Stock Market Weekly Review

15 Jun, 2018 - 00:06 0 Views
Stock Market Weekly Review

eBusiness Weekly

Enacy Mapakame
The Zimbabwe Stock Exchange (ZSE) benchmark indices closed the week to Wednesday in the black as demand in mid tiers surged. The benchmark ZSE All Share Index added 4,34 points or 3,8 percent to 118 level. The ZSE Top 10 index was 4,46 percent firmer to close the week at 124,96 level on gains in the markets’ heavily capitalized counters. On a year to date basis, the Top 10 Index is 24 percent stronger.

The Industrials Index gained 3,78 percent to 396,41 level while the Minings Index of four counters was 2,65 percent firmer to 156 following gains in Bindura and RioZim.

At $11,3 billion, total market capitalisation was 3,76 percent above last week’s $10,9 billion as foreign participation increased in the week.

Total turnover for the week jumped 18,74 percent to $22,3 million from $18,8 million in the prior week. Volumes for the week ballooned 453 percent to see 117 million shares exchange compared to 21 million in the previous week.

Foreign participation in the week was on the upside as buys increased 34 percent to $6,5 million while sales increased by 128 percent to $3,8 million.
The number of trades rose marginally by 0,89 percent to 567.

Headlining risers for the week were paper and packaging group, Art which added 18,18 percent of value to close at 6,5 cents.

Insurance giant First Mutual Holdings Limited (FMHL) gained 17,24 percent to 17 cents after reporting improved profitability during the five months to May 2018.

At an annual general meeting held in Harare, FMHL reported a 35 percent jump in profit after tax to $5 million in the five months to May, compared to $3, 7 million achieved in the same period last year on the back of a growth in premiums.

At $58, 7 million, net premium earned during the period under review was 12 percent above $52, 2 million achieved during the comparable prior year period.

Also on the upside was apparels retailer, Edgars that gained 13,02 percent to close the week at 5,99 cents.

Biggest stock by market capitalisation, Delta was 9,52 percent firmer to $2,50 while retail giant OK Zimbabwe made it into the top five risers with  7,91 percent jump to 23,75 cents.
Other gains were recorded in Barclays and Old Mutual that rose 7,69 percent to 7 cents and 6,73 percent to $6,47 respectively.

On the downside were Dairibord Zimbabwe Holdings Limited that closed the week 16,94 percent weaker to 12,5 cents followed by coal miner, Hwange which lost 10,99 percent of value to 3,4 cents. Hwange is targeting monthly production of 300 000 tonnes of coal beginning this month as it eyes a return to profitability.

Regional cement producer PPC was 7,14 percent lower to $1,30  while sugar manufacturer, Starafrica closed the week 5,59 percent down to 1,69 cents.

At 34 cents, financial services group, ZB Financial Holdings was 2,16 percent lower than prior week.

Other losses were recorded in BAT and Padenga that lost 0,21 percent to $24,95 and 0,14 percent to 66,16 percent respectively.

African Sun, CBZ Holdings Limited, First Mutual Properties and Lafarge remained flat at 6 cents, 11 cents, 4,2 cents and $1,35 respectively.

Hospitality group, Rainbow Tourism Group (RTG) also remained flat at 1 cent. The group reported at its 19th annual general meeting that total revenue for the five months to May 2018 jumped 16 percent to $11 million as foreign revenues and occupancy improved.

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