Stock Market Weekly Review

08 Oct, 2021 - 00:10 0 Views
Stock Market Weekly Review

eBusiness Weekly

Enacy Mapakame  

The Zimbabwe Stock Exchange (ZSE) maintained its positive trajectory as gains extended into the week in gains led by the market’s top cap counters.

During the week to Wednesday, the blue chips, the ZSE Top 10 index jumped 11 percent to 5 427 points while the ZSE Top 15 added 10 percent to settle at 6 106 points.

The primary indicator, the ZSE All share Index advanced 6 percent to 9 179 points from 8 586 points reflective of the gains recorded across board.

The Small Cap put on 3 percent to 258 540 points while the Medium Cap was the only counter to close in the negative after recording a marginal decline of 0,8 percent to 20 311 points from 20 488 points in the previous week.

Total market value rose by 7 percent to $$1,1 Trillion as gains persisted.

During the week, biggest food manufacturer Natfoods surged 59 percent to settle at $1 200 from $753 recorded in the previous week.

The food making giant indicated total volumes for the full year to June 30, 2021 rose 15 percent to 525,000 tons compared to the prior year although the maize division slowed and negatively impacted its profitability. Its revenue rose revenue rose 26 percent to $33 billion on volume growth as well as the impact of inflation. But profit for the year plunged 97 percent to $72 million from $2 billion recorded in the previous year. Industrial holdings group, TSL jumped 20 percent to $69,55 compared to $55 recorded in the previous week.

At $30, diversified resources group RioZim was 20 percent above prior week as the group reported a subdued half year performance. During the six months to RioZim said loss for the period to June 30, 2021 widened to $1,5 billion from a loss of $77 million during the same period last year as gold production eased on account of bad weather.

Asbestos maker, Turnall and sugar processor – Hippo rose by 18 percent each to close the week at $5,15 and $266,86 respectively.

Other gains were seen in largest banking group by assets and deposits, CBZ, which put on 17 percent to $97,59 while hospitality group, African Sun rose 13 percent to $10,89.

BAT rose 10 percent to $1 990 remaining the most expensive stock on the bourse followed by Natfoods.

The market was not short of fallers as NamPak went down 20 percent to $10,24. Retail and distribution group, Axia fell 16 percent to $27,65 as the group recorded a 36 percent growth in revenue for FY21 but after tax profit fell 48 percent to $0,67 billion from $1,3 billion.

Financial services firms, FCB and FML both fell by 16 percent to $3,21 and $29,95 in that order.

MedTech wrapped the week’s to five fallers after backtracking 15 percent to 25,41 cents.

Other losses were seen in OK Zimbabwe which gave up 8 percent to $19,93 while Proplastics eased 6 percent to $27,97.

Brick making firm, Willdale fell 5 percent $4,26 while FBC lost 4 percent to $29,50.  Spirits and wines maker, Afdis remained flat at $90.

Fidelity, NTS and Seed Co were also unchanged at $8,99,$8 and $90 respectively.

During the week, Cassava was suspended for failing to publish its financial results for the year to February 28, 2021.

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