eBusiness Weekly
Enacy Mapakame
The Zimbabwe Stock Exchange (ZSE) see-sawed in the week to Wednesday as volatility increased ahead of Monday polls.
The primary index, ZSE All Share Index closed the week 2,74 percent firmer to 115.03 level while the ZSE Top 10 index increased by 3,36 percent 119.82 level. On a year to date basis, the ZSE Top 10 index has gained the most at 19,82 percent on gains in the market’s top cap counters.
The Industrials Index added 10,65 points or 2,83 percent to 386.64 level while the Minings Index retreated by 2,17 percent to close the week at 164.25 level following loses in resources firms.
At $11,039 billion, total market capitalisation was 2,83 percent above previous week’s $10,736 billion.
Total turnover for the weak fell 18 percent to $17 million compared to $21 million achieved in the previous week.
Foreign participation was depressed as investors await the outcome of the Monday polls. Foreign buys decreased by 57 percent to $5,4 million compared to previous week’s $12 million.
At $2,6 million, foreign sales were 42 percent lower than $4,6 million recorded in the previous week.
Weekly volumes fell 89 percent to see 33,952 million shares exchange hands.
The number of trades was however higher at 721 representing a 53 percent increase from previous week’s 471.
Industrial conglomerate, Innscor headlined risers for the week after adding 17 percent of value to close the week at $1,50 followed by clothing retailer – Truworths that rose 16 percent to 1,4 cents.
Seed Co and Turnall gained by 14 percent to $2,58 and 12 percent to 1,35 cents respectively. Property concern, Dawn added 10,42 percent of value to close the week at 1,59 cents from previous week’s 1,44 cents.
Insurance group, FML added 10 percent of value to 16,5 cents while banking group, CBZ was 8,9 percent firmer to 11 cents. Telecoms firm, Econet, gained by 8,66 percent to $1,26.
At 4,9 cents, First Mutual Properties was 8,89 percent firmer compared to previous week’s 4,5 cents. Other gains were recorded in Nampak, Cafca and Axia that rose 8,7 to 17,5 cents, 7,14 percent to 75 cents and 4,17 percent to 25 cents respectively.
Further gains were offset by losses in MedTech that plunged 60 percent to 0,02 cents from 0,05 cents while property firm ZPI let go of 19 percent to 1,7 cents.
Dairibord lost 15,27 percent of value to close the week at 12,71 cents from 15 cents in the previous week.
At 10,2 cents, Fidelity Life was 15 percent weaker while Meikles dropped 7,58 percent to settle at 35 cents compared to previous week’s 37,87 cents.
Nickel producer, Bindura retreated 7,37 percent to 5,53 cents dragging down the resources index. The market’s biggest stock by market capitalisation, Delta dropped 4,11 percent to close the week $2,15 from previous week’s $2,24 ahead of its annual general meeting scheduled for today.
Other losses were recorded in Simbisa, Star Africa and RioZim that decreased by 3,45 percent to 47,31, 0,77 percent to 1,29 cents and 0,17 percent to $1,47.
Willdale, Zimpapers, Powerspeed, Old Mutual and Lafarge were unchanged at 0,6 cents, 1,3 cents, 8 cents, $5 and $1,30 respectively.
Analysts contend that going forward, the stock market’s mood will largely be influenced by elections although there already is positive sentiment prevailing in the economy following change in the country’s leadership last November.
Already, several investment deals have been made especially in the mining sector that are expected to boost economic activity, enhance job creation and exports.
