Bears continued to dominate on the Zimbabwe Stock Exchange (ZSE) as the market’s heavyweights succumbed to losses.
In the week to Wednesday, shortened by the long holiday break, all the benchmark indicators closed pointing southwards as selling pressure persisted.
The primary indicator, the ZSE All Share Index closed the week 4,15 percent weaker to 180,57 points while the market’s elite club, the ZSE Top 10 Index fell the heaviest after giving up 6,17 percent to settle at 167,26 points. At 602,22 points, the Industrials Index retreated 4,18 percent on losses across board subsequently narrowing its year to date gains to 23 percent.
The Mining Index of two active counters, was also on the downside, easing by 0,88 percent on an 11 percent decline in RioZim. Total market value reduced by 0,9 percent to $23,56 billion compared to $23,77 billion recorded in the prior week.
Weighing down the market was brick making firm — Willdale that fell the heaviest with a 57 percent decline to close at 1,72 cents from prior week’s 4 cent.
Clothing retailer, Edgars went down 32 percent to 15,13 cents while the second biggest counter by market capitalisation, Cassava backtracked 19,12 percent to $1,33. First Mutual Properties also decreased 19 percent to 5,1 cents while Simbisa wrapped up the week’s top five fallers with a 17 percent decline to 90 cents.
Clothing retailer, Truworths and Dawn Properties both fell by 17 percent each to 2 cents and 4 cents respectively.
Other losses were recorded in Econet which retreated 13 percent to $1,32 while Axia and Masimba both declined 11 percent to 48 cents and 8 cents respectively.
Also on the downside was Padenga which retreated 9 percent to $1,80.
The luxury crocodilian skins producer is seeking approval from its shareholders for a proposed transaction that will see it diversify into gold mining. The transaction will allow it to acquire 50,1 percent of Dallaglio, owners of Pickstone Peerless Mine in Chegutu and Eureka Mine near Guruve. Other market heavies, BAT and Innscor fell 8 percent to $36 and 6 percent to $2,11 respectively.
Further losses were offset by gains in insurance giant Old Mutual that jumped 53 percent to $21,50 followed by TSL which rose 40 percent to 70 cents. At 10,75 cents, Bindura was 27 percent above prior week level. Indications are the nickel producer’s long awaited smelter has stalled at 83 percent.
Fellow resources group, Falgold, currently under suspension reported gold sales for the year to September 30, 2018 fell 51 percent due to a host of operational challenges among them an industrial action that also resulted in severe flooding in mine shafts as well as damage to equipment. Also on suspension, coal miner, Hwange has resumed underground mining operations at its 3 Main mine after taking delivery of crucial equipment.
Its 3 Main underground mine is the firm’s cash cow producing quality coal used to produce coke and other products for the export market. Hwange had suspended its underground operations in 2015 after its Continuous Miner broke down.
Agriculture and mining implements firm, Zimplow, put on 25 percent to 50,25 cents. Ariston ticked 20 percent to 5,45 cents as the agriculture firm wrapped up the week’s top five risers. Other gains were recorded in General Beltings and Powerspeed that also rose 20 percent each to 2,88 cents and 36 percent respectively.
Diversified media group, Zimpapers put on 14 percent to close the week pegged at 8 cents while ZB ticked 9 cents to 60 cents ahead of its analyst briefing. Maintaining prior week levels were Afdis, African Sun and FBC that closed the week at $1,80, 40 cents and 60,25 cents respectively.
Getbucks, Medtech, NTS and Turnall also remained flat at 12 cents, 0,41 cents, 2,09 cents and 8 cents in that order.