Tapiwanashe Mangwiro
The Zimbabwe Stock Exchange (ZSE) All-Share Index advanced by 1,38 percent over the past week, largely driven by gains in mid-cap stocks.
Leading the 11 risers were Tanganda, which surged by 98,74 percent to close at ZiGc 407, followed by British American Tobacco (BAT) and Mash Holdings, both of which rose 49,44 percent to reach ZiGc 12,000 respectively.
Among the 12 stocks that declined, Delta was the top laggard, dropping by 9,15 percent to ZiGc 1,953.62, followed by ZBFH, which fell by 5,04 percent to ZiGc 804.08, and FMP, down 4,54 percent to ZiGc 75.89.
Total market turnover more than doubled from the previous week, increasing to ZiG 222,97 million from ZiG 89,29 million. This significant boost in liquidity was predominantly driven by trading in Econet, Delta and BAT, with Econet leading the turnover tally at ZiG 111 million, followed by Delta at ZiG 103 million and BAT at ZiG 2,64 million.
On the exchange-traded fund (ETF) front, Morgan & Co Made in Zimbabwe was the only ETF to record weekly gains, climbing from ZiGc 4.00 to ZiGc 4.70, while Datvest MCS ETF dropped 11,76 percent to ZiGc 3.00.
On the Victoria Falls Stock Exchange (VFEX), the All-Share Index slipped by 1,49 percent, ending the week at 102.82 points, down from 104.38 points. This decline was led by losses in Simbisa, First Capital Bank (FCB) and National Foods.
However, Caledonia Mining rose 24,05 percent to USc 1,470.02, and SeedCo International gained 16,34 percent to USc 21.00, partially offsetting the losses.
BAT Zimbabwe’s interim FY2024 results revealed a challenging period, with inflation-adjusted revenue falling by 38 percent year-over-year to ZiG 248 million. Sales volumes declined by 9 percent, influenced by a shift in the trading currency.
Operating losses escalated by 135 percent, reaching ZiG 145,5 million, and the company posted a net loss of ZiG 175 million, compared to ZiG 38 million in the prior period. No dividend was declared for the half-year.
Looking ahead, Platinum Securities commented on the outlook, saying: “We anticipate mixed trading on the back of low liquidity-driven demand. Large and middle-cap counters are expected to hold firm, while on the VFEX, trading activity may remain subdued due to low foreign investor participation and competing demand for USD-denominated assets.”
