[2008-06-27]  Stock Market Rallies
The stock market rebounded yesterday and closed the week with a 14 percent gain largely driven by gains in heavyweight counters.

At the close of trade, the industrial index was up 2 135 411 032 399,60 points to 17 134 728 900 414,50. The mining index rose 16,11 percent to 18 927 133 138 422,70 points after gains in Hwange, Bindura and RioZim.


Overall ZSE market capitalisation stood at US$3,4 billion with a year-to-date gain of 896 284 percent. Cottco was the top blue-chip performer after it gained $15 billion or 100 percent to $30 billion and KMAL rose $7 billion to $55 billion. Barclays was $2,5 billion up to $6,5 billion and Delta put on $1 billion to $20 billion. ZHL added $50 million to $1 billion after its AGM where the group said it would list its Malawian subsidiary on the Malawi Stock Exchange this year. The group also said it had increased its stake in CFI to 34 percent.

CFI rose $7 billion to $20 billion taking its year-to-date gain to 1 237 995 percent. Hwange gained $9 billion to $45 billion after managing director Mr Fred Moyo told the annual general meeting that the group had last week signed an agreement to export 10 000 tonnes of coal fines a month to Konkola Copper Mines.

FBC put on $100 million to $900 million after the group said profits for the five months to May were in excess of $7 quadrillion from last year's December finals figure of $34 trillion. African Sun was unchanged at $6,5 billion after its March interims where the group said the domestic market contributed 84 percent to revenue compared with 81 percent last year. Zimpapers was steady at $450 million after the group started importing newsprint from South Africa to augment supplies from Mutare Board and Paper Mills.

Art led the fallers after losing $1,6 billion or 44 percent to $2 billion and Falgold was down $3 billion to $10 billion.


Source: Allafrica