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ZCCM IH shares gain the most during COVID-19

Zambia’s mining investment group, ZCCM IH, has recorded a share price increase in its security which is listed on the Lusaka Securities exchange. This is the first increase during the COVID 19 period and created K483.99 million worth of wealth for investors.

A share price gain of K3.01 was recorded in ZCCM increasing the security to K31.50 per share”, read a SENS announcement published on 8th October 2020 after the closing bell on the stock exchange rang.

The LuSE All Share Index (LASI) which closed at 3,811.75 points, has experienced a downward trend during the year has equities continue to fall due to reduced trading. COVID 19 has impacted many of the listed companies, many of whom have been reporting reduced earnings.

However, the investment group has made significant announcements during the same period. Recently, news broke that their Kanseseli gold mine project had harvested over 50Kg of gold since inception.

Furthermore, signals of the investment group now aligning its strategy around higher value mining activities through actions taken by its shareholder, IDC, in transferring mining assets has continued to show confidence in the group.

With the Minister of Mines in Zambia showing confidence in the group following a visit to one of its gold projects, investors are looking closer at the security and placing their bets on the group by increasing their appetite for gold miner’s security.

ZCCM IH is now valued at K5.065 Billion in market capitalization and makes it the second-highest valued company on the LuSE.

Source: Financial Insight

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