eBusiness Weekly
Enacy Mapakame
Sustained demand for heavy cap counters saw the Zimbabwe Stock Exchange (ZSE) maintain a bull-run that saw all the benchmark indices close pointing northwards.
The market’s top 10 capitalised counters on the local bourse account for over 75 percent of the entire market’s value.
In the week to Wednesday, ZSE Top 10 index paced the fastest with a 48 percent jump to 233,12 points on gains in the market’s blue chips.
The primary indicator, the ZSE All Share Index was 40 percent above prior week to 242,92 points while the Industrials Index also put on 40 percent to 809,67.
The Minings Index rose 21,05 percent to 317, 75 points. One of the resources counters – Falgold which had been suspended from trading on February 02 2019 for failing to meet the listing requirements had the suspension lifted on September 23, 2019.
Total market value jumped 41 percent to $32 billion buoyed by gains in the market’s heavies.
Headlining risers for the week, regional cement maker, PPC put on 106 percent of value to close at $4,25 followed by retail giant, OK Zimbabwe that registered a 105 percent growth to 70,17 cents.
At $1,27, Simbisa was 85 percent above prior week level while Axia put 76 percent of value to 65,25 cents. The specialty retail and distribution group, reported a 102 percent revenue jump to $557,4 million for the year ended June 30, 2019 driven by mixed volume performance across operations.
Econet put on 71 percent to $2,28 in a week the telecoms giant increased tariffs for all its data packages. At $2, Cassava was 63 percent above prior week level.
The fintech group launched a $10 million chakachaya pasasai promotion that will be open for all active Sasai application users. The promotion which will run for over 10 weeks starting from yesterday aims to establish digital trust and worth to all its valued customers.
Other gains were recorded in Masimba that put on 43 percent to 12,05 cents. The company recorded $27 million in revenue for the half year to June 30, 2019 compared to $17 million recorded in the same period last year. Profit for the period jumped to $12 million from $0,5 million.
Cigarette manufacturer, BAT was 40 percent firmer to $42,25 remaining the market’s most expensive stock, ahead of Old Mutual pegged at $35.
During the week, Rainbow Tourism Group (RTG) reported profit before tax of $6,7 million in the six months to June 30, a sixteen-fold jump from $416 000 in the prior comparable period on the back of a 170 percent rise in revenues.
