The Zimbabwe Stock Exchange (ZSE) has reached an all-time high, with the Industrial Index reaching the 223.89 point level for the first time since dollarisation. The ZSE has now gained 53.47% since the beginning of the year – a good return, considering the bourse trades in United States dollars. The ZSE’s strong rally comes just a few weeks ahead of Zimbabwe’s watershed elections, scheduled for July 31. Foreign investors are dominating trades on the ZSE, accounting for more than half of bourse’s total turnover for the six months to June. The major drivers on the bourse were heavy capitalised stocks, including SABMiller-owned Delta Corporation which had gained 48% in the year to date. Telecoms company Econet also amassed good returns for investors, having gained 51.11% since the beginning of the year.
British-owned BAT remained a darling on the Zimbabwean market, having put on a staggering 261% to close at US$13. Barclays Bank has given investors more than 130% in returns. Retailer OK Zimbabwe, partly owned by Investec, is up 80% year to date. PPC and Old Mutual have also made good capital gains, with gains of 25% and 53.36% respectively.