Bulls dominated activity on the Zimbabwe Stock Exchange (ZSE), which saw all indices closing in the black as investors turn to stocks for a safe hedge against inflationary pressures and store value. In the week to Wednesday, total market value jumped 4,7 percent to $31,6 billion compared to prior week’s $30,2 billion on gains recorded across the board.
The primary indicator, the ZSE All Share Index also put on 4,7 percent of value to settle at 242,39 points while the Industrials also rose by the same margin to a record 810 points. The market’s heavy weights put on 4,8 percent to 223,98 point compared to prior week’s 213,55 points.
At 265,03 points, the resources indicator, the Mining Index of three active counters, was 2,04 percent above prior week level on the back of a 10 percent increase in Bindura that closed at 12 cents.
Property firm, FMP headlined risers for the week with a 37 percent increase to 11 cents followed by TSL that rose 33 percent to 80 cents.
Regional cement maker, PPC jumped 32 percent to close the week pegged at $5,30 while Dairibord ticked 24 percent to 70 cents. At 18,2 cents, Masimba was 19 percent above prior week level as it wrapped up the week’s top risers.
Other significant gains were recorded in Ariston that also put on 19 percent to 18,99 cents. Banking group FCB rose 15 percent to 10,75 cents while clothing retailer, Edgars, FML and OK were each 11 percent above prior week to settle at 20,3 cents, 30 cents and 75 cents respectively.
The market’s biggest counter by capitalisation, Delta advanced 7 percent to $3,99 after reporting volumes across its product offering fared worse off to the prior comparable period last year as well as the previous quarter.
Lager beer volume declined 40 percent for the quarter and 48 percent for the six months compared to the same period last year as the market feels’ the economic pinch and downgrading to value products.
Sorghum beer volume in Zimbabwe fell 29 percent for the quarter and 15 percent for the six months on the back of a rise in prices of inputs — maize, sorghum, and packaging materials.
Hospitality group, Meikles, rose by 2 percent to 75 cents as the group, in the process of selling its Meikles Hotel in Harare got approval from some of the regulators for the proposed transaction.
The market was not short of bears as only three counters closed the in the negative. Mashonaland Holdings fell the hardest with a 17 percent decline to 6,92 cents.
Powerspeed backtracked 7 percent to 39 cents compared to 42 cents in the prior week. Diversified resources group RioZim, completed the week’s fallers after declining 2 percent to $2,10 after reporting gold production for the half year to June 30 2019 fell 8 percent as erratic power supplies had a knock on effect on its mining operations.
However, the group recorded growth in earnings on the back of improved realisation of value for its export proceeds at close to market price.
Maintaining prior week levels were Natfoods that closed the week pegged at $9,01 while Dawn and FBC also remained flat at 8,1 cents and 61,5 cents respectively.
General Beltings, NMB and RTG also remained unchanged at 2,88 cents, 35 cents and 11,5 cents in that order while the market’s most expensive stock, BAT has been stagnant at $50 for over a month now.
GetBucks also remained unchanged at 12 cents after indicating it has adequate capital to post yet another set of good financials following sound performance for the half year to June 30, 2019. The banking firm reported a net equity of $27,6 million, way above the minimum regulatory threshold of $5 million for micro-finance banks. Capital position in prior year comparative was $17 million.