Stock Market Weekly Review

24 Sep, 2021 - 00:09 0 Views
Stock Market Weekly Review

eBusiness Weekly

Enacy Mapakame

Equities on the Zimbabwe Stock Exchange (ZSE) remained upbeat during the week driven by gains in the market’s heavyweights.

This saw all benchmark indices closing in the positive during the week to Wednesday. The primary indicator, the ZSE All Share Index advanced 3,7 percent to close at 7 151 points, while the blue chips, the ZSE Top 10 Index advanced by 5,2 percent to 3 986 points from 3 789 points in the previous week.

At 4 557 points, the ZSE Top 15 Index paced the fastest with a 5,9 percent increase compared to previous week. The Medium Cap put on 1,7 percent to 17 541 points while the Small Cap also recorded marginal gains of 0,29 percent to 223 215 points.

Total market value increased by 3,99 percent to $853 billion from $821 billion reflective of the gains recorded during the week.

Cigarette maker, BAT headlined risers for the week with a 42 percent increase to $1 299 as it remains the most expensive stock on the bourse ahead of NatFoods which closed the week pegged at $628,01 which was 19 percent ahead of previous week.

Industrial giant, Innscor put on 15 percent to $121 while insurance firm, Fidelity added 12 percent to $9.

Telecoms giant, Econet wrapped the week’s top five risers with an 8 percent increase to $38,76. Other gains were seen in resources group Bindura and Seed Co which rose 7 percent each to $4,99 and $75. Turnall advanced 6 percent to settle at $4,20.

At $2, clothing retailer, Truworths was 5 percent ahead of prior week while Meikles also rose by the same margin to $98.

Simbisa, OK Zimbabwe, NTS and Masimba gained 2 percent each to $44,89, $16,42, $8,16 and $40 respectively. 

Masimba said revenue for the half year to June 30, 2021 improved by 50 percent to $2,168 billion compared to $1,377 billion recorded in the same period in the prior year on the back of a firm order book in mining, infrastructure, and roads segments.

On the downside, diversified resources group, RioZim eased 15 percent to $28 followed by banking firm NMB which let go of 13 percent to $13.

The duo of MedTech and Art lost 10 percent each to 21,14 cents and $7 respectively. Food and dairy processor – Dairibord also went down by 10 percent to $35 from $39 in the comparable week.

Other notable losses were recorded in brick making firm – Willdale which fell 9 percent to $2,99 from $3,30.

The trio of Nampak, Proplastics and Star Africa decreased 7 percent to $12, $25 and $1,65 in that order. Also on the downside, ZHL lost 6 percent to $3,30 while while FMP gave up 3 percent to $14,50 after the property firm reported net property income after administration expenses for the half year to June 30, 2021 grew by 11 percent to $43,14 million driven by growth in inflation adjusted revenue of 45 percent to $204,23 million.

Cables maker Cafca remained flat at $170 while FCB was also unchanged at $$3. Insurance group FML also maintained prior week level at $27 as the group seeks to continue diversifying its real assets portfolio to cushion it against economic uncertainties and turbulence. 

During the half year to June 30, 2021, gross premium written (GPW) rose 71 percent to $5,4 billion, as a result of organic growth on the existing portfolio and the continuous revaluation of insurance policy values in line with inflation to ensure clients have adequate cover.

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