The Zimbabwe Stock Exchange (ZSE) recorded marginal gains last week as four of the benchmarks closed in the positive.
This is amid massive declines being recorded by global markets in the wake of the coronavirus (COVID-19) outbreak which started late last year in China. Zimbabwe has since declared it a national disaster and measures are being implemented aimed at controlling the spread of the disease. Companies have scaled down operations in some instances with employees working from home.
Financial services groups have also downscaled their branches, encouraging customers to adopt digital platforms. The local bourse itself is also implementing measures and has extended by 30 days the publishing of listed firms’ financial results that were due by 31st of March 2020.
This came as companies were issuing cautionary warnings that they were going to miss the 31st March deadline as operations had been disturbed by the pandemic.
During the week to Wednesday, the primary indicator, the ZSE All Share Index rose by 1,2 percent to close the week pegged at 480,41 points as it extended its year to date gains to 108 percent.
The ZSE Top 15 index put on a marginal 0,81 percent to 392,87 points.
At 692,75 points, the Medium Cap was 3,95 percent above prior week as it paced the fastest, ahead of the Small Cap that put on 3,08 percent to 1 538 points.
The market’s heavies, the ZSE Top Index, was however in the negative shedding a marginal 0,25 percent to 392,87 points.
Total market value increased by 1,17 percent to $61 billion compared to $60 billion recorded in the prior week.
Property firm, ZPI headlined the week’s top risers with a 69 percent jump to 21,35 cents while peers FMP followed with a 56 percent jump to $1.05 compared to 67 cents recorded in the previous week.
At $1,50, TSL was 20 percent firmer while diversified hospitality group, Meikles put on 19 percent to $7,82.
Wrapping up the week’s top five risers was clothing retailer, Truworths that added 12 percent of value to 8 cents.
Other gains were recorded in Delta, Hippo, National Foods and Padenga that all rose by 7 percent to $6,76, $7,01, $21,95 and $5,82 in that order. At National Foods, the agri-industrial firm last week indicated total volume decline for the half year to December 31, 2019 as the market grappled low disposable incomes due to rising inflation.
All segments — flour, groceries, stock feeds, snacks and treats and cooking oil recorded decrease in volumes for the period. But demand for maize meal remained firm.
The market was however not short of fallers. Nickel producer, Bindura led the bears with a 30 percent define to 34, 92 cents from previous week’s 50 cents.
Power speed came in 26 percent lower to 30 cents while brick making firm, Willdale lost 24 percent to 4,89 cents.
At 34 cents, Edgars was 20 percent below prior week while Dawn eased 18 percent to 10,14 cents.
Other losses were seen in the Turnall which retreated 16 percent to 10 cents.
The market’s most expensive stock, BAT fell 7 percent to $90 while Fintech group, Cassava also fell by 7 percent to $2,59.
Diversified media group, Zimpapers remained flat at 30 cents, while Star Africa and NMB also maintained prior week levels of 8 cents and 61 cents respectively.
Cafca, Medtech and GetBucks also closed unchanged at $19, 4 cents and 15 cents in that order.