Bears dominate ZSE

16 Oct, 2020 - 00:10 0 Views
Bears dominate ZSE

eBusiness Weekly

Enacy Mapakame

Bears continued to dominate the Zimbabwe Stock Exchange (ZSE) with four of the benchmark indices closing the week in the negative. During the week to Wednesday, the primary indicator the ZSE All Share Index, gave up 2,8 percent to 1 504 points compared to 1 547 points recorded in the previous week.

The ZSE Top 10 Index fell the heaviest with a 3,5 percent decline to close settled at 973 points. At 1 157 points, the ZSE Top 15 was 3,39 percent below prior week.

The Medium Cap eased 1,66 percent to 3 045 points compared to prior week’s 3 096 points. The Small Cap, was, however, the only index to record gains week-on-week after increasing 2 percent to close pegged at 5 954 points.

Total market value fell by a hefty $8 billion or 4 percent to $190 billion reflective of the losses recorded across board.

Dragging the market was Dawn which eased 22 percent to 70 cents and the firm is now under scrutiny by regulator Securities and Exchange Commission of Zimbabwe (SECZIM) after concerns were raised of a possible unfair treatment of minority shareholders.

This follows a proposal for the acquisition of its entire issued share capital by hospitality group, African Sun at a price significantly lower than the prevailing market price.

SECZIM together with the ZSE are now looking into the transaction to ensure shareholders are not unfairly treated.

Also on the downside was  brick making firm, Willdale which lost 13 percent to 20 cents.

The duo of seed producer, Seed Co and African Sun eased 10 percent each to close at $17 and $1,55 cents respectively.

Simbisa wrapped up the week’s fallers with a 7 percent decline to $6,23.

Other losses were recorded in Art which gave up 6 percent to $2,09 while FML backtracked 5 percent to $4,04.

The duo of OK and Padenga declined by 4 percent each to $4,55 and $14,07 respectively. Econet went down 2 percent to $4,60.

The telecoms giant indicated it recorded gains across voice, data and SMS metrics during the six months to August 31, 2020 as demand for such services increased due to Covid-19.

On the resources side, both the active mining counters, Bindura and RioZim were in the negative after falling 2 percent to $3,99 and 3 percent to $8,88 respectively.

Further losses were offset by gains in Mashonaland Holdings which put on 20 percent to settle at 67,02 cents followed by Fidelity which rose 19,79 percent to $1,15.

At 62,25 cents, Turnall was 19,71 percent higher than prior week level while Masimba added 11 percent to $1,45.

ZB wrapped up the week’s top five risers with a 5 percent gain to $15. Other gains were recorded in FCB which rose 3 percent to 51,9 cents.  At $15,35, Meikles was 2 percent above prior week while the duo of Hippo and Innscor recorded marginal gains of 1 percent each to close at $13,75 and $18,60 in that order.

Zimplow and Zimpapers remained unchanged at $5 and 72 cents respectively. Axis, NMB, National Foods and Powerspeed also remained unchanged at $4, $3, $50 and $1,55 respectively.

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