[2008-02-26]  ZSE Rallies Towards 5 Billion Point
Zimbabwe Stock Exchange shares rallied towards the 5 billion-point level yesterday on the back of gains across the board.

At the close of trades the industrial index rose 27 percent to 4 460 321 439,45 points ahead of the start of the earnings season. The minings index rose 41,95 percent to 4 014 848 154,25 points after firm trades in the counters.


Old Mutual gained $9 million to $50 million ahead of its midweek interims. KMAL put on $4,1 million to $22 million and Delta was up $1,5 million at $5 million.

Second tier counter PG Industries led the risers after gaining $375 000 or 75 percent to $875 000.

Murray and Roberts with half-year results on Wednesday was steady at $700 000.

Newly listed Zeco Holdings was unchanged at $100 000 on volume of 7 million shares while competitor Gulliver, which has a market value of $95 trillion was buyers only at $2,2 million.

Cairns, which has upcoming financials was buyers only at $300 000. Tractive, which will benefit from Phase 3 of the Farm Mechanisation Programme, was up $121 000 to $371 000. Zimplow gained $500 000 to $1,7 million.

Financials CFX rose $21 000 to $56 000, NMB was $65 000 ahead to $200 000 and Barclays notched $100 000 to $1 million taking its market cap $2 148 trillion.

There were minor losses in Phoenix, which pared $100 000 to $400 000 on small volume of just under 300 shares, and Fidelity Life down $4 000 to $180 000.

The life insurer recently did a 500-for-1-share consolidation and 435-for-1 bonus issue as a house keeping measure, which ensured that they complied with the requirements of the insurance commission.

Fidelity will report its full year results next week.

Looking ahead, the stock market will rally further largely as a result of weak inflation data (100 502,8 percent for the January) and increased Government expenditure ahead of the upcoming general elections on March 29.


Source: Copyright © 2008 The Herald.