Stock Market Weekly Review

02 Jul, 2021 - 00:07 0 Views
Stock Market Weekly Review

eBusiness Weekly

Enacy Mapakame

Small Caps and Mid-tiers led weekly gainers on the Zimbabwe Stock Exchange (ZSE), which saw four of the benchmark indicators close the week in the positive. During the week to Wednesday, the Small Cap raced the fastest with a 41 percent increase to close at 190 131 points from 134 120 points recorded in the previous week.

The Mid Cap came in 7 percent above prior comparable week to settle at 17 272 points while the ZSE Top 15 Index put on a marginal 0,81 percent to close pegged at 3 658 points. The primary indicator, the ZSE All Share Index added 3,7 percent to 6 194 points.

The ZSE Top 10 Index was the only laggard of the week after retreating 0,33 percent to 3 154 as the market’s big caps succumbed to slow demand.

At $745 billion, total market value was 3,6 percent above the comparable week’s $719 billion.

Sugar processor, starafrica paced the fastest with a 118 percent surge to $3,07 followed by Willdale which rose 67 percent to $4,20.

At $15,72, GetBucks was 64 percent ahead of prior comparable week after reporting earnings growth for the five months to May 31, 2021 compared to same period last year.

However, the challenging economic environment compounded by the two months of lockdown during the beginning of the period saw transactional volumes fall by 5,8 percent compared to same period last year.

At $22,76, Unifreight was 47 percent ahead of previous week while media group — Zimpapers wrapped the week’s top five risers after it put on 38 percent to $2,70.

Other gains were seen in clothing retailer, Truworths and NatFoods which rose 30 percent each to $1,75 and $520,13 respectively.

MedTech added 31 percent of value to 23,53 cents from 17,87 cents while Ariston ticked 25 percent to $3,87.

On the downside, Seed Co eased 20 percent to $52,50. The seed processor indicated its growth plans will continue despite shelving consolidation plan with Seed Co International Limited after regulators disapproved of the transaction.

Simbisa went down 14 percent to $36,05 while General Beltings retreated 12 percent to $2,78.

At $15,45, property firm, FMP was 10 percent below prior week’s $17,20 while spirits and wines maker Afdis wrapped the week’s top five fallers with a 7 percent decline to $65,08.

Other losses were seen in retail giant OK Zimbabwe which retreated 5 percent to $15 while the duo of Axia and Innscor lost 1 percent each to $20,88 and $86,22 respectively.

On the resources side Bindura put
on 5 percent to $5,29 after reporting profit and total comprehensive income for the year to March 2021 jumped 97 percent to US$1,7 million as revenue grew on
the back of improved nickel prices coupled with the decrease in marketing and
distribution expenses arising from a new off-take agreement entered into during the year.

Peers, RioZim remained flat at $26,10. Also maintaining prior week level was ZBFH that closed at $77. TSL also remained unchanged at $40. The group reported total revenue for the half year to April 30, 2021 rose 33 percent to $1,5 billion while profit for the period jumped 51 percent to $467 million.

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