Stock Market Weekly Review

03 Dec, 2021 - 00:12 0 Views
Stock Market Weekly Review

eBusiness Weekly

Enacy Mapakame

Equities on the Zimbabwe Stock Exchange (ZSE) traded mixed with three of the mainstream indicators closing in the negative dragged by mid-tiers and small caps.

During the week to Wednesday, the primary indicator retreated by a marginal 0,08 percent to 10 757 points from 10 765 points recorded in the previous week.

The Medium Cap fell the heaviest with a 2 percent decrease to 20 405 points from 20 991. The Small-Cap also came down 1 percent to 392 334. 

The blue chips, the ZSE Top 10 Index however put on a marginal 0,9 percent to 6 764 while the ZSE Top 15 Index increased by a marginal 0,2 percent to 7 466.

Total market value rose by 1,1 percent to $1,3 trillion.

The market was weighed by losses in hospitality group, African Sun which gave up 12 percent to $6,72 followed by Axia which eased 11 percent to $30. Hospitality group RTG fell by the same margin of 11 percent to settle at $5 down from $5,66.

At $40,40, Cassava was 9 percent lower than the previous week. The fintech services provider indicated total revenue for the half year to August 30, 2021 increased by 36 percent to $11 billion compared to the same period last year, driven largely by an increase in transactional volumes for the Fintech business units which remains the largest contributor to revenue, constituting 80 percent of total revenue. Loss for the period narrowed to $662 million from $2,3 billion.

Diversified hospitality group, Meikles Limited backtracked 9 percent to $158,26 as revenue for the half-year to September 30, 2021 grew by 28 percent to $20 billion compared to the same period of the previous year primarily due to a strong performance by the supermarket segment.

Other losses were seen in OK which eased by 9 percent to $23,58 as the retail giant reported sales volumes for the half-year to September 30, 2021, recovered by 43 percent compared to the same period in the prior year although the group battled Covid-19 related challenges as well as tax burdens. 

Profit for the period went down 76 percent to $365 million from $1,5 billion during the comparable prior-year period.

The trio of CBZ, FML, and Zimplow fell by 8 percent each to $86, $21 and $23,66 respectively.

Further losses were mitigated by gains in MedTech which rose by 33 percent to 59 cents following its consolidation.

Econet put on 29 percent to $71,37 from $55,13 in the comparable week. The telecoms giant reported revenue for the half-year to August 31, 2021 nearly doubled to $29,6 billion anchored by the increased contribution of data services. 

Data revenue grew by 136 percent while voice services revenue increased by 92 percent.

Resources group, Bindura increased by 23 percent to $5,54 from $4,49 as nickel sales volume for the half-year to September 30, 2021 was 2,549 tonnes, which was marginally lower than last year’s sales of 2,566 tonnes. But revenue came in at US$3,3 million, which was 41 percent higher than for the same period last year in line with increase in nickel price.

At $48,04, Masimba was 18 percent firmer to close the week at $57 while insurance firm Fidelity rose 6 percent to $9,60 wrapping the week’s top five risers.

Other gains were seen in Art which rose 5 percent to $11 while Afdis advanced 4 percent to $110.

Ariston, CFI, GetBucks and Lafarge remained flat at $3,91, $72,10, $9 and $92.

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