HARARE – Midcaps outperformed the stock market on Tuesday although trading remained lacklustre with turnover failing to cross the $100 million mark.
Turnover was at $94.16 million in 278 trades. CBZ Holdings and Delta contributed the most to turnover $33.37 million and $32.62 million, respectively. Foreign sales were at $30.46 million with $22.73 million of that coming out of Delta. Foreign buyers were at $13.45 million with Hippo making up the most at $11.18 million.
First Mutual Properties led the session risers as it added 44c to 264c, an increase of 20.00%. Zimre Holdings, which underwent a consolidation as part of a new strategic focus, made a 19.95% rebound to 249.50c as it improved its market capitalisation to $3.82 billion.
Bindura was the other midcap performer albeit marginally in the wake of its September interims. The nickel producer, which is now awaiting the implementation of a capitalisation plan by its new shareholder, added 1.38% to 359.89c. These gains saw the Medium Cap Index rise past the 5 000-level after gaining 7.66% to 5 010.02. On YTD performance, the index is the second best performing at 1660.68%.
The top performing index is the Small Cap at 1699.43% achieved after it put on 4.31% to 11 466.68 at the close of today’s sessions. Penny stock gains were seen in General Beltings, which added 17.65% to 20c, Zimplow up 16.05% to 470c and Mash Holdings which put on 19.93% to 92.96c.
On the wider market, the All-Share Index added 4.40% to 2 459.23 in a session which yielded 26 gainers and eight decliners.
Hippo led the heavyweight gains as it rose 19.95% to 9 175c taking its YTD to 4 605.13% and market weight to 6.13%.
Delta added 7.35% to 2 683.66c and Innscor was 4.96% higher to 3 489.49c. The Top Ten Index however gained 2.63% to 1 577.76 after its performance was restricted by CBZ’s 2.95% loss to 7 749.07c.
Elsewhere, Dairibord led the overall losers after it fell 12.21% to 931.26c as the market awaits finalisation of its merger and acquisition transaction. Medtech, which is undergoing corporate restructuring, pared 0.63% to 7.85c as its set for one of its weakest yearly finishes in recent history.
The market closed on a $295.98 billion market cap inclusive of Old Mutual and PPC.-Financial Express.
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