE Industrials is up 2.6% YTD.

On the Zfn board only three sectors namely banking, insurance and property retreated on the back of thin volumes valued at a paltry $578 for the trio. Blue chip stocks, as represented by our Top 10 Stocks index went up 6% on last week’s level and accounted for 87.7% of the total $6.3mln traded. Retailers were also firm, up 18.34% on thin volumes while manufacturing gained 8.73% on large volumes driven by trades in Delta. The All share index was up 4.61%.

No sign of bad luck, yet
For the stock market investor the year has started on a positive note and we can only wish it ends like that. But knowing what lies ahead of us, we all should be ready for a bumpy ride. Just like in the past two years, 2013 has started on so much rhetoric about elections. The more the politicians talk about elections the clearer it is becoming that none of the political parties is really interested in the polls as they all seem to be enjoying the trappings of power. All that we see is public showcasing of bravado aimed at instilling panic in opposition's camp. The inclusive government has missed several deadlines stipulated in the global political agreement and the latest battleground is the constitution making process. The whole exercise was people driven, we were told, but now the parties are fighting to influence the final draft. What a shame!

We certainly hope our politicians will at worst thrash out a last minute deal to save the draft constitution, which we are told, is very critical for the conducting of free and fair elections. It's a long-shot given the people involved, but that's arguably the only way of circumventing the bad luck the triskaidekaphobics see in the number 13. (By the way the mouthful word simply refers to the people fearful of the number 13).

- zfn

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