eBusiness Weekly
Enacy Mapakame
Bulls returned to market extending gains during the week which saw all the indices close pointing northwards on gains in selected heavyweights as latest inflation data shows an increase in annual and monthly rate for October.
During the week, the Zimbabwe National Statistics Agency (ZimStat) said month-on-month inflation for October 2021 climbed to 6,4 percent, its highest level since August 2020 when it touched its highest point of 8,4 percent.
The year-on-year inflation rate for the month of October 2021 stood at 54,49 percent up from 51,5 percent in September. Again this is the second consecutive time annual inflation rate has trended upward
The primary indicator, the ZSE All Share Index, put on 2,3 percent to close the week to Wednesday at 11 731 points. The blue chips the ZSE Top 10 Index added 2,9 percent to settle at 7 382 points while the ZSE Top 15 Index added 2,5 percent of value to 8 188 points.
At 22 512 points, the Medium Cap rose by a marginal 0,7 percent from prior week’s 22 353 points.
The Small Cap paced the fastest with a 10 percent increase to 352 840 points which is 2 861 percent above the beginning of the year. Total market value put on 2,3 percent to close at $1,4 trillion reflective of the gains recorded across board.
Leading risers of the week, CFI put on 43 percent to $59,15 followed by diversified media group Zimpapers that rose 29 percent to settle at $3,88 from $3 in the previous week.
Food processing giant, National Foods put on 24 percent of value to close at $1 875 as analysts project strong performance for the group on the back of strong demand for staples. The group shot to be the third biggest counter by capitalization at $128 billion after Econet and Delta that are valued at $207 billion and $206 billion respectively.
Diversified hospitality group, Meikles rose 20 percent to $245,90 from $200,43 in the previous week.
NTS wrapped the week’s top five risers with a 20 percent increase to $8,40. Other gains were seen in TSL which rose 19 percent to $82,50.
The duo of Afdis and Art rose by 9 percent each to close at $109,70 and $11 respectively while Zimplow rose by 7,9 percent to $21,16. The market was not short of fallers as property firm, Mashonaland Holdings eased 18 percent to$2,85 while General Beltings fell 16 percent to $2.
At 17 cents, MedTech gave up 14 percent ahead of its extraordinary general meeting where it will seek shareholder approval for transactions that will also subsequently result in a name change.
Clothing retailer, Truworths went down 13 percent to $2,60 while banking group, CBZ wrapped the five biggest fallers for the week with an 8 percent decline to $110. Other losses were seen in sugar processor, starafrica and Nampak which eased 7 percent each to $1,39 and $12 respectively while Turnall backtracked 5 percent to $6.
The Trio of Simbisa, Innscor and Dairibord gave up 4 percent each to $91,93, $171,26 and $49,68 in that order.
On the resources side, Bindura advanced 2 percent to $5,36 while peers, RioZim remained flat at $35. Also remaining flat for the week was BAT and Cafca which closed pegged at $2 740 and $170 respectively.
Banking group, FBC also remained unchanged at $31,15 while Lafarge and Proplastics were stagnant at $96 and $30 in that order.
