Stock Market Weekly Review

09 Aug, 2019 - 00:08 0 Views

eBusiness Weekly

Enacy Mapakame

The Zimbabwe Stock Exchange (ZSE) extended its sell off during the week as demand continued to wane across the bourse.

Three of the four benchmark indices closed the week to Wednesday in the negative. The primary indicator, the ZSE All Share Index eased 1,5 percent to 188,37 points while the market’s heavies succumbed a 1,82 percent decline to close pegged at 178,26 points.

At 628,47 points, the Industrials closed 1,57 percent lower than prior week’s 638,48 points on losses across the board.

On the resources side, the Mining Index was the only indicator to close in the black with a 3,47 percent gain to close at 248,97 points driven by gains in RioZim.

Total market value went down 3,94 percent to $23,774 billion compared to $24,749 billion recorded in the previous week.

Industrial holdings group, TSL led the fallers for the week with a 28 percent decline to 50 cents followed by agriculture and mining equipment manufacturer Zimplow that lost 20 percent to 40 cents.

Resources group, Nickel, retreated 20 percent to 8,4 cents. Conveyor belts manufacturer, General Beltings Holdings gave up 16,67 percent to close at 2,4 cents.

At 30 cents, Powerspeed was also 16,67 percent lower than prior week’s level of 2,88 cents, wrapping up the week’s top five fallers.

Other losses were recorded in insurance giant Old Mutual which eased 13,97 percent to $14 as it moved to the position of fourth largest counter by market capitalisation, valued at $1,252 billion and accounting for 5,27 percent of the market’s total value.

Diversified hospitality group, Meikles also shed 13 percent to $1,13 and the group will seek shareholder approval for the disposal of Meikles Hotel.

Also on the downside, Econet retreated 4,37 percent to $1,52 while the market’s top counter, Delta gave up a marginal 0,49 percent to $3,46. Delta has indicated it will go ahead with its plans to consolidate ownership of its Chibuku brand in the region with arrangements to enter Malawi and Botswana markets by year end.

Further losses were offset by gains in clothing retailer Edgars that jumped 39,75 percent to 22,36 cents while property firm, FMP put on 23,53 percent to 6,3 cents.

Peers, Dawn Properties gained 21,25 percent to 4,85 cents while the market’s only brick making firm, Willdale was 21 percent lower to 4 cents.

At 2,41 cents, Truworths anchored the top five gainers for the week with a 20 percent increase.

Other significant gains were recorded in resources group, RioZim that put on 13,49 percent to $2,27. Axia rose by 12,52 percent to 54 cents while the market’s most expensive stock, BAT was 9 percent higher to $39,50.

Crocodile breeder, Padenga put on 8,26 percent to settle at $2 after the firm has diversified into mining. Padenga is proposing to acquire 50,1 percent in Dallaglio Investment, whose underlying businesses are three gold mining entities in Zimbabwe at an estimated cost of US$19,99 million.

Second biggest stock, Cassava rose 7 percent to $1,64 after the fintech firm launched its new social media application, Sasai.

African Sun, FBC and Getbucks were unchanged at 40 cents, 60,25 cents and 12 cents in that order. Also maintaining prior week levels were hospitality group, RTG, Star Africa and Turnall that closed at 7,5 cents, 2 cents and 8 cents respectively.

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