[2008-03-12]  ZSE shares rally to record levels
ZIMBABWE Stock Exchange shares yesterday rallied to record levels driven by gains across the board.

At close, the industrial index was estimated to have closed above the 10 billion point mark after it gained 20,67 percent to 10 169 942 176,61 points as a result of the weak interest rates prevailing on the money market.

The minings index put on 41,36 percent to 7 802 934 995,99 points after solid gains in Bindura, Hwange and RioZim.

Delta led the heavyweights with a $4,9 million or 48 percent rise to $15 million taking its market value to $15 726 trillion.

KMAL put on $9 million to $64 million, Old Mutual was $12 million to $90 million in line with the firming US dollar and PPC rose $18 million to $135 million.

Zimplow put on $200 000 to $2,7 million after its buoyant interims last week.

The group’s earnings rose 368 784 percent largely driven by the central bank’s spending on agricultural implements and firm export sales. Total volumes were up 56 percent, with local soaring 75 percent while exports were 38 percent higher and accounted for 56 percent of total volumes but only 49 percent of turnover as a result of the misaligned exchange rate.

However, CT Bolts had shown a 55 percent drop in volumes as a result of the price blitz and the "uncertainty" remained. Basic EPS rose 368 784 percent to $18 518 from $5,02.

ABC was $1 million to $14 million ahead of its finals tomorrow. CFX, which has upcoming finals, was $10 000 up to $70 000.

Barclays, which reported its finals last week was steady at $2 million. The group grew its market share to 20 percent in the reporting period.

Property counter Mash led the risers after gaining $600 000 to $1,1 million while Zeco lost $60 000 to $440 000 after reports that board member Mr Tendai Savanhu had bought a sizeable stake (13 percent) of the IPO shares.

Hunyani was up $100 000 to $800 000 after its trading update last week.

The group said that it expected exports to total US$12 million. Parent company TSL gained a $1 million to $2,5 million after saying that it was forecasting over 75 million kilogrammes of tobacco in the upcoming season, which opens on April 22.

Truworths after its interims last week was $30 000 up to $300 000. The group reported a 49 percent decline in volumes largely due to the price rollbacks and Christmas cash shortages.




Source: (c)copyright 2008 The Herald ltd.