Stock Market Weekly Review

24 Apr, 2020 - 00:04 0 Views
Stock Market Weekly Review

eBusiness Weekly

Enacy Mapakame
Stocks recorded gains last week adding almost a billion dollars cumulatively, therefore reversing losses that had been incurred in the previous week amid the covid 19 induced uncertainty.

During the week to Wednesday, the primary indicator, the ZSE All Share Index put on a marginal 0,68 percent of value to close at 472,15 points.

The ZSE Top 10 Index rose by 1,22 percent to 395,02 points on gains in the market’s heavies. At 407,41 points, the ZSE Top 15 index was 0,51 percent above prior week ‘s 405,34 points.

The Small Caps paced the fastest with a 3,42 percent increase to 1 341 points. The Medium Caps was the only index to close pointing southwards with a 0,53 percent decline to 655, 38 points but maintaining the highest year to date gains at 127 percent.

Total market value jumped by 0,95 percent to $61 billion from $60 billion recorded in the comparable week reflective of the gains recorded.

Headlining risers for the week, Powerspeed put on 20, 75 percent to settle at 32 cents followed by Willdale that put on 20 percent to 4,84 cents.

Insurance firm, FML increased by 18 percent to $1,20 while Mashonaland Holdings ticked 14 percent to 20,57 cents.

At 44 cents, ZHL was 12 percent above prior week wrapping up the week’s top five risers. Other significant gains were recorded in Ariston which rose 12 percent to 45 cents. The duo of Old Mutual and Bindura rose by 11 percent each to $43 and 34 cents respectively.

The market was not short of fallers. On the downside was diversified resources group, RioZim which eased 21,8 percent to $4,80  from prior week’s $6,14.

At 41 cents, hospitality group, African Sun was 21 percent below the previous week, as prospects for the tourism and hospitality sector remain bleak amid the Covid-19 crisis. It is estimated the sector will shed off a quarter of its workforce due to Covid-19 as business declines on the back of travel restrictions being implemented to contain the spread of the pandemic. Already, hospitality groups have closed their facilities while travel and tour agents are also reeling under the effects of the pandemic.

Food processor, Dairibord lost 16 percent of value to 71,5 cents while diversified hospitality group, Meikles fell 15 percent to $6.

Masimba Holdings wrapped up the week’s top five fallers with a 7 percent decline to 35,25 cents. Other losses were recorded in Simbisa that eased 6 percent to $2,80 while Dawn fell 5 percent to 7,5 cents.

Afdis, CBZ and FCB remained unchanged at $5,90, $1,80 and 22 cents. Also maintaining prior week levels were FMP, NMB and Lafarge that closed pegged at $1,02, 70 cents and $3 in that order.

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