Diminishing demand continued on the Zimbabwe Stock Exchange (ZSE) with three of the benchmark indices closing the week in the negative. The market largely remained depressed in the week to Wednesday as it continued on a losing streak to 10 sessions in a row.
The primary indicator, The ZSE All Share Index lost 5,52 percent to 154,77 points while the ZSE Top 10 Index lost 6,01 percent to close pegged at 157,41 points on losses in the market’s heavies.
At 518,98 points, the Industrials Index closed the week 5,61 percent below prior week level.
The Mining Index of three active counters inched up 0,24 percent to 217,87 points on gains in nickel miner Bindura.
The market’s total value diminished 5,38 percent to $16,9 billion compared to $17,9 billion as investors take profit on uncertainties driven by economic challenges obtaining.
However, weekly turnover was 64 percent above prior week to $20,5 million from $12,4 million.
Volumes rose 10,45 percent after 32 million shares exchanged compared to 29 million shares in the previous week.
Property firm, ZPI led casualties for the week after succumbing 35,3 percent to 2,1 cents followed by hospitality group African Sun that lost 21 percent of value to 11,6 cents.
Fellow hospitality group, Meikles retreated 19,93 percent to 55,25 cents. At 60 cents, TSL let go of 19,73 percent from 74,75 recorded in the previous week.
Sugar manufacturer — Hippo lost a hefty 19,64 percent to $1,80 from prior week’s $2,24 wrapping up the top five fallers of the week.
Other losses were recorded in Mashonaland Holdings that decreased 16,67 percent to 2 cents. The property firm recently announced the appointment of Gibson Mapfidza as its managing director with effect from November 1, 2018.
Hospitality group, RTG let go of 10,34 percent to 1,3 cents while OK Zimbabwe lost 9,09 percent to 30 cents.
OK reported revenue for the half year to September 30, 2018 rose 23,2 percent to $330 million while attributable income rose 66,3 percent to $8,1 million. At 0,71 cents, earnings per share were 61 percent above same period last year.
Industrial conglomerate, Innscor declined 7,69 percent to $1,65 while Delta eased 7,10 percent to $2,78. The beverages maker said overall volumes grew 2 percent during the half year to September 30, 2018.
Lager volumes jumped 54 percent while the popular Chibuku Super also rose by 41 percent on firm demand.
Delta’s Revenue increased 37 percent to $341 million while total comprehensive income amounted to $57 million from $32 in the same period last year.
The market’s biggest stock by market capitalisation — Econet fell 4,48 percent to $1,99.
Mitigating further losses for the week were sugar processor — Star Africa which put on 25 percent to 1,4 cents followed by NMB which rose 17,2 percent to 23,44 cents.
Resources group, Bindura rose 15,49 percent to 8,2 cents while Dawn added 6,77 percent. Masimba wrapped up the week’s top five risers after adding 5,26 percent to 10 cents.
Other gains were recorded in Nampak, which rose 5 percent to 21 cents while Turnall rose 3,73 percent to 5 cents.
Zimre Holdings Limited added 1,9 percent to close pegged at 2,14 cents while the only listed brick making company — Willdale rose 1,23 percent to 0,82 cents.
Maintaining prior week’s levels were BAT, Dairibord, Edgars and Lafarge that closed at $38, 20 cents, 12,75 cents and $1,53 respectively.
Powerspeed, Proplastics, Unifreight and Hwange also remained flat at 14 cents, 17,41 cents, 4,05 cents and 4,25 cents in that order.
At Hwange, woes continued to mount after the ZSE suspended trading of its shares from the local bourse following its placement under administration.
According to the ZSE, the suspension, effective from November 2, 2018 will be for the duration of the reconstruction. Late last month, Government placed the perennial loss making coal miner under administration to allow it to recover and return to profitability.
Hwange’s suspension leaves the resources index with only three active counters — Bindura, Falgold and RioZim.