Stock Market Weekly Review

12 Jun, 2020 - 02:06 0 Views
Stock Market Weekly Review

eBusiness Weekly

Enacy Mapakame

STocks traded mixed last week but maintained a growth trajectory albeit at a slower rate than the previous weeks.

During the week to Wednesday, two of the benchmark indices closed in the negative while three closed in the black.

The primary indicator, the ZSE All Share Index, rose by a marginal 1,69 percent to close at 1 540 points.

The Medium Cap advanced 16 percent to 2294 points while the Small Cap also maintained its growth trajectory with a 11 percent increase to 5095 points as it maintained the biggest year to date gains status.

The market’s heavy cap counters closed in the negative on depressed demand. The ZSE Top 10 Index fell the heaviest with a 5,9 percent decline to 1230 points while the ZSE Top 15 Index gave up 3 percent to store at 1319 points.

At $199 billion, total market value was 17 percent above prior week as it inched closer to the $200 billion mark.

Headlining risers for the week, banking group- FBC put on 120 percent to $4,75 compared to $2,16 in the previous week while property firm, Dawn ticked 119 percent to 95 cents.

At $7,30, regional cement maker PPC rose 45 percent while financial services group ZB put on 43 percent of value to $7,63.

Sugar processor, Hippo increased by 40 percent to $17,01 wrapping up the week’s top five risers.

Other gains were recorded in FCB which rose 34 percent to $1 while the trio of African Sun, Cafca and ZPI put on 24 percent each to $1,24, $43 and 84 cents respectively.

According to a joint cautionary statement by ZPI and ZHL, the two firms have entered into negotiations for the acquisition of the entire issued share capital of ZPI. If successful, this will culminate in voluntary de-listing of ZPI from the stock market.

Also on the upside, Lafarge, NMB and NTS rose by 20 percent each to $5,04, $3 and 3,72 cents in that order.

The market was not short of fallers as diversified industrial conglomerate, Innscor eased 28 percent to $20,48 from $28,25 in the previous week.

Clothing retailer, Truworths backtracked 20 percent to 16 cents while insurance giant Old Mutual lost 9 percent of value to $85 from $94 as it remains the markets second most expensive stock after BAT that is pegged at $172.

At $1,65, property firm, FMP was 8 percent weaker while fintech group, Cassava completed the top five fallers with a 7 percent decline to $9,19.

Other losses were recorded in MedTech and OK that fell 6 percent each to 15 cents and $5,20 respectively. Clothing retailer, Edgar’s eased 5 percent to $1,24 while biggest company by market capitalization, Delta dropped 4 percent to $24,64.

Star Africa eased 3 percent to 17,17 cents while Asia completed the week’s fallers with a marginal 0,19 percent decline to $4,69.

Fidelity and GetBucks maintained prior week levels of 19,45 cents and 12 cents respectively.

Also remaining flat were RTG, Turnall and Unifreight that were pegged at 72 cents, 84 cents and 10,8 cents in that order. Hospitality group, RTG announced it activated the Gateway Stream Online grocery delivery service with has a geographic reach across the whole country to help companies hedge against coronavirus related losses in core business.

Share This:

Sponsored Links