Stock Market Weekly Review

15 May, 2020 - 00:05 0 Views
Stock Market Weekly Review

eBusiness Weekly

Enacy Mapakame Business Writer
The Zimbabwe Stock Exchange (ZSE) was in a bullish mode last week with investors bagging a cumulative $11 billion in values on gains led mainly by mid-tiers.

During the week to Wednesday, total market value jumped by 17 percent to close pegged at $75 billion compared to $64 billion recorded in the previous week.

The primary indicator, the ZSE All Share Index, put on 17 percent to settle at 581,28 pints on the back of gains across board.

The market’s top cap counters, the ZSE Top 10 Index, added 20 percent to close the week at 479,51 points while the ZSE Top 15 Index rose 19 percent to 491,4 points.

At 809,47 points, the medium cap was 11 percent above prior week’s 725 points.

The small cap paced the fastest with a 31 percent gain to 2 137 points subsequently extending its year to date gains by 237 percent.

The duo of food and dairy processor, Dairibord , together with property firm, ZPI rose by 72 percent each to close at $1,58 and 26 cents respectively.

At $1,21, Art was 62 percent above prior week level while clothing retailer, Truworths ticked 44 percent to 13 cents. NMB wrapped the week’s top five risers with a 43,6 percent gain to $1,13. The banking services group reported a 557 percent surge in total income for the three months to March 31, 2020 compared to the same period in the prior year despite a challenging operating environment.

Retail giant, OK put on 43,5 percent to settle at $2,93.

Other significant gains were recorded in Turnall, which ticked 39 percent to 30 cents while clothing retailer, Edgars advanced 38 percent to 44 cents.

Financial services group, CBZ added 34 percent to $2,76 while fintech firm Cassava rose 31 percent to $4,27.

Gains in CBZ helped push the country’s largest banking group by assets and deposit into the market’s top cap counters. With a total value of $1,8 billion, CBZ is now the ninth biggest counter.

Cigarette manufacturing, BAT, also rose by 31 percent to become the first counter to breach the $100 mark since the stock market debased over a decade ago.

BAT closed the week pegged at $105, maintaining its’ position as the most expensive stock ahead of Old Mutual, which is priced at $46,99.

On the resources side, both Bindura and RioZim, were in the positive increasing by 8 percent to 52,47 cents and 22 percent to $6,71 in that order.

The market was not short of fallers as for counters closed pointing southwards.

Hospitality group, African Sun, eased 8 percent to 45,76 cents while ZB lost 6 percent of value to $1,40.

Peers, FCB lost a marginal 0,9 percent to 21,98 cents while telecoms giant Econet wrapped the week’s fallers with a 0,06 percent decline to $3,25.

Remaining flat for the week were Willdale at 6,5 cents, NTS at 3,1 cents, GetBucks at 12 cents and General Beltings at 5 cents.

Also maintaining prior week levels were Dawn and FBC that closed at 9 cents and $1,25 respectively.

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