Stock Market Weekly Review

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Enacy Mapakame
The Zimbabwe Stock Exchange (ZSE) rebounded last week in post-2019 National Budget trades, which saw all indicators closing the week in the black.In the week to Wednesday, the primary index, the ZSE All-Share Index increased 1,41 percent to close pegged at 158,55 points.

The ZSE Top 10 advanced 1,66 percent to 162,76 points from prior week’s 160,11 points on gains in the market’s top cap counters. At 532,34 points, the Industrials Index was 1,33 percent to above prior week. The Mining Index, now with three active counters following the suspension of Hwange, paced the fastest after adding 7 points or 4,77 percent to close the week at 208,56 points.

Total market value was 1,48 percent above prior week to settle at $17 billion. Weekly turnover jumped 69,34 percent to $40 million compared to $24 million achieved in the prior week.

Weekly volumes also rose 50,7 percent after 47 million shares exchanged.

Headlining risers for the week were property firms, ZPI and Mashonaland Holdings that both rose 20 percent each to 2,52 cents and 2,4 cents respectively.

Clothing retailer, Truworths rose 17,65 percent to 1,6 cents. Other segments of the retail sector recorded brisk business last week with huge discounts on Black Friday sales. At 10 cents, ART was 17 percent above prior week’s 8,54 cents. Wrapping the top five risers was TSL with a 14,99 percent jump to 60 cents. Asbestos manufacturer, Turnall put on 10 percent to 5,5 cents while insurance group Fidelity rose 5,83 percent to 10,9 cents.

Cigarette manufacturer BAT advanced 5,41 percent to $34,78 compared to prior week’s $33. Other gains were recorded in Dawn and Simbisa that rose 4,48 to 2,8 cents and 4,63 percent to 73,24 cents respectively. Simbisa earlier indicated it had put on hold plans for a secondary listing on the London Stock Exchange Alternative Investment Market as the environment was not conducive to proceed with such a transaction.

The group, however, indicated during the first quarter of financial year 2019 earnings were above same period in the prior year and management was upbeat the first half results would show a strong performance. The market was not short of fallers as further gains were offset by losses in insurance group, FML that lost 12,5 percent of value to 15,75 cents. Its property segment, FMP also retreated 12,25 percent to 7,02 cents. Agriculture concern, Ariston lost 11,79 percent to close the week at 2,47 cents. Sugar processor, Star Africa was 9,09 percent weaker to 1 cent from prior week’s 1,1 cents.

First Capital Bank (FCB) let go of 5,71 percent to 6,6 cents. Other losses were recorded in Masimba and National Foods that let go of 2,48 percent to 10,24 cents and 1,36 percent to $6,51.

Axia and CBZ lost 0,87 percent to 44,56 cents and 0,77 percent to 15,48 cents respectively. At its annual general meeting held in the capital last week, where management reported the company was performing well, ahead of targets.

On the resources side, Bindura rose 8 percent to 7,02 cents while diversified group, RioZim was 3,8 percent up to $1,89. Falgold remained flat at 2,5 cents.

Proplastics, RTG and Seed Co also remained flat at 18 cents, 1,6 cents and $2 respectively.

Also maintaining prior week’s levels were African Sun, FBC and Hippo that closed at 10 cents, 35 cents, $1,70.

Hippo reported revenue for the six months to September 30, 2018, increased 29 percent to $93,2 million from $72,4 million in the same period in the prior year underpinned by increased sugar production  which was13  169  tonnes  more  than  prior  year, a 12 percent increase  in domestic  demand  for  sugar. The company sold 205 809 tonnes compared to 184 191 tonnes in the comparative period.

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