Stock Market Weekly Review

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

eBusiness Weekly

Enacy Mapakame

The market surge continued on the Zimbabwe Stock Exchange (ZSE) as a bullish sentiment prevailed during the week with all indicators closing in the positive.

The primary indicator, the ZSE All Share Index, jumped 24 percent to 1 041 points on gains recorded across board.

The market’s heavies, the ZSE Top 10 Index, added 26 percent to close settled at 845 points, while the ZSE Top 15 Index, paced the fastest after it advanced 28 percent to 886 points.

At 1500 points, the Medium Cap was 23 percent ahead of prior week compared to 1213 points in the comparable week.

The Small Cap rose 7 percent to 3592 points.

Total market value advanced by 24 percent to record $134 billion from the $107 billion achieved in the previous week sustained by gains recorded in the week.

Headlining risers for the week was SeedCo, which rose 73 percent to close at $9,24. The duo of CBZ and Seed Co International advanced by 72 percent each to $9,511 and $11,02 respectively.

Conveyor belts manufacturer, General Beltings, increased 66 percent to 12 cents while Proplastics wrapped up the week’s top five risers with a 57 percent increase to $4,54.

Other significant gains were recorded in Delta and Simbisa, which rose by 45 percent each to $14,79 and $6,02 respectively. Gains in Delta saw the beverages giant jump back to its long held position as the market’s but guest counter with a capitalisation of $18,9 billion ahead of Econet and Cassava that are valued at $16,3 billion and $16,2 billion respectively. Cassava maintained gains during the week adding 12 percent of value despite losing a court case that sought to reverse suspension of its mobile money platform – Ecocash agents.

Diversified industrial conglomerate Innscor put on 43 percent to $16,60.

Property firm Dawn and Powerspeed, each rose 40 percent during the week to  25 cents and $1 respectively. African Sun rose 32 percent to 95,17 cents. The hospitality group reported business for the first quarter to March 31 was disturbed by effects of the COVID 19 pandemic which saw the group clouds is 11 hotels and two casinos in order to reduce the spread of the virus. Although the hospitality group has began reopening some of its hotels under a phased approach, a cumulative 31 000 room nights were lost as at May due to the pandemic as customers canceled or postponed bookings.

RioZim led the shakers for the week with a 35 percent decline to $7,8 while Art was 26 percent weaker to $1,25. Zimplow gave up5 percent to $1,50 while Masimba eased by a marginal 1 percent to 74 cents completing the bears for the week.

Clothing retailer, Truworths remained unchanged at 20 cents while NTS and Unifreight also remained unchanged at 3,1 cents and 10,8 cents respectively. Cement maker , PPC was also stagnant at $4,20 while Nampak also remained flat at $1,20.

Market watchers contend the bullish run will continue in the meantime as investors seek to hedge against inflationary pressures as the exchange rate continues to sky-rocket on the illegal parallel market.

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