ZSE unmoved by Mnangagwa sacking

ZSE unmoved by Mnangagwa sacking
Published: 09 November 2017 (878 Views)
THE Zimbabwe Stock Exchange slowly edged on this week, unmoved by the sacking of Vice President Emmerson Mnangagwa and the ensuing political turmoil in government.

The ZSE's market capitalisation scaled the $15 billion level this week, above the country's projected gross domestic product (GDP) for the year of $14,5 billion, pointing to an overvalued market.

The projected GDP is, however, quoted in hard currency terms while shares traded on the ZSE in RTGS are heavily discounted against hard currency in the broader economy. While stocks are obviously overvalued on the ZSE, measuring the extent of this by comparing the GDP with the market capitalisation might exaggerate reality.

The market's upward trajectory remains, but continues to exhibit signs of slowing down. The mainstream industrial index gained 1,31 percent week on week since Thursday to close yesterday at 530,08 points, representing a marginal deceleration from last week's gains of 1,53 percent.

The gains in the industrials this week were spurred by marginal gains in the blue chips. Delta put on 1,25 percent week on week to trade at $3,2008, Econet gained 2,04 percent to close at 1,8572. Innscor picked up 1,25 percent during the week to close at $1,6808 and British American Tobacco added 5,26 percent to trade at $40.

In the mining space, the mining index shed 2,09 percent during the week to close yesterday at 135,38 percent after Bindura Nickel Corporation lost 7,58 percent during the week to settle at $0,05. Falcon Gold gained 9,45 percent to close at $0,022 while Hwange Colliery added 1,6 percent to trade at $0,038 and RioZim picked up 0,19 percent during the week to close at $1,1622.


- fingaz

Tags: Mnangagwa, ZSE, Zanu-PF,
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