The mining index closed in positive territory as bullish sentiment in Bindura and Rio Zim that gained 14.79% and +3.57% to 8c and 145c respectively saw the index inch 1.46% up to 203.11pts and in the process closing with a positive YTD gain of +1.45%.
The resources index took a knock late in the first quarter following the publication of revised indigenization and empowerment regulations in relation to the mining industry players. Lack of clarity on the implementation of the regulations coupled with the political nuance that has followed all forums where the subject has been discussed has been a major hindrance to capital flows into the highly capital intensive sector with most mining houses lamenting ageing plant and machinery and lack of capital for repair and maintenance for poor financial performance on the back of low capacity utilization.
The market witnessed an improvement in volumes and values of trades in the top capitalized stocks that saw the main stream industrial index rise +1.46% to 203.11pts. Total shares traded for the day stood at 14million up 66.3% on yesterday while the value traded was up 72.93% at $2.4m. Delta topped the value traded tables with $717,786 worth of trades as 897,233 shares exchanged hands at a stable price of 80c. Other notable trades were seen in SeedCo and Dairibord that witnessed $319,141 and $256,586 worth of trades respectively. Foreign participation was the major driver of activity on the bourse as inflows surged 240% to $1.4m whilst outflows were also up 138% at $1.3m which represents 58% and 54% of total turnover respectively.
Mid cap stocks led the market gains led by Tractive Power that garnered 9.9% to an all time high of 11c. Turnall and Truworths were up +6.84% and +6.08% at 10.15c and 6.8c respectively. Amongst the other top risers were Hunyani and RTG that put on +7.14% and +4.55% at 4.5c and 2.3c. Notable heavy cap gains were seen in FMCG conglomerate Innscor that put on +2.34% to 66.01c on sustained buying pressure. Losses were seen in TSL that shed -7.2% to 9c, ZPI that came off -5.3% to 0.9c and NMB that closed at 1.15 having shed -4.2%.
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