[2008-04-09]  ZSE Shares Rise for Third Consecutive Day
Zimbabwe Stock Exchange shares rose for the third consecutive day yesterday largely driven by gains in heavyweight counters.

At close yesterday, the industrial index rose 13,66 percent to 18 268 571 258,11 points and the mining index was 2,38 percent ahead to 13 628 082 234,17 points after gains in RioZim and Falgold.


Top counters Innscor rose $5 million to $50 million, Delta gained $7 million to $25 million and KMAL was $20 million ahead to $90 million.

Old Mutual put on $100 000 to $120 million in line with the movement of the US dollar and Econet rose $25 million to $135 million after the group introduced a prepayment system on contract lines effective April 1.

CFX was steady at $70 000. The banking group will seek shareholder approval for a rights offer at an extraordinary general meeting set for early next month.

Other financials traded mixed with Barclays up $500 000 to $5,5 million, FBC down $50 000 to $950 000 and CBZ unchanged at $5 million.

Zimsun was steady at $5,5 million on reports the group is constructing a hospitality training academy in West Africa.

RTG gained $200 000 to $1,2 million after the group said it would upgrade its hotels at a cost of US$10 million. TA Holdings pared $2 million to $33 million.
Hotel groups are set to have increased occupancies in May from the Comesa conference to be held in Victoria Falls. Over 500 business delegates are expected to come for the conference.

NicozDiamond shed $10 000 to $420 000. The group will increase its management contracts in the region to 10 from 5 currently.

Pearl Properties led the risers after gaining $1,3 million or 59 percent to $3,5 million while CAPS Holdings topped the fallers after paring $50 000 or 5,88 percent to $800 000.


Source: AllAfrica Global Media