Weekly 28.04.2017

The ZSE was sticky northwards in the final week of the month as the benchmark Industrial Index powered to a 1.03% rise closing at 143.20pts and in the process narrowing its year to date loss to just over a percentage point at -1.09%. The less active Mining Index was up by a marginal 0.12% on firming RioZim and closed at 66.33pts for the week while, it sat at a cumulative year to date return of 13.37%. A bullish sentiment was prevalent across the board spurred in part by rising demand as investors seek exposure to more fluidly traded assets amidst reports that actual cash holdings in banks were dwindling despite growing balances. The ZSE welcomed its first debt listing in the form of the $5m Note, the first tranche of the Get Bucks Financial Holdings limited bond issue that has an 11% yield. The company, Get Bucks, intends to raise $30m through the issuance of the instrument with proceeds going towards funding small to medium enterprises. Meanwhile Econet’s rights offer was brought to finality as the new shares got listed with the telecoms giant remaining buoyant on the bourse as demand remained firm.