eBusiness Weekly
Enacy Mapakame
The Zimbabwe Stock Exchange (ZSE) maintained an upward trend with weekly turnover surging 948 percent as confidence continues to return to the market.
In the week to Wednesday, all the market indicators closed in the black. The linchpin index, the ZSE All-Share Index closed the week 1,02 percent higher, pegged at the 116.36 level.
The Top 10 Index closed at 120.24 level, representing a 1,04 percent increase from the previous week’s 120.24 on the back of gains in the market’s heavy cap counters.
At the 391.3 level, the Industrials Index was 0,98 percent ahead of previous week while the Mining Index rose 2,43 percent to 162.12 level on gains in three of its four counters.
Total market capitalisation increased by 0,79 percent to $12,339 billion.
Turnover for the week jumped 948 percent to $13,8 million from $1,3 million that was recorded in the previous week.
Foreign participation was skewed towards sales which rose 2 986 percent to $6,2 million against foreign buys of $2,8 million.
Total volumes rose 71 percent after 51,5 million shares exchanged hands compared to 30 million in the previous week.
The number of trades increased by 224 percent to 406 from previous week’s 125.
Diversified media group, Zimpapers headlined risers for the week with a 38,46 percent gain to 1,8 cents followed by Powerspeed that rose 20 percent to 13,8 cents.
Property concern, Dawn added 19,76 percent of value to 2 cents. At 15 cents, financial services provider CBZ rose 15,38 percent. The banking group, which is one of the country’s top mortgage lenders said it is currently developing stands worth $30,5 million across the country and is already in the process of selling some.
Investment properties and land bank constitute 3,9 percent of the group’s total assets of $2,488 billion as at June 30, 2018.
Masimba Holdings wrapped the week’s top five risers with a 12,73 percent increase to 6,2 cents.
Other gains were recorded in Willdale that added 9 percent of value to close pegged at 0,6 cents while African Sun rose by 8,55 percent to 8,25 cents. The hospitality group reported a 672 percent jump in operating profit to $3,8 million on good business during election period.
Revenue rose 29 percent to $27 million as volumes increased at its hotels. Basic earnings per share rose by a huge 1 700 percent to 0,36 cents from 0,02 cents in the comparable prior year period.
Insurance giant, Old Mutual rose 6 percent to $5,71 while Delta Corporation was 5,22 percent up to $2,26. Delta indicated it invested over $260 000 towards the upgrade of a road junction that links its Fairbridge Chibuku Super plant with Harare-Bulawayo Highway.
The market was not short of fallers however.
Gains were offset by losses in Seed-Co, which eased 14,73 percent to $2,20. The regional seed making company’s partial unbundling and separate listing of its regional operations on the Botswana Stock Exchange (BSE) is set for execution this month.
Sugar manufacturer, Star Africa let go of 9,09 percent to 1 cent while Cafca lost 6,67 percent of value to 70 cents.
Retail group, OK Zimbabwe closed 3,74 percent weaker to 22,15 cents while Dairibord was 3,63 lower to close at 13,01 cents.
Other losses were recorded in Barclays that let go of 3,43 percent to 6,76 percent.
The banking institution had a block trade that highlighted Tuesday trading session to propel both volumes and values of the day after 25 million shares exchanged hands in the banking giant at a price of 6,76 cents.
FML, Meikles and Econet declined by 2,94 percent to 16,5 cents, 2,28 percent to 34,25 cents and 1,38 percent to $1,20 respectively.
National Foods, FBC and Edgars remained flat at $5,63, 22 cents and 6,7 cents in that order. Financial services group, GetBucks also remained flat at 3,33 cents. GetBucks announced the resignation of Mercy Muchando Murevesi as the bank’s managing director as she assumes a new role with a large African Multinational financial institution.
Terrence Mudangwe becomes GetBucks’ new managing director.
