The Zimbabwe Stock Exchange (ZSE) extended gains sustained by firm demand across board, as investors hedge against inflation.
Figures from the Zimstats show that annual rate of inflation for April was 765 percent, as prices of goods and services continued to skyrocket. During the week to Wednesday all indicators closed in the positive. The primary indicator, the ZSE All Share put on 45 percent to close the week at 1 514 points compared to 1 041 in the previous week.
The market’s heavyweights, the ZSE Top 10 paced the fastest after adding 54 percent to 1 307 points while the ZSE Top 15 Index followed with a 53 percent gain to 1 364 points.
At 1 963 the Medium Cap was 30 percent above prior week. The Small Cap put on 27 percent to 4 574 as it maintained the highest year to date gain of 622 percent. Total market value surged 45 percent to $195 billion from $134 billion in the comparable week.
Brick making firm, Willdale headlined risers and doubled to 24,21 cents followed by Dairibord that put on 94 percent to $4,86.
At $17,75, seed maker, Seed Co was 92 percent ahead of comparable week while regional operation, Seed Co International was also on the upside with an 86 percent gain to $20,60.
Biggest counter by market value, Delta completed the top five risers after adding 74 percent of value to $25,87.
The beverages giant reported a decline in beer sales volumes for the year to March 31, 2020 as inflationary pressures continued to cut on consumer spending. According to Delta, lager beer volume went down 42 percent on last year while sorghum and sparkling beverages also went down by 25 percent and 17 percent respectively. Other gains were recorded in Dawn which ticked 72 percent to 43,2 cents. Financial services group, CBZ advanced 65 percent to $15,75 as it moved up to be fifth biggest counter by market capitalisation valued at $10,8 billion.
Powerspeed put on 55 percent of value to $1,55 while Cassava rose 57 percent to $9,93.
The market’s most expensive counter, BAT inched up by 1,3 percent to $146. The gains were not sufficient enough to keep the cigarette manufacturer in the market’s top elite as it bowed out of the ZSE Top 10.
The market was, however, not short of fallers as Mashonaland Holdings eased 12 percent to 69,84 cents. Peers, FMP also closed in the negative territory with a 7 percent decline to $1,80. MedTech wrapped up the week’s fallers after retreating 5 percent to 16,08 cents.
Fidelity Life remained unchanged for the week and closed at 19,45 cents. Also maintaining Prior week level was GetBucks which closed at 12 cents.
The financial services firm retreated into a loss position of $20 million for the half year to December 31, 2019 from a profit of $21 million in the same period in the prior year on the back of a $10 million net monetary loss as the bank’s assets are pertinently assets.
Lafarge, National Foods, NTS and Truworths also remained unchanged at $4,20, $36,30, 3,1 cents and 20 cents in that order.