Selling pressure on the Zimbabwe Stock Exchange (ZSE) saw three of the bourse’s benchmark indices close the week to Wednesday in the red.
In the previous week, the market had soared to record highs on the back of high demand for stocks as investors sought a safe haven of investment in the face of economic uncertainties.
The primary indicator — the ZSE All Share Index eased 1,18 percent to 174,44 points while the ZSE Top 10 suffered the heaviest fall with a 3,26 percent decline to 185,43 on heavy battering by the market’s top cap counters.
At 585,53 points, the Industrials Index was 1,4 percent weaker, compared to 593,82 points achieved in the prior week.
The Minings Index was the only market indicator to close the week in the black after adding 10,58 percent of value to 225,2 points on gains in resources groups.
Total market capitalisation eased 0,54 percent to $19,44 billion from $19,55 billion in the previous week.
Weekly turnover increased 39 percent to $63,9 million compared to $45 million recorded in the previous week. Volumes however went down 52 percent after 68 million shares exchanged hands compared to 144 million.
Delta, Econet, Old Mutual, Innscor and FML were the most significant value and volume drivers for the week. These stocks also recorded the most trades in the week.
Financial services groups dominated the week’s top five risers.
Headlining risers for the week were First Capital Bank (FCB) former Barclays that rose 64,54 percent to 10,3 cents followed by asbestos products maker — Turnall, which increased 60 percent to 4 cents. At 6,48 cents, Getbucks was 43,68 percent above prior week’s price of 4,51 cents.
Regional seed manufacturer — Seed Co rose 43,44 percent to 87,5 cents. FBC added 39,44 percent to close the week pegged at 35 cents.
A block trade in the financial services group lifted the market after 24 million shares exchanged hands in midweek trades at a premium of 35 cents yielding a turnover of $6,05 million. Trades in FBC shares claimed 81,26 percent of total volumes and 53,07 percent of the value out-turn.
Other gains were recorded in Edgars, which put on 33 percent to 16 cents. The clothing retailer said accounts would now attract a monthly 2,5 percent interest rate effective October 15, but this would not be charged on already existing balances. Also on the upside, Ariston, Hippo and NapPak each gained by 20 percent to close pegged at 2,4 cents, $2,40 and 21,6 cents.
Property firm, ZPI added 18,61 percent to 3,25 cents while diversified mining group RioZim rose 18,34 percent to $2 helping spur the resources index. On the downside were MedTech, which slipped 50 percent to 0,01 cents followed by Fidelity Life, which lost 36,89 percent to 6,5 cents.
Cement maker PPC let go of 30 percent to $1,30 amid challenges in the availability of cement on the local market. There have been assurances though that supplies will normalise within the next fortnight.
At $8,21, Old Mutual was 22,54 percent below prior week’s price of $10,60 while Art wrapped the top five fallers for the week with a 20 percent decline to 9,2 cents.
Crocodile breeder, Padenga eased 17,15 percent to 71,25 cents. OK Zimbabwe let go of 16,29 percent to 31,1 cents. The retail sector in the country has over the past two weeks been facing supply challenges especially for basic commodities as consumers panic-buy due to high uncertainties on the market.
Other losses were recorded in industrial conglomerate Innscor that shed 16,07 percent to $1,70. Delta lost 10,77 percent to $3,24 as supply challenges continue to rock retail and consumer oriented companies amid foreign currency shortages.
Spirits and wines maker, Afdis remained unchanged at $1,50. NTS, Truworths, Falgold and Zimplow also remained flat at 1,2 cents, 1,42 cents, 2,5 cents and 26,7 cents.