eBusiness Weekly
Enacy Mapakame
The Zimbabwe Stock Exchange (ZSE) maintained an upward trajectory as three of the benchmark indices closed in the positive, narrowing year to date losses.
During the week to Tuesday, the primary indicator, the ZSE All Share Index gained 3,64 percent to 125,97 points from the previous week’s 121,56 points.
The ZSE Top 10 Index rose 4,48 percent to 119,38 points on gains in the market’s top capitalized counters.
At 420,42 points, the Industrials Index was 3,75 percent above the previous week. On the resources side, the Mining Index was the only indicator to close in the negative after giving up 3,71 percent to 186,78 points from the previous week’s 193,98 points.
Total market value improved 3,04 percent to $16,57 billion.
Headlining the week’s risers, MedTech put on 33,33 percent to 0,12 cents from 0,09 cents followed by Art which put on 20 percent to 10,8 cents.
Hospitality group, RTG increased by 19,83 percent to 2,9 cents while Meikles put on 14,29 percent to 60 cents. At 35,98 cents, Axia was 13 percent above prior week’s 31,84 cents.
Other gains were recorded in Simbisa which rose 12,68 percent to 80 cents while Ariston put on 3,45 percent to 3 cents.
Regional cement producer, PPC advanced by 10,02 percent to $1,40 while SeedCo International put on 8,4 percent to $1,41.
Biggest retail group, OK Zimbabwe rose 5,88 percent to 22,34 cents.
The retail giant, launched its promotion, the OK Grand Challenge Jackpot Promotion despite a challenging operating environment with only one vehicle up for grabs this year as suppliers also feel the economic heat.
This comes as year-on-year inflation rate for the month of March, 2019 spiked to 66,80 percent further eroding consumer spending.
Building and associated industries firm, Masimba rose 4,76 percent to 8,8 cents after a strong order book buoyed its performance as profit for the year to December 31, 2018 jumped 68 percent to US$1,17 million despite a challenging operating environment.
Its revenue improved 46 percent to $40 million on the back of an improved order book.
Proplastics and industrial conglomerate Innscor rose 3,37 percent to 23 cents and 2,59 percent to $1,53.
The market was not short of fallers. Nickel producer, Bindura led the fallers after giving up 7,67 percent of value to 5,54 cents dragging the resources index.
Sugar processor, Hippo lost 5,4 percent to $1,41 while Cassava was 1,97 percent weaker to $1,07. At $29,50, cigarette maker, BAT was 1,67 percent below last week but remaining the most expensive stock on the market.
Telecoms giant, Econet retreated 1,14 percent to $1,07 wrapping up the week’s top five fallers.
Resources group RioZim lost 0,64 percent to $1,76 while Padenga reversed the prior week’s gains after it let go of 0,28 percent to close pegged at $1,04.
Insurance group, FML lost 0,23 percent to 13,15 cents after reporting consolidated gross premium written for the year to December 31, 2018 amounted to $180,6 million, which was 45 percent above prior year.
Its total assets rose 17 percent to $385,5 million and the growth was driven by increases in listed equity values of $48,9 million and investment property of $7,2 million.
Financial services firm, FCB eased 0,2 percent to 5 cents.
Maintaining prior week levels, African Sun, Edgars and GetBucks closed pegged at 16 cents, 11 cents and 8 cents in that order.
Property firm, FMP also remained flat at 6 cents after a 139 percent growth in after tax profit to $4 million on improved occupancy levels. Rental income increased 8,8 percent to $8 million driven by new lettings, with occupancy levels improving by 5 percent to 76,1 percent.
Financial services group, FBC was stagnant at 35 cents. FBC reported after tax profit for the year under review rose 91 percent to USD$44 million from USD$23 million the prior year on the back of its diversified business model while profit before income tax went up 86 percent to US$54,6 million.
