eBusiness Weekly
Enacy Mapakame
A bearish mode persisted on the Zimbabwe Stock Exchange (ZSE) as the market faltered during last week dragged by heavy cap counters. Cumulatively, investors lost nearly $100 billion in one week.
In the week to Wednesday, the blue chips — the ZSE Top 10 Index went down 8 percent to 6 307 points while the ZSE Top 15 followed with a 15 percent decline to 6 983 points.
The Medium Cap fell 2 percent to 19 882 points, while the Small Cap also went down but by a marginal 0,9 percent to 378 236 points.
The primary indicator, the ZSE All Share Index fell 6 percent to 10 176 points. Total market value reduced by 7 percent to $1,2 trillion from $1,3 trillion recorded in the previous week.
The market was weighed by Turnall, which fell 26 percent to $3,99 while GetBucks eased 22 percent to $7.
At $127,05, diversified hospitality group, Meikles was 19 percent below prior week level while Econet fell 15 percent to $74,26 as the telecoms giant unveiled a $50 million Christmas promotion that will see lucky customers walking away with various prizes, including eight residential stands.
Brick making firm, Willdale wrapped the week’s top five laggards with a 12 percent decline to $2,61. The duo of Art and Masimba also fell by 12 percent each to $9,50 and $48,08 respectively. Other losses were seen in Delta, which eased 10 percent to $139,62 while Hippo and Natfoods eased by 9 percent each to $284,63 and $1 392,84 respectively.
Further losses were mitigated by gains in hospitality group RTG, which put on 40 percent to $5,98 followed by the duo of agriculture concern — Ariston and insurance firm, Fidelity which rose 14 percent each to close pegged at $3,75 and $11 respectively.
At $22,66 MedTech Class B shares rose 13 percent above prior week level.
CFI wrapped the top five risers with a 10 percent increase to $80. Spirits and wines maker, Afdis also rose by 10 percent to settle at $121,30.
Cigarette maker, BAT remained unchanged at $2 668,23 remaining the priciest counter ahead of Natfoods. Also remaining flat during the week was Cafca, which closed at $170.
By close of Wednesday trades, the Old Mutual ETF was pegged at $5. On the Victoria Falls Stock Exchange (VFEX), resources group, Caledonia closed at US$13 while Seed Co International and Padenga were pegged at US28,05 cents and US21 cents respectively.
At least five new listings are expected on the VFEX early next year as the exchange continues to generate interest from both local and international companies.
Seed Co International Limited pioneered trading on the new bourse, followed by crocodile skin and gold producer Padenga Holdings as well as Caledonia Mining Corporation.
Zimbabwe’s largest nickel miner, Bindura Nickel Corporation is expected to list on the same exchange next week, following shareholders’ approval of the proposal to migrate its shares from ZSE to the VFEX at an extraordinary general meeting (EGM) held during the week under review.
This will cumulatively bring the total number of VFEX listings to four, by end of the year 2021.
