eBusiness Weekly
Enacy Mapakame-Business Writer
Bears dominated the equities market last week reversing gains that had been recorded in the previous week on the Zimbabwe Stock Exchange ( ZSE).
This saw four of the benchmark indices close the week in the negative, dragged by losses in the market’s heavies.
During the week to Wednesday, the primary indicator, the ZSE All Share Index, eased 2,5 percent to 11 966 points from 12 273 points recorded in the previous week.
The blue chips, the ZSE Top 10 fell the heaviest with a 2,6 percent decline to close the week at 7,712 points while the ZSE Top 15 weakened by 2,3 percent to 8 478 points.
At 21 461 points, the Medium Cap was 2,5 percent below previous week level. The Small Cap was the only index to close in the positive with a 4,3 percent gain to 399 218 points.
Total market value backtracked 2,7 percent to $1,45 trillion reflective of the losses recorded across board.
TSL led the week’s laggards with a 20 percent decline to $66,38 compared to $88 recorded in the previous week.
Banking firm NMB gave up 14 percent to close at $11,99 from $14.
At $37, resources group RioZim was 9 percent below the prior week level. The duo of Turnall and Natfoods lost 8 percent each to close the week at $5,41 and $1 769,35.
Further losses were offset by gains recorded in Medtech which rose 19 percent to 19,07 cents as the firm is set for a rebranding exercise following shareholder approval to do so to reflect the new business.
Agriculture and mining implements maker Zimplow put on 9 percent to $26,50, as the firm recorded a positive volume performance for the nine months to September 30, 2021 on firm demand for its products across segments.
The group is upbeat about maintaining the growth trajectory in the fourth quarter on the back of continued growth in infrastructure projects across the country as well as anticipated improvements in the agriculture and mining activity.
At $8,16, financial services firm GetBucks was 8 percent ahead of previous week level.
Clothing retailer, Edgars also rose by 8 percent to $5,40 while FBC wrapped up the week’s top five risers with a 6 percent increase to $34.
Other gains were seen in FML, which also rose by 6 percent to $24,42 after the insurance giant reported net premium earned TT nine months to September 30, 2021 ride 88 perfect to $6,54 billion from $3,48 billion in the comparative period last year on the back of organic growth and above inflation revisions of sums insured to align with the exchange rate, particularly for the short term insurance policy.
At $75, CFI was 5 percent ahead of the previous week.
Maintaining prior week levels were BAT which closed at $2 740. The cigarette maker recorded an uptick in volume performance both on the export and domestic markets during the nine months to September 30, 2021, thanks to strong demand across board coupled with increased investment in its brands and the relaxed Covid 19 restrictions.
The company recorded a 44 percent growth in export volumes for leaf and cut rag tobacco on the back of strong demand from the export market.
