Bulls dominate ZSE trades

22 Jan, 2021 - 00:01 0 Views
Bulls dominate ZSE trades The Zimbabwe Stock Exchange Limited advises stakeholders that the Old Mutual ZSE Top Ten ETF is now available through ZSE Direct

eBusiness Weekly

Enacy Mapakame 

Bulls dominated trades on the Zimbabwe Stock Exchange (ZSE) offsetting the losses that were incurred during the first two weeks of the year.

This saw all the indicators closing the week to Wednesday in the positive. Market watchers expect stocks to maintain the upward trend in the year despite the economic challenges as other investment classes such as bonds and bank deposits in local dollars remain unattractive.

At a global level, economic volatility and uncertainties still remain as the second wave of the Covid-19 hit, following a year in which the pandemic crashed markets especially in February and March. But prospects of a vaccine and measures implemented by various economies are expected to stimulate growth.

During the week under review, the primary indicator, the ZSE All Share Index rose 12 percent to 2 769 points on the back of gains recorded across board.

The ZSE Top 10 Index paced the fastest with a 15,9 percent increase to close the week at 1 745 points while the ZSE Top 15 Index put on 14,8 percent to 2 051 points.

At 5 858 points, the Medium Cap was 7,6 percent above prior week level while the Small Cap advanced 2 percent to 11 327 points.

Total market value rose 12,4 percent to $332,8 billion compared to $295,9 billion recorded last week, reflective of gains recorded across board.

Specialty retail and distribution group, Axia, headlined risers for the week with a 52 percent increase to close at $11,45 from $7,53 during the prior week.

Property firm, Dawn, added 34 percent of value to close at 47,61 cents from prior week’s 35,39 cents. 

During Wednesday trades, a block trade of circa 2,24 billion shares worth $1,08 billion in Dawn highlighted that day’s session which propelled both volume and value aggregates higher as it claimed 99 percent of the firmer and 91 percent of the latter.

The markets biggest counter by market value, CBZ rose 30 percent to $90 while TSL added 28 percent to settle at $19,20.

Proplastics wrapped up the week’s top five gainers with a 27 percent increase to $11,05.

Other gains were recorded in retail giant, OK Zimbabwe which rose 25 percent to $10 while seed manufacturer ,Seed Co increased by 22 percent to $28,20. 

Fast food group, Simbisa rose 21 percent to $12,10.

The market’s most expensive stock, BAT jumped 18 percent to $650 as the cigarette maker bounced back into the ZSE Top 10 index on seventh position with a market value of $13,4 billion.

Further gains were offset by losses in RioZim which fell 18 percent to $10,80 followed by spirits and wines maker, Afdis which backtracked 16 percent to $20.

The duo of Zimplow and Nampak eased 15 percent each to $4,20 and $2,19 respectively.

Property firm, Mashonaland Holdings retreated by 10 percent to 80,41 cents.

Other losses were seen in Art which retreated 8 percent to $3,99 while ZHL lost 7 percent to $2,80. 

Banking firms, FCB and NMB decreased 1 percent each to $1,03 and $4 respectively. FMP remained unchanged at $4 as the property firm declared a $7 million dividend for its shareholders for the quarter to September 30, 2020.

RTG remained unchanged at $1,91 while Unifreight and Zimpapers remained flat at 22,3 cents and 98 cents respectively.

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